The Bank of England announced last June that its paper PS20- and PS50-note legal tender status would cease on September 30, 2022. However, PS9 billion worth of PS20 notes and PS15 trillion worth of PS50 notes are still in circulation, with only one year remaining.

Two paper notes were replaced with new polymer designs: the PS20 notes with J.M.W. Turner and the PS50 notes featuring Alan Turing. The only legal tender notes after Sept. 30, 2022 will be the polymer bills.

The bank issued a Sept. 29 news release that reiterated the procedures for redeeming soon-to-be obsolete currency. The Bank of England urges everyone with these notes at home to spend them or deposit them at their local bank or post office. This is the easiest and most straightforward step. People with a UK bank account will be able to still deposit the withdrawn money into their account after Sept. 30, 2022. The bank also stated that old notes may be accepted by some post offices as payment for goods or services, as well as as a deposit into an account they have accessed through them. All withdrawn notes will be exchanged by the bank.

Individuals from outside the United Kingdom may exchange old notes via mail. Insured mail is recommended as the sender takes all shipping risks. You can download a postal exchange form for individuals from the Bank of England. You should send it along with your bank notes and photocopies of identifications (one with proof of address and one with a photo ID) to Department NEX at Bank of England Threadneedle Street London EC2R8AH. You can pay money for overseas exchanges with checks or in a bank account. In this case, the BIC/SWIFT Code, IBAN or account number must be provided. Foreign banks may charge fees for remittances. Remittances are only allowed in English pounds.

 

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