UK to remove 20 and 50 pound notes from circulation – El Mexicano

If you live in the UK and are a fan of banknotes, you may feel nostalgic because from September 30th the 20 and 50 pound notes will be out of circulation so this will be the last day to use them and you have a chance to keep some if you want to collect them .

Banknotes that will no longer be available are magenta for the 20 pound note, while the 50 pound note is red with orange undertones. But why are they out of circulation? The reason is that they will be replaced by two new models made of polymer, which, according to the authorities of that country, are very difficult to counterfeit.

Only banknotes that will be valid from that date are the 20-pound polymer bills with a portrait of English painter Joseph Mallord William Turner, first issued on February 20, 2020, and the 50-pound bill with the face of scientist Alan Turing, which circulated on June 23 2021.

In light of this, the UK authorities have urged residents to use the 20 and 50 pound notes before the Bank of England deadline to exchange them for new ones.

If paper tickets are still kept after the date, they cannot be used in stores or businesses; However, many banks in the country accept it for deposit only, as well as some post offices.

In addition, the Bank of England will also accept them only to exchange them for new ones, even those other paper ones that you have previously withdrawn.

In March of this year, the Bank of England estimated that there were approximately 7 billion pounds, 20 notes and 10.5 billion 50 billion pounds of notes still in circulation.

“In recent years, we have changed our paper currency from paper to polymer, because these designs are more difficult to counterfeit, as well as more durable,” the Bank of England chief said at the time.

Withdrawal of the 20-pound banknote began on February 20, 2020, when the polymer bill went into effect, while the withdrawal of the 50-pound banknote began on June 23, 2021.

-Carpentry