Old £20 and £50 paper notes ceased to be legal tender in the UK on 30 September 2022, meaning they can no longer be used for everyday transactions.
Despite this, a significant number of these old notes remain in circulation – approximately 375 million paper notes – valued at £6.6 billion, according to data obtained by BBC Wales through a Freedom of Information request.
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- 109 million £5 notes worth £544 million
- 60 million £10 notes worth £599 million
- 160 million £20 notes worth £3.2 billion
- 46 million £50 notes worth £2.28 billion
Are paper notes still legal tender in the UK?
No, paper notes stopped being legal tender in October 2022 when they were withdrawn from circulation and replaced with polymer notes.
A spokeswoman from the Bank of England told the BBC that “all genuine Bank of England banknotes that have been withdrawn from circulation retain their face value” and there is “no expiry on the period in which we will exchange banknotes”.
What is legal tender?
According to the Bank of England, the term ‘legal tender’ means that if you offer to fully pay off a debt to someone in a form considered to be legal tender – without any contract specifying another form of payment – you cannot be sued by anyone for failing to repay the debt.
In simple terms, it’s the officially recognised money by law that works as a means to settle a debt or meet a financial obligation. It tends to be the national currency of a country, per Investopedia.
What counts as legal tender in the UK?
If you live in England and Wales, then Royal Mint coins and Bank of England notes are considered legal tender.
In Scotland and Northern Ireland, Royal Mint coins are accepted as legal tender – but not the English banknotes. Both Celtic nations have their own banknotes, issued in the two countries by authorised banks.
As for coins, it’s slightly complicated. For instance, 1p and 2p coins count as legal tender for any amount up to 20p, while 5p and 10p coins are for any amount up to £5. £1 and £2 coins are acceptable for any amount.
You will also find that most of the common payment methods, like debit or credit cards, contactless payments, or paying by cheque, are not legal tender. We look at how to pay with a cheque in a separate guide.
Where can I exchange old banknotes?
There are various places you can take old £20 and £50 paper notes. Depending on where you live, some locations may be easier to access than others.
Banknotes with the late Queen Elizabeth II will remain legal tender, so you don’t need to exchange them for new ones featuring King Charles III.
The Bank of England
One option is to take the old paper notes to the central bank.
There is currently no time limit when it comes to exchanging your old UK banknotes at the Bank of England. However, you may need to present an original photo ID and proof of address when exchanging notes.
You can do this in two ways:
- In-person: You can swap your old notes at The Bank of England Counter, on Threadneedle Street, London. The counter is open between 9:30am and 3pm on weekdays (excluding bank holidays). Do be aware – even though the last entry is at 2:45pm, you may not be served if it has reached capacity after midday.
- 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.
Post Office
There are around 50 Post Office branches across the UK that will let you swap your old banknotes for new polymer ones – even if you don’t have a bank account.
You can exchange up to the value of £300 every two years. You will need to show a form of photo ID so that the Post Office can keep track of how much you exchange and do not exceed the limit.
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
- Matthew Boulton & James 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.
At the bank
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 let you exchange paper notes will generally allow you to deposit the money into your account with them. Banks and building societies happy to exchange the old notes include Halifax, Lloyds, Nationwide, Barclays, NatWest and Santander.
In some cases, you can still exchange the paper notes even if you don’t have an account with that particular bank, for example, with the Bank of Scotland and Virgin Money.
Can I exchange old coins for new ones?
Old £1 coins were demonetised in 2017, but you are still able to exchange them for new ones.
You can do this at your local high street bank, though it is entirely up to the bank whether they choose to accept the old tender. Retail banks which say they accept old coins include: Barclays, Lloyds, HSBC, Nationwide, Santander, and Virgin Money.
You cannot exchange old coins at the Bank of England.
You can exchange your old coins at the Post Office, so long as they are in good condition.
Can I sell old notes and coins online?
You may find that some of your old notes and coins sell for more than their face value if they are part of special limited runs.
If you have a collectable coin, then you might decide to list it online on e-commerce platforms like eBay or Facebook Marketplace, or by selling it to a dedicated reseller. You could find that your old coins could be worth far more than you expect.
However, just because coins are listed as rare on online marketplaces doesn’t mean they are worth that much money. The price of rare coins is determined entirely by the market, and a sale is contingent on finding a willing buyer.
It is entirely legal for you to sell your old coins online or to a reseller, but make sure you do your due diligence to ensure you are not scammed. It is a good rule of thumb to use reputable platforms and insure your items.
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