This summer, people residing in the UK are encouraged to launch a hunt for their paper banknotes. From the 30th of September, £20 and £50 notes will be replaced by plastic versions, just like the £5 and £10 notes, the Bank of England announced. 

People in possession of these paper notes are invited to deposit them in the following weeks. As the Bank communicated, there are currently an estimated  163 million paper £50 banknotes and about 314 million £20 paper notes still in circulation. 

The Bank’s chief cashier, Sarah John, told BBC that “the majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy”. 

“So we’re asking you to check if you have any at home” – she added. 

As BBC report, people with a UK bank account will still be able to deposit the paper notes into their account or at the Post Office from October. Nevertheless, they will not be accepted for payment anymore. 

In addition, the paper £20 notes issued by AIB Group, Bank of Ireland, Danske Bank, and Ulster Bank in Northern Ireland will also be withdrawn from the 30th of September. 

Paper £20 and £50 notes issued by Royal Bank of Scotland, and Bank of Scotland and Clydesdale Bank are also to be withdrawn on the same date. 

Image: Unsplash

Author: Sébastien Meuwissen