BoE urges public to spend remaining paper banknotes

New 20 banknote
Photo: Bank of England

The UK’s £20 and £50 paper banknotes will cease to be legal tender from September 30, 2022, the Bank of England announced today (September 29).

These will be the final paper banknotes to be withdrawn from circulation, completing the BoE’s shift to polymer banknotes, which began in 2016.

According to the BoE, there is approximately £9 billion ($12 billion) worth of paper £20 notes, and £15 billion worth of paper £50 notes still in circulation. Both paper denominations are currently circulating

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