Islanders have just days left to exchange old £20 and £50 paper notes at the bank before they cease to be legal tender, which comes in the same week that it is revealed when money featuring King Charles III will enter circulation.
From Friday (30th September), businesses will no longer accept the old-style notes – they will only accept the modern polymer ‘plastic’ notes issued by the Bank of England.
This means that anyone with a stash of cash needs to quickly bank the money – or risk losing out financially.
The switch from paper to polymer follows a similar move for the £5 and £10 notes in recent years. The new £20 note features artist JMW Turner and the new £50 note features wartime codebreaker Alan Turing.
It has been revealed this week that the Bank of England will unveil the design of money featuring King Charles III by the end of the year. However, notes are not expected to enter circulation until at least mid-2024. In the meantime, the already-printed stock will enter circulation and both Queen Elizabeth II and King Charles III notes will be legal tender in the years to come, with the former eventually being phased out.
Bank of England’s Chief Cashier, Sarah John, has said:
“Changing our banknotes from paper to polymer over recent years has been an important development, because it makes them more difficult to counterfeit, and means they are more durable.
“The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy, so we’re asking you to check if you have any at home”.
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Shame that you cannot recycle the ‘polymer’ notes. I thought we were being encouraged to cut down our use of plastics.
They can be recycled.
The new notes are horrendous – bring back the paper ones
The banks should still take them.