The only £20 notes that are currently legal tender in the UK are the polymer notes featuring J.M.W. Turner, alongside the new King Charles III notes (which will eventually replace the Turner note when worn) and the polymer notes with Queen Elizabeth II's portrait, as the paper £20 notes (Adam Smith) were withdrawn in September 2022. You can still deposit old paper notes at banks or the Post Office, or exchange them at the Bank of England.
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.
This note replaces our paper £20 note which was withdrawn from circulation after 30 September 2022. You may be able to deposit withdrawn notes at your own bank or with the Post Office. Alternatively, you can exchange withdrawn banknotes with selected Post Office branches or with the Bank of England.
Banknotes that feature the portrait of Her late Majesty, Queen Elizabeth II remain legal tender and are co-circulating alongside King Charles III notes. New banknotes will only be printed to replace those that are worn or damaged to meet any overall increase in demand for banknotes.
Yes, you can still exchange old paper £20 notes in 2025 and beyond, as the Bank of England guarantees their face value forever, with options to deposit them at your bank, exchange them at Post Office branches, or send them to the Bank of England directly. While no longer legal tender since October 2022, you can swap them for new polymer notes at no cost, though you might need ID and face limits at the Post Office.
Queen Elizabeth II's banknotes (and coins) are not being removed immediately; they remain legal tender and will continue to circulate alongside King Charles III's new currency for many years, only being withdrawn gradually as they wear out or to meet demand, following the Bank of England's policy to minimize disruption and environmental impact. There's no set date for their removal, but they'll stay valid as long as they are physically in good condition, coexisting with the new royal portraits.
The following are no longer considered legal tender: old round £1 coins (replaced in 2017 by the 12-sided version) paper £5 and £10 notes (replaced by polymer versions in 2017 and 2018) paper £20 and £50 notes (replaced by polymer versions in 2020 and 2021)
Banknotes featuring a portrait of King Charles III were first issued on 5 June 2024. The portrait of the King appears on existing designs of all four banknotes (£5, £10, £20, and £50), with no other changes to the existing designs.
They are MORE RESISTANT TO DIRT, VIRUS, AND BACTERIA. Polymer banknotes are significantly cleaner and less susceptible to viral and bacterial transmission due to their smooth and non-absorptive surfaces. They can also be sanitized with less risk of damage unlike paper banknotes.
The British Pound: Over 1,200 Years Old The British pound, also known as the pound sterling, is the oldest currency still in use. It dates back to around 775 AD, during the Anglo-Saxon period, when silver pennies were first minted in what is now England.
No, there is no deadline to exchange old Bank of England banknotes; they retain their face value forever and can always be exchanged at the Bank of England or through UK banks/Post Office, though Post Offices have limits (e.g., £300) and specific processes for older notes, while modern polymer notes featuring Queen Elizabeth II are still legal tender.
Banknotes from the first series are legal tender and will always retain their value. They will continue to circulate alongside the Europa series until the remaining stocks have been used up.
Most banks accept coins for cash exchange, though services vary by institution. Large banks typically require pre-rolled coins, while some smaller institutions and credit unions provide self-service counting machines. The services depend on the bank, so it's a good idea to call your nearest branch.
There are currently over 4.6 billion Queen Elizabeth banknotes in circulation and, there's no set date for them to be retired. “The Queen Elizabeth notes will be around for as long as they physically last and they're made of polymer, which makes them robust,” says Pam West, who runs dealer Pam West British Bank Notes.
Features on the new £20 note include: A large see-through window with a blue and gold foil on the front depicting Margate lighthouse and Turner Contemporary. The foil is silver on the back. The shape of the large window is based on the shape of the fountains in Trafalgar Square.
that's been in use there for more than 12 centuries and is the world's oldest currency today. The nickname "quid" is believed to stem from the Latin phrase “quid pro quo,” which translates to "something for something."
Collapse and rescue of the Barings Bank. The Bank collapsed as a result of Argentina and Uruguay's payment default. It was later rescued by a consortium organised by the Governor of the Bank of England. It went bankrupt in 1995 following stock price and accounting manipulations by an employee.
Yes, there are £100 notes in the UK, but they are issued by Scottish banks (like Bank of Scotland, Royal Bank of Scotland, Clydesdale Bank) and some Northern Irish banks, not the Bank of England, which stopped issuing them in 1945. These notes circulate alongside Bank of England notes and are legal tender, though they are less common in England.
It is U.S. government policy that all designs of Federal Reserve notes remain legal tender, or legally valid for payments, regardless of when they were issued. This policy includes all denominations of Federal Reserve notes, from 1914 to present as per 31 U.S.C. § 5103.
