We will withdraw legal tender status from our £20 and £50 paper notes after 30 September 2022. The new £20 note is slightly smaller than the paper edition and depicts the British painter JMW Turner. In December 2002, on the advice of Close Brothers Corporate Finance Ltd., the bank decided to sell its banknote printing business to De La Rue.  When the paper notes are returned to the Bank of England, they will be replaced by the new 20-pound polymer notes with JMW Turner and the 50-pound polymer notes with Alan Turing. Yes, old £20 notes are still legal tender. And you can still use those paper notes to make purchases for now. The old £20 notes will remain valid until the expiry date set by the Bank of England in September 2022. The expiry date of the old £20 notes comes just weeks after the death of Queen Elizabeth II. It is important to know when the old £20 notes expire, as the Bank of England`s payment date is this year. Twenty-pound notes were first introduced by the Bank of England in 1725. His influence extended throughout his life and is still visible today. However, JMW Turner is not the first artist to appear on the £20 note. A mix of economists and artists of all kinds have appeared on the £20 note since its introduction.
According to the Bank of England, the fastest way to exchange your £20 is to deposit it in the bank. This gives the audience enough time to hand over their old note before it expires. Here`s everything you need to know when old £20 notes are withdrawn from circulation and what happens after that period. The banknotes show JMW Turner, the English romantic painter who died in the late 18th and early 19th centuries. He is known for works such as „The Fighting Temeraire” and „Rain, Steam and Speed – The Great Western Railway”. There is an alternation of images of Adam Smith along the strip of foil. The position of slide fields may vary in notes. Today (Friday 30 September 2022) is the last day that the old £20 and £50 notes can be used. 20-pound notes made of waste paper expire on September 30, 2022. After this date, cafes, bars, shops and restaurants will no longer accept the £20 paper ticket. In particular, it is the same day as the expiry date of the old £50 note. There is currently no time limit when it comes to exchanging your old banknotes through the Bank of England.
You may need identification when exchanging notes. To exchange old banknotes after the deadline, you can mail them to the Bank of England.  The Bank Charter Act of 1844 initiated the process of restricting the issuance of bank notes to the bank; New banks were banned from issuing their own banknotes and banks issuing existing notes were not allowed to reissue. When the provincial banks merged into large banks, they lost their right to issue banknotes, and the English private note eventually disappeared, giving the bank a monopoly on the issue of banknotes in England and Wales. The last private bank to issue its own notes in England and Wales was Fox, Fowler and Company in 1921.   However, the restrictions of the 1844 Act only affected banks in England and Wales, and today three commercial banks in Scotland and four in Northern Ireland continue to issue their own banknotes, which are regulated by the bank.  „This equates to more than 250 million individual 20-pound notes and more than 110 million £50 notes,” the BoE said on Thursday. Modern banknotes are printed on behalf of De La Rue Currency in Loughton, Essex.  After September 30, the Bank will withdraw old notes from circulation and businesses will no longer accept them as a means of payment after that date.
The old 20-book diary shows the so-called father of modern economics, Adam Smith. There are also photos of factory workers on the back of the note and a quote from one of Adam Smith`s most famous works. If you want to exchange old notes, you can find more information on the Bank of England website. The other image that appears on the note is a painting by Turner called The Fighting Temeraire. It is a tribute to the ship HMS Temeraire, which participated in Admiral Nelson`s victory at the Battle of Trafalgar in the early 19th century. He was involved in the nineteenth century. This is the last week that our paper banknotes can still be used. A Bank of England spokesman previously told The Sun: „Polymer notes are stronger than paper notes and last longer in normal daily use. These are the banknotes you can exchange at a post office The last plastic banknote to enter circulation was Alan Turing`s £50 note, which entered circulation on June 23, 2021 last year. By mail: You can also send your old notes to the bank, but keep in mind that this is at your own risk and may want to insure yourself against losses before sending notes by mail.
You will also need to fill out a postal exchange form and send photocopies of your proof of identity and proof of address. The post office can also accept old paper bills as a deposit into any bank account that you can access at the post office. The Bank of England can deposit the money into a bank account, by cheque or (if you live in the UK and the amount is less than £50) into new banknotes. Paper tickets are currently still valid and can therefore be issued in shops or other places to accept cash. If you have paper notes of 20 or 50 pounds, we recommend that you send them before the 30th century. September 2022 or deposited with your bank or post office. However, you can exchange your old notes for new notes at any time before or after 30 September at the Bank of England. You can still receive paper notes from companies or others until September 30, 2022. If you have £20 or £50 paper notes, we recommend using them or depositing them with your bank or post office before 30 September 2022. Keep the note in the light. Check if there is a brilliant „£20” or „£50” at the top of the Queen`s portrait.
However, the Bank of England warns that people „should be aware that banknotes are sent at their own risk” and encourages people to „take appropriate measures to insure themselves against loss or theft”.