What to do with old £20 notes – how to exchange them

Wondering what to do with old £20 notes and £50 notes? While paper notes ceased to be legal tender in 2022 and can no longer be used for everyday transactions, you can still exchange them for the same value in polymer notes.

It’s worth checking any unused bags, wallets and even your children’s money boxes for old notes that are no longer in circulation.

We look at what to do with old £20 and £50 paper notes and where to exchange them.

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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No, paper notes stopped being legal tender in October 2022 when they were withdrawn from circulation and replaced with polymer notes.

A spokeswoman from the Bank of England told the BBC that “all genuine Bank of England banknotes that have been withdrawn from circulation retain their face value” and there is “no expiry on the period in which we will exchange banknotes”.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.

It’s also worth noting that you won’t receive the next series of banknotes featuring British wildlife just yet – replacing historical figures like Winston Churchill and Jane Austen for the first time in over half a century.

Instead, you’ll receive current polymer banknotes featuring King Charles III or the late Queen Elizabeth II, as they remain legal tender.

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 9:30am 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: This is done at your own risk, and you may want to insure yourself against loss before sending banknotes in the post. The Bank of England website states that they are currently taking up to 90 working days to process postal banknote exchanges – so this method is only suitable if you don’t need the cash in a hurry. You’ll need to fill in a postal exchange form and send photocopies of your proof of ID and proof of address if you’re exchanging more than £700. It’s also worth tracking your post as the bank states that it cannot confirm receipt of postal exchanges.

At the Post Office

There are 53 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.

These are the notes you can exchange at a Post Office:

• £5 note – ceased to be legal tender on 5 May 2017
• £20 note – ceased to be legal tender on 30 September 2022
• £10 note – ceased to be legal tender on 1 March 2018
• £50 note – ceased to be legal tender on 30 September 2022

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 that you do not exceed the limit.

Valid forms of photo ID include your passport, driving license or a national identity card.

Find all the participating Post Office branches where you can exchange old notes.

At a bank or building society

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 and building societies happy to exchange the old notes include Halifax, Lloyds Bank, Nationwide, Barclays, NatWest and Santander.

Banks that let you exchange paper notes will generally allow you to deposit the money into your account with them.

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. We look at what to do with old £1 coins in a separate guide.

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.

The Royal Mint issues gold coins, primarily for investment purposes, which you can also buy.

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 – here’s how to spot valuable coins.

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.