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Consumers warned Friday is last day paper banknotes can be spent

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Friday is the last day that individuals can use the Bank of England’s paper £20 and £50 notes in retailers or to pay companies.

After September 30, the paper banknotes will lose their authorized tender standing.

The paper £20 banknotes that includes economist Adam Smith and the £50 notes that includes entrepreneur Matthew Boulton and engineer James Watt have regularly been changed with new polymer variations.

As paper notes have been returned to the Bank of England, they’ve been changed with both polymer £20 notes that includes artist JMW Turneror polymer £50 notes that includes Bletchley Park codebreaker Alan Turing.

The Post Office mentioned this week it was making ready for a “last moment” rush in prospects depositing paper £20 and £50 banknotes in its branches.

It mentioned on the time that £1.2 billion of paper £20 and £50 banknotes had already been deposited at its 11,500 branches.

Once the September 30 deadline passes, folks will nonetheless be in a position to deposit paper notes at their Post Office and lots of UK banks can even settle for withdrawn notes as deposits from prospects.

New banknotes that includes King Charles III are anticipated to enter circulation by mid-2024 and his portrait will seem on current designs of all 4 denominations of banknote – £5, £10, £20 and £50.

In line with steering from the Royal Household to minimise the environmental and monetary affect of the change of monarch, current shares of notes that includes the Queen will proceed to be issued into circulation, the Bank of England mentioned earlier this week.



Source: www.unbiased.co.uk

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