CASH £20 and £50 notes are no longer legal tender – but fear not as you can still exchange them.
The paper notes have not been valid since after September 30, 2022.
However, you can still exchange your old notes at the Bank of England or a Post Office branch.
You can either take them in directly, or send them in via post to Dept Nex, Bank of England, Threadneedle Street, London EC2R 8AH.
Bear in mind though that the risk you run posting them is that they could get lost on the way.
The reason the £20 and £50 paper notes are being phased out is to make way for new plastic ones.
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The most recent plastic one to enter circulation was Alan Turing's £50 note, which began circulating on June 23, 2021.
The reason the new polymer plastic notes are being phased in is because they are stronger than paper notes and last longer in usual day-to-day use.
They are also harder to counterfeit than paper notes.
How do I exchange an old paper £20?
If you have missed the date for spending or depositing a paper £20 don't worry, you won't lose out.
The Post Office will accept withdrawn notes as a deposit into any bank account. Pop down to your local branch to deposit the old £20 note.
You can also exchange the paper notes directly with the Bank of England.
You'll need to fill out some paperwork though. Full guidance is available on the Bank of England's website.
If you have any old legal tender, such as a paper £5 or £10 notes, then you can exchange them or deposit them via this method.
The paper editions of £5 note were no longer valid tender as of May 2017, whilst the £10 note was withdrawn in March 2018.
The old £5 featured Elizabeth Fry and the old tenner had the face of Charles Darwin on it.
Who is on the plastic £20 note?
The new £20 note is slightly smaller than the paper edition and features British painter JMW Turner.
Joseph Mallord William Turner was born in April 1775. He is one of Britain's most famous Romantic painters.
The public nominated the artist after ex-Bank of England governor Mark Carney asked for a deceased cultural figure to be selected.
If that isn't enough information, here's everything you need to know about the polymer £20 note.
Here's how to check if your new £50 note is a "rare" one worth hundreds of pounds.
And keep up to date with the latest rare coin news including a rare Blue Peter 50p coin that sold for £253 on eBay.
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