Despite the fact that the paper £20 and £50 stopped being legal tender in October 2022, approximately £7.2 billion in old bank notes have not been cashed in across the UK.
Plastic banknotes with a number of security features have taken the place of paper banknotes.
The withdrawn bank notes could still be deposited or exchanged, according to the Bank of England.
The Royal Mint claims that another 76 million old £1 coins have not been returned.
Subtleties of the money still available for use or concealing in homes was uncovered in Opportunity of Data demands by BBC Grains.
According to the Bank of England, there were still 395 million paper banknotes in circulation:
- 110 million £5 notes
- 62 million £10 notes
- 171 million £20 notes
- 52 million £50 notes
In May 2017, the paper £5 notes were cancelled, the paper £10 notes in March 2018, and the paper £20 and £50 notes on September 30, 2022.
The Royal Mint, which is located in Llantrisant, Rhondda Cynon Taf, reported that approximately 76 million old-style £1 coins had not been returned in addition to the paper currency.
However, over the past year, approximately 11 million have been returned.
About 1.8 million of the 1.6 billion returned items were counterfeit.
The round £1 coin was supplanted by the 12-sided rendition in October 2017. It is still possible to deposit the old-style coin at the Post Office, but it cannot be spent.
As indicated by the Imperial Mint, which is possessed by the UK Depository, around 138 million round £1 coins have been broken down to make a portion of the new ones.
The Bank of England’s entire current collection of printed banknotes is made of plastic, as evidenced by the introduction on June 23, 2021, of the polymer £50 note bearing the portrait of wartime codebreaker and computer pioneer Alan Turing.
A spokesperson stated that “all genuine Bank of England banknotes that have been withdrawn from circulation retain their face value” despite the fact that the paper notes are no longer accepted as payment. There is no expiry on the period wherein we will trade banknotes”.
They can be returned to some banks and post offices, but only up to a maximum of £300 can be exchanged at the latter.
Old notes can also be exchanged for new polymer ones “if you live in the UK and the amount is under £300” by sending them to the Bank of England in the City of London, which accepts external payments via cheque.
The bank cautioned, however, that “our counter can get very busy.” Old notes can also be picked up in person there.
Lockdowns made it harder to spend money, which led to a sharp decline in the use of cash during the coronavirus pandemic. This accelerated a downward trend in the use of notes and coins.
Notwithstanding, cash actually represented 12% of all installments in 2023, as per the most recent figures by banking exchange body UK Money, making it the second most-famous method for paying after charge cards.
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