This means you cant use them in shops or as payment any more. This means you will always be able to exchange your banknotes with them for their equivalent value in pounds. But can you still exchange them, will banks - or anyone else - accept them and what should you do with any you find? You should then send this by courier or post ideally using the Special Delivery service - along with whats left of your banknote to the address listed on the form. The Bank of England's head office in London's note exchange desk lets anyone with an out of date note swap it for a current one meaning anyone with an old note can head there and swap their paper tenners. Anything I post is my opinion, so from time to time I may be wrong. Whilst out and about, keep an eye out for charity collection boxes in particular. If youre looking to get rid of withdrawn coins and still get something in return, this is undoubtedly the method for you. All you have to do is fill out the form below and attach a clear image of both sides of the coin. Innes Wight, Cambelltown, Scotland Dave from Sutton actually has it the wrong way. Can I spend a Scottish 20 note in England? In theory vending machines won't take them and shops will refuse them - but they don't have to say no. If you are a resident of another country or region, please select the appropriate version of Tripadvisor for your country or region in the drop-down menu. We use necessary cookies to make our site work (for example, to manage your session). Due to the sheer volume of questions we get about old coins and banknotes and what you should do with them, weve included an FAQ section to answer some of the most common ones. No time limit on when this will end. Editor, Marcus Herbert, http://www.bankofengland.co.uk/banknotes/about/faqs.htm#16, http://www.moneysavingexpert.com/news/banking/2010/05/true-or-false-scottish-notes-arent-legal-tender. It is closed at the weekend and on bank holidays. This is the version of our website addressed to speakers of English in United Kingdom. New polymer plastic notes are replacing paper ones as they are stronger - they will even survive in the washing machine should you accidentally leave some cash in your pocket. For further details of our complaints policy and to make a complaint please click this link: thesun.co.uk/editorial-complaints/, MoneySavingExpert reveals there are 222million paper notes out there that can no longer be used, First look at new Gruffalo 50p coin now on sale with prices starting from 10 each, paper 5 notes were scrapped way back in May 2017, polymer 20 note featuring JM Turner will be issued in 2020, slippery and "easier to lose than old ones", Royal Mint is "to release new Beatrix Potter 50p coins including Peter Rabbit", Independent Press Standards Organisation (IPSO). In short, we are responsible for checking if the six Scottish and Northern Ireland banks that issue banknotes are complying with the asset-backing rules. For example, Iceland has said it will keep accepting paper tenners until Easter Monday (April 2). Debit cards, cheques and contactless aren't legal tender anywhere. But as of October 2022, shops will no longer accept paper notes. Even though you cant spend these old paper notes, its worth checking old bags, wallets and even the kids money boxes as you can still exchange old 20 and 50 notes. These are the notes you can exchange at a Post Office. A new polymer 20 note featuring JM Turner will be issued in 2020 replacing the current paper notes. Cash of less than 20 will be exchanged for polymer notes.. In fact, even if a note's ripped, smashed or otherwise vandalised, as long as there's enough left to identify what it was, they will swap it for a new one. Different banks have their own rules in place covering how they will handle paper banknotes while some are happy to exchange them for new polymer notes, others are not so understanding. Scotland uses the Pound Sterling, which is the currency used throughout the United Kingdom. When presenting notes at the counter youll also be asked for one form of photo ID. 679215 Registered office: 1 London Bridge Street, London, SE1 9GF. But for now, paper 20 notes can still be used. Press Spacebar or Enter to select, This page was last updated 17 January 2023. ': Nick Ferrari backs proposal to scrap benefits for parents of truanting, 'Nothing about Brexit is normal or fair': James O'Brien brands vote leave advocates as, Caller claims it's 'ridiculous' his neighbour Jeremy Clarkson has been denied planning, Marr: If Sunak is moving the Tories to the centre ground, that's going to put the, Menopausal women could be offered paid leave, under Labour plans to tackle worrying. Finally, the new 10 note which was issued in September 2017 now has Jane Austen on it. This topic has been closed to new posts due to inactivity. RBS/NatWest has said it will continue to accept old 10 notes from its own customers after March 1. Future Publishing Limited Quay House, The Ambury, Answer 1 of 6: Does anyone know for definite ifthe turks still don't accept scottish tenners for the visa. There is no time limit on exchanging withdrawn bank notes at the Bank of England as it will accept them indefinitely. Most banks and Post Offices will let you pay in those old 20 and 50 notes. Never had any problems spending Scottish banknotes south of the boarder. Oxfam An organisation dedicated to ending poverty and providing the means to live to millions of people around the world, Midlands Air Ambulance Provides life-saving air support to six Midlands counties, Alzheimers Society Supports people affected by dementia and funds research towards a cure. Sues written for a wide range of publications including the Guardian, i Paper, Good Housekeeping, Lovemoney and My Weekly. Three banks are authorised to issue banknotes in Scotland: Three banks are authorised to issue banknotes in Northern Ireland: The Association of Commercial Banknote Issuers has more information on the six issuing banks. Forum Member. Barclays says you can deposit old notes if you have a UK bank account with it. Businesses and shops will no longer be obliged to accept. Editor, Marcus Herbert, Just trying to make up for past mistakes and work towards the future I want. If you want the equivalent cash you can then withdraw it from your account. The transition from paper notes to polymer notes is part of increased security measures. This works out at 242 million individual 20 notes and 106 million paper 50 notes. Visit our corporate site www.futureplc.com Future Publishing Limited, Quay House, The Ambury, Bath BA1 1UA. Bank of England banknotes held as backing assets may be kept either at an authorised location or at the Bank of England. Take sterling and you won't have to worry. Wed also like to use some non-essential cookies (including third-party cookies) to help us improve the site. In fact, the only advice given by the Royal Mint themselves on the topic is to try your luck with a high street bank. Old 20 and 50 paper notes stopped being legal tender in the UK on 30 September 2022. Regardless of their age, there are ways to get some money back for them but we encourage everyone who can to consider donating their old currency to charity where possible. You can do this at any of the Post Office's 11,500 branches as long as you're a customer of one of 25 banks - see the box below for the full list - but you can't exchange paper notes directly for polymer notes. Use the Global Player app to listen to live radio for LBC & LBC News. cheers rwb, will start looking out for a few. Does it have to be BoE notes? We use the Halifax/BOS. Maybe. TSB says old 20 and 50 paper notes are still accepted over the counter in branches to deposit in TSB accounts. Necessary cookies enable core functionality on our website such as security, network management, and accessibility. To use our mobile site, please enable JavaScript. There are three types of banknotes in the UK: Scottish banknotes. AIB Group (UK) plc (previously trading as First Trust Bank in Northern Ireland) ceased issuing banknotes on 30 June 2020. Old paper 20 and 50 notes are no longer legal tender but you can exchange them at the Bank of England, some Post Offices and many high street banks will accept them too. The Bank of England will honour every banknote that has ever been issued by them, regardless of how long ago it ceased to be legal tender. This topic has been closed to new posts due to inactivity. But banks don't legally have to keep accepting old money, so it's worth checking with yours before you head to a branch. Some of these banknotes are of very high value, including 1 million banknotes (known as Giants) and 100 million banknotes (known as Titans). SueHaywardis a personal finance and consumer journalist, broadcaster and author who regularly chats on TV and Radio on ways to get more power for your pound. Does it have to be BoE notes? For more information on how these cookies work please see our Cookie policy. This is the version of our website addressed to speakers of English in the United States. We look at what to do with old 20 and 50 paper notes and where to exchange them for new polymer versions. It is open Monday to Friday from 9am-4pm and they will exchange any old banknotes you bring to them. England and Wales company registration number 2008885. But, according to the Bank of England, there is around 6bn worth of 20 paper notes and over 8bn worth of paper 50 notes in circulation thats around 300 million individual 20 notes and 160 million 50 notes that havent been used before the notes were withdrawn from circulation. Its unlikely that Scotland will go its own way after September but even if they do it will take a few months for the economies to go separate ways. The final date you can use paper 50 notes is September 30 next year - the same goes for paper 20 notes. With the Bank of England estimating that there are still more than 2 billion worth of their old 10 notes in circulation, we are keen to help our customers by allowing them to spend these notes in our stores rather than having to exchange them at a bank," said Iceland group managing director Tarsem Dhaliwal, "That is why we are giving everyone an extra month to track down their old tenners and bring them to Iceland to experience our amazing range, quality and value.. Martin Kearsley, banking services director at the Post Office - which has 11,600 branches across the UK, has said: "Thanks to an agreement with all UK high street banks, everyone can deposit cash and cheques, including any old notes, into their usual high street bank account at their local Post Office branch.". Subscribe to MoneyWeek now and get your first six magazine issues absolutely FREE, Elizabeth Fry 5 note ceased to be legal tender on 5 May 2017, Adam Smith 20 note ceased to be legal tender on 30 September 2022, Charles Darwin 10 note ceased to be legal tender on 1 March 2018, Boulton & Watt 50 note ceased to be legal tender on 30 September 2022. Unique serial numbers are the easiest to find with collectors particularly favouring lower serial numbers or those with sequences such as 888888. When this happens, the Bank of England will usually give a set time period for people to exchange their old currency for the new coins or notes that are being released. 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