Oojal Dhanjal
Old £20 and £50 paper notes stopped being legal tender in the UK on 30 September 2022. This means you can’t use them in shops or as payment any more.
According to the Bank of England (BoE), there is around £55 billion worth of £20 notes and over £16 billion worth of £50 notes in circulation. That’s about 2,755 million individual £20 notes and 324 million £50 notes.
The Bank’s estimates suggest there are 163 million £20 paper notes worth about £3.2 billion, and 47 million £50 paper notes worth around £2.3 billion.
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Even though you can’t spend these old UK banknotes, it’s worth checking old bags, wallets and even your children’s money boxes as you can still exchange the old notes for the same value in current polymer notes.
We look at what to do with old £20 and £50 paper notes and where to exchange them for newer versions.
Where can I change old bank notes?
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.
Exchange old £20 and £50 notes at 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 9:30 am and 3 pm 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.
Which banks let you exchange your paper notes?
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.
How to exchange old paper £20 and £50 notes at the 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.
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.
Like old notes, you can also 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 are worth more than their face value if they are part of special limited runs.
For example, in February 2024, the rare £2 Lord Kitchener coin was sold at RWB Auctions in Wiltshire for £1,000.
If you have a collectable coin, then it might be worth listing 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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