Old £20 and £50 paper notes stopped being legal tender in the UK on 30 September 2022. This means you can’t use them in shops or as payment any more.
But, according to the Bank of England, there is around £6billion worth of £20 paper notes and over £8billion worth of paper £50 notes in circulation – that’s around 300 million individual £20 notes and 160 million £50 notes that haven’t been used before the notes were withdrawn from circulation.
Even though you can’t spend these old UK banknotes, it’s worth checking old bags, wallets and even the kids’ money boxes as you can still exchange old £20 and £50 notes.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Get 6 issues freeSign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Sign up
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. They are also harder to counterfeit, helping the central Bank lock down on fraud.
But what should you do if you come across any old ones? We look at what to do with old £20 and £50 paper notes and where to exchange them for new polymer versions.
Exchange old £20 and £50 notes at The Bank of England
One option is to take the old paper notes down to the Central Bank in person.
There is currently no time limit when it comes to exchanging your old UK banknotes at the Bank of England. You may need to present an original photo ID and proof of address when exchanging notes.
In person: If you can and want to, you can swap your old notes at The Bank of England Counter, in Threadneedle Street, London. The counter is open between 9:30 am and 3 pm on weekdays (excluding bank holidays). But do be aware, the Bank of England may have long queues and that after midday you may not be able to be served if it’s reached capacity.
By post: You can also post your old UK banknotes to the Bank, but note that this is done at your own risk and you may want to insure yourself against loss before sending banknotes in the post. You’ll also need to fill in a postal exchange form and send photocopies of your proof of ID and proof of address.
Where to exchange your paper notes
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.
Banks that allow you to exchange paper notes will generally allow you to deposit the money into the account that you hold with them. Banks and building societies happy to exchange the old notes include Halifax, Lloyds, Nationwide, Barclays, NatWest and Santander - though keep in mind they may have a cut-off date.
In some cases you will be able to exchange the paper notes for the new polymer notes even if you do not have an account with that particular bank, for example with Bank of Scotland and Virgin Money.
How to exchange old paper £20 and £50 notes at the Post Office
You can deposit out-of-date banknotes – up to the value of £300 every two years – into your bank account at some local Post Offices. You will need to take photo ID so that the Post Office can keep track of how much you exchange and do not exceed the limit. You’ll be given the same value back in the new polymer notes.
These are the notes you can exchange at a Post Office:
- 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
Find all the participating Post Office branches where you can exchange old notes.
FAQs
This note replaces our paper £20 note which was withdrawn from circulation after 30 September 2022. You may be able to deposit withdrawn notes at your own bank or with the Post Office. Alternatively, you can exchange withdrawn banknotes with selected Post Office branches or with the Bank of England.
Will the post office exchange old 20 notes for new ones? ›
Yes. You can exchange up to £300 of paper banknotes in any £5, £10, £20 and £50 denominations of the last series at participating branches within any two-year period. Our system will let you know if you've reached the £300 limit.
Where to send old 20 notes? ›
Exchange Bank of England banknotes (public via post)
To exchange your banknotes by post, please fill out this application form, print and send it to us with the banknotes along with copies of your photo ID and proof of address. Send to Department NEX, Bank of England, Langston Road, Loughton, Essex, IG10 3TN.
Will banks accept damaged notes? ›
The Bank replaces damaged banknotes, including those torn or burnt, with new banknotes, according to the proportion of the part of the original banknote remaining, provided that both front and reverse sides of the banknote are maintained.
How do I get rid of my old 20 pound notes? ›
Exchanging old banknotes
Many banks accept withdrawn notes as deposits from customers. The Post Office will also accept withdrawn notes as a deposit into any bank account you can access at the Post Office. And you can always exchange withdrawn notes with us.
Where can I exchange old notes? ›
Pay them in at your high street bank or Post Office.
You can also exchange old paper banknotes for the same value in current polymer notes at 30 selected Post Office branches – you can view the full branch list on the Bank of England website.
What to do with old currency? ›
Try taking old or foreign coins to your local charity shop as many charities accept them to help raise valuable funds. You can also often donate foreign coins on your return flight from holiday.
Will the post office exchange dollars? ›
Buying USD from a Post Office branch is simple. You can simply go into one of our branches that sells foreign currency. There are thousands, just use our branch finder to find your most convenient.
Can I change old dollar notes? ›
All U.S. currency remains legal tender, regardless of when it was issued.
How long to get rid of old 20 notes? ›
Paper £20 and £50 banknotes cease to be legal tender after 30 September 2022. The Bank of England will be withdrawing legal tender status of the paper £20 and £50 notes after 30 September 2022, and are encouraging anyone who has these to spend or deposit them at their bank or Post Office.
If you've registered for the Change Giving service, you shouldn't be refused change at your nominated Post Office branch.
Can you pay 50 notes into a cash machine? ›
Pay in notes and cheques. Pay in up to 50 notes (a £3,000 daily limit and a £24,000 annual limit applies to cash deposits, learn more about cash limits). Pay in up to 50 cheques. Some CDMs will accept coins, and let you pay in up to 1,000 coins loose and mixed.
Can banks refuse damaged money? ›
Often times, even financial institutions won't accept cash if it's too damaged. This is because the Federal Reserve does not accept deposits of mutilated money from banks and credit unions.
Where to send damaged money for replacement? ›
For consumers: If you have damaged or mutilated currency, or need currency replaced, contact the Bureau of Engraving and Printing. If you have currency you suspect is counterfeit, contact your local Secret Service Field Office.
Will any bank replace damaged money? ›
“Unfit currency' is currency which is unfit for further circulation because of its physical condition such as torn, dirty, limp, worn or defaced,” the department states on its website. The currency “may be exchanged at commercial banks.”
Is it too late to change old notes? ›
There is no deadline to exchange old banknotes with the Bank of England. Our counter can get very busy so we may issue you with a ticket to return at a later time on the same day. If you arrive after 12pm, you may not get served before we close at 3pm.
Can you change notes in any bank? ›
These can also be exchanged at the counters of any public sector bank branch, any currency chest branch of a private sector bank or any Issue Office of the RBI without filling any form. To suit public convenience, the exchange facility for mutilated notes is also offered through TLR(Triple Lock Receptacle) covers.
Should I keep old 20 notes? ›
OLD cash £20 and £50 notes are no longer accepted in shops, so if you have one knocking about you will want to exchange it as soon as possible. The paper notes haven't been valid since after September 30 last year.
Where to change new notes in 2024? ›
Notes: (1) Except for the elderly aged 60 and above and persons with disabilities, online pre-booking is required for (i) exchange of new notes at DBS, OCBC, UOB, Standard Chartered Bank (Singapore) and CIMB branches, and (ii) exchange of Fit notes at DBS, OCBC and UOB branches.
