Follow Metro across our social channels, on Facebook, Twitter and Instagram. Legal tender status of the round £1 coin weighing 9.5g was withdrawn in the UK on 15 October 2017, but unlike the Bailiwicks of Jersey and Guernsey, the Isle of Man did not withdraw legal tender status from its own £1 coins of the same specification; neither are there currently plans to introduce an IOM 12-sided pound coin. There are £5, £10 and £20 notes printed on polymer. When you tilt the notes from side to side, the words change between the value of the note and 'Pounds'. Even after legal tender status is withdrawn, many banks will continue to accept deposits of the old £20 note. And that was never more true than in 1970 when the playwright became the first non-Royal, apart from Britannia, to appear on UK legal tender, on the reverse of a £20 note. The plastic version, which features … A line on its website reads: “Don’t worry, you can still use the paper £20 note for now.” And there won’t be a rush to get out and hand your notes over to a shopkeeper any time soon. Read about our approach to external linking. Have a look in your wallet: any £20 notes with the image of Edward Elgar on them will not be legal tender after June 30 this year. For example Scottish notes are not legal tender anywhere in the UK, but they are legal currency and I would encourage shops keepers to accept them." Find out with our handy guide. That means, even if they announce it tomorrow, you’ll still be able to use the old notes up until at least June 2021. The Scottish banks issue notes in denominations of £5, £10, £20, £50 and £100.Only the Royal Bank of Scotland continues to issue a small volume of £1 notes. However, they are not legal tender in Scotland and Northern Ireland. This caused Guernsey to adopt a pound equal to the pound sterling in 1921. At present, while Scottish banknotes may be accepted in England, they do … Below the large see-through window on the front of the notes, there is a silver foil patch containing a hologram. Banknotes can also be exchanged by post.". In February 2019 we issued new polymer £5 and £10 notes which replace the paper notes of the same denomination. History. Legally, the Bank is only required to give one month's notice of an intention to withdraw legal tender status. In England and Wales the £5, £10, £20 and £50 notes are legal tender for payment of any amount. The Bank of England says 94 million paper tenners and 118 million paper fivers haven’t been handed in, even though they can still be exchanged at face value. People can take or post any old notes to the bank in Threadneedle Street, in the City of London, to be exchanged for a new-style polymer one. For years we changed our notes to Bank of England notes to make it easy for us. Even though the new notes have entered circulation, you can still spend your old notes. You should check these features to ensure notes are genuine. BANK notes that turn up in your change could be worth up to £150 online – but only if they’ve got the right serial number. Yes, you can still use the old £20 notes as they are accepted as legal tender. The Bank of England hasn’t yet set a date to withdraw legal tender status from paper £20 notes, as it did with the paper £5 and £10 notes. Elgar £20 note no longer legal tender . Find us Search. £50 - for any amount. "There is no fee for this service and there is no expiry on the period in which we will exchange old notes. Forget about that, because actually legal tender means just about nothing today – it is to do with an archaic law about right to sue after paying off a debt! The £5 notes were withdrawn in May 2017 and the £10 notes in March 2018, since when they have not been a legally accepted means of payment. Old £1 coins: 122 million still not returned to Royal Mint, 'Don't give up, the storm ends': A message of hope. The new £20 note | Read more E ven if a bank refuses to accept discontinued notes, there is one final option. New Scottish £20 note: when the polymer banknote was released, and what you should do with old notes A number of new polymer £20 notes are coming to Scotland By Alex Nelson Current, high-quality and secure bank notes Your old £20 note is still a legal tender and will be accepted by all retailers - so, it's business as usual for now. Feel free to ignore this fact and accept the opinions of the half wits who may contradict me. AIB UK. The notes, which were released on February 20, have been hailed as ‘the most secure banknote yet’ by the Bank of England, thanks to their plastic material. That is because both of these coins were released after the Coinage Act of 1971 was formulated. It’s recommended that you do not accept damaged coins, or you may get stuck with them. And £20 and £50 notes printed on paper. While the paper £5 and £10 notes are no longer legal tender, they will always be accepted by the Bank of England. £20 - for any amount. Tier 3 restrictions 'worst-case scenario' for town, 'Don't give up, the storm ends': A message of hope. This film will run through a number of key security features. 50p - for any amount not exceeding £10. 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In Scotland and Northern Ireland it’s only Royal Mint coins and not banknotes. Download £50 Series D image (jpg) Front and back of note. There are currently around 2 billion paper 20 pound notes in circulation in Britain, featuring the 18th century economist Adam Smith, and they will remain legal tender for now. By Alex Nelson. £1 - for any amount. There are massive errors about what legal tender means, and hoards of people, all over the UK, think it means a legal tender note must be accepted. In order to comply with the very strict rules governing an actual legal tender transaction it is necessary, for example, to offer the exact amount due because no change can be demanded. .css-1xgx53b-Link{font-family:ReithSans,Helvetica,Arial,freesans,sans-serif;font-weight:700;-webkit-text-decoration:none;text-decoration:none;color:#FFFFFF;}.css-1xgx53b-Link:hover,.css-1xgx53b-Link:focus{-webkit-text-decoration:underline;text-decoration:underline;}Read about our approach to external linking. Thursday, 20th February 2020, 12:50 pm. Notes: In England and Wales the £5, £10, £20 and £50 notes are legal tender for payment of any amount. New £20 note enters circulation and will start appearing in ATMs and tills. However, they are not legal tender in Scotland and Northern Ireland. Your old £20 note is still a legal tender and will be accepted by all retailers - so, it's business as usual for now. The new £20 notes will be available at the Bank of England Counter and some major ATM across the UK from 9am today. There are also some restrictions when using small coins. We will announce the withdrawal date after we have issued our new polymer £20 note. MORE : Growth of the UK economy slowed before national lockdown, MORE : What’s your money personality? The Bank of England £20 note is a banknote of the pound sterling. Your bank won’t accept damaged, bent or chipped coins and nor will the Royal Mint. 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