About 477 million banknotes are still in circulation, including £8.2 billion worth of £50 notes and £6.3 billion worth of £20 notes, the BoE said. After September 30, they will no longer be legal tender. After that, those who still hold the notes will have to go to the Bank of England’s London headquarters to exchange the new notes, or through the post office.
Bank of England chief teller Sarah John said: “Most banknotes are now out of circulation, but there are still a significant number of them remaining in the economy.”
This banknote is the last of the British banknotes. The Bank of England has started printing new banknotes on a plastic-like polymer that is more durable and has better security features.