There is only one week left to spend paper £20 and £50 notes in stores before they are no longer accepted as payment.
After September 30, the paper notes will be largely worthless in stores, so anyone wishing to spend them before they are withdrawn from circulation must do so quickly.
Since their debut in February 2020, the polymer-based replacements for the £20 and £50 banknotes have been in circulation for more than two years.
The former £20 notes featuring Adam Smith and £50 notes with Matthew Boulton and James Watt will no longer be legal tender beginning next week.
There is only one week left to use paper £20 and £50 notes in stores before the 30th of September, when they will no longer be legal tender.
The only legal tender will be the new, shinier notes depicting Alan Turing on the £50 note and J. M. W. Turner on the reverse of the £20 note.
Those sitting on a wad of paper notes will not, however, suffer a loss.
The notes will retain their value and can still be exchanged for the new polymer notes at banks.
The changeover to synthetic notes was designed to make the currency more resistant to wear and tear and tougher to counterfeit by criminals.
Even if you unintentionally obtain counterfeit currency, banks will not exchange it.
The replacement polymer £20 and £50 notes entered circulation in February 2020 and have been in circulation for more than two years.
Eventually, the new polymer notes will be updated so that new currency carrying the image of King Charles can be distributed, gradually replacing the currency with photos of the deceased Queen.
The new coins and banknotes must be designed, struck, or printed.
The Royal Mint advisory council must then submit new coin recommendations to the Chancellor and secure royal approval.
The selected designs are subsequently accepted by the Chancellor and then by the King.
The old currency is destroyed and then composted.
In addition, whereas the Queen’s picture currently faces right on coins, the King’s image will now face left.
This is owing to a 17th-century custom that alternates the direction subsequent kings face.
The Queen’s coins were not introduced until 1953, the year following her accession.