Exchange or redeem your old £20 banknotes and coins: Guidelines for handling outdated currency.
The legal tender for £20 and £50 paper banknotes in the United Kingdom ceased on September 30, 2022. This means they are no longer acceptable as a form of payment in shops or any other transactions.
The Bank of England (BoE) has estimated that approximately £55 billion worth of £20 notes and over £16 billion worth of £50 notes are in circulation. This accounts for about 2,755 million individual £20 notes and 324 million £50 notes.
According to the BoE's estimates, around 163 million £20 notes with a value of around £3.2 billion and 47 million £50 notes worth around £2.3 billion remain in circulation.
Despite being rendered obsolete as a means of payment, it is still possible to swap these old banknotes for their respective polymer equivalents. Before doing so, it is advisable to check old bags, wallets, or even children's money boxes to find any remaining old banknotes.
What to do with the retired banknotes and where to exchange them for new versions are discussed below.
Exchanging Old Banknotes at the Bank of England
There are two ways to exchange the old banknotes at the Bank of England:
- In-person: Visit the Bank of England Counter on Threadneedle Street, London, between 9:30 am and 3 pm on weekdays (excluding bank holidays). However, be aware that even though the last entry is at 2:45 pm, you may not be served if the counter has reached capacity after midday.
- By post: Mail your old banknotes to the Bank of England, but be aware that this is done at your own risk. You will also need to fill out a postal exchange form and send photocopies of your proof of ID and proof of address.
Exchange Options through Banks and Post Office
Exchange at Banks
While some banks might still accept these old notes, their policies on handling paper banknotes vary. Banks that allow you to exchange paper notes include Halifax, Lloyds, Nationwide, Barclays, NatWest, and Santander. In some cases, you can exchange the notes even if you don't have an account with that particular bank.
Exchange at the Post Office
Around 50 Post Office branches across the UK offer a service to exchange old banknotes for polymer notes, even if you don't have a bank account. You can exchange up to the value of £300 every two years. However, it is important to note that not all branches offer this service, so it is advisable to check the list of participating branches on the relevant Post Office website.
Eligible notes that can be exchanged at a Post Office include the Elizabeth Fry £5 note (ceased to be legal tender on May 5, 2017), the Adam Smith £20 note (ceased to be legal tender on September 30, 2022), the Charles Darwin £10 note (ceased to be legal tender on March 1, 2018), and the Matthew Boulton & James Watt £50 note (ceased to be legal tender on September 30, 2022).
When exchanging old notes, either through banks or Post Office, it is essential to present a form of photo ID to keep track of the amount exchanged and avoid exceeding the limit.
Exchange of Old Coins
Old £1 coins were demonetized in 2017, but they can still be exchanged for new coins. You can do this at your local high street bank or the Post Office, but it is up to the bank whether they choose to accept the old tender. Like old notes, old coins can also be exchanged at the Post Office, so long as they are in good condition.
Selling Old Coins and Notes Online
If some of your old coins or notes are part of special limited runs, they might be worth more than their face value. Examples of such rare coins include the £2 Lord Kitchener coin, which was sold for £1,000 in February 2024.
If you have a collectable coin, consider listing it on e-commerce platforms like eBay or Facebook Marketplace or selling it to a dedicated reseller. However, remember that just because coins are listed as rare online does not mean they are worth that much money. The price of rare coins is determined by the market, and a sale is contingent on finding a willing buyer.
It is legal to sell your old coins and notes online or to a reseller, but it is crucial to do your due diligence to prevent being scammed. It is best to use reputable platforms and insure your items when selling online.
- For those interested in investing or managing their personal finances, it's essential to be aware that the Bank of England offers a service to exchange the old £20 and £50 banknotes for their respective polymer equivalents, either in-person or by post.
- If you have rare or collectible coins, such as the £2 Lord Kitchener coin, they might be worth more than their face value. Platforms like eBay or Facebook Marketplace can be good places to sell these coins, but always do your due diligence to ensure you're not being scammed and insure your items when selling online.
