The Bank of England will always exchange all withdrawn notes, including banknotes that we have withdrawn in the past. If you have £20 or £50 paper notes, we recommend using them or depositing them with your bank or post office before 30 September 2022. Cashiers at the Bank of England`s central branch on Threadneedle Street in London are happy to replace the old £50 notes. “The post office can also accept withdrawn banknotes as a means of payment for goods and services, or as a deposit in any bank account you can access,” the Bank of England explains. It put the 50-pound polymer note into circulation on June 23, 2021, meaning the bank`s entire collection of banknotes currently printed is made of plastic. The new note presents a portrait of Mr. Turing, who designed modern computing and played a crucial role in the Allied victory over Nazi Germany during World War II. The bank is replacing paper notes with more durable plastic notes featuring artist JMW Turner and mathematician Alan Turing. Postmasters and their staff are available to give you human assurance that your old notes have been deposited into your bank account and will also issue a receipt. Sarah John, the chief teller at the Bank of England, said banknotes are switching from paper to polymer “because these designs are harder to counterfeit and at the same time more durable.” From October, people with a UK bank account will still be able to deposit paper tickets into their account. The ability to buy back banknotes for gold ceased in 1931 when Britain stopped using the gold standard.
[4] The £50 note was abandoned by the Bank of England in 1943 and did not reappear until 1981. These D-series notes were mostly olive green on both sides, with an image of Queen Elizabeth II on the obverse (as on all subsequent £50 notes) and an image of architect Christopher Wren on the reverse. As a safety feature, this note had a metal thread, which was converted to a “window” thread from July 1988. The thread is woven into the paper in such a way that it forms a dotted line, but appears as a single line when kept away from light. The D-Note series was gradually replaced by the E series from 1994. Christopher Wren replaced this reddish note with John Houblon, the first governor of the Bank of England, on the reverse. As an added security feature, these notes had a slide patch on the front. [5] The E-revision series did not have a £50 note. Although old 50-pound bills officially expire at the end of September, you can exchange your paper for a new polymer after that date. Friday is the last day that the Bank of England`s old-fashioned notes will become legal tender after being replaced with polymer versions, with more than £17 billion of paper notes remaining in circulation, the bank said. The 50 pound notes were first introduced by the Bank of England in 1725. The first notes were handwritten and given to individuals as needed.
These notes were written on a single page and bore the name of the beneficiary, the date and the signature of the issuing cashier. With the exception of the embargo period between 1797 and 1821, when the French Revolutionary Wars and the Napoleonic Wars caused a shortage of gold bullion, these notes could be exchanged in whole or in part for an equivalent amount of gold when presented to the bank. In case of partial refund, the ticket is signed to indicate the amount refunded. From 1853, printed notes replaced handwritten notes, with the words “I promise to pay the holder the sum of fifty pounds on demand” replacing the name of the beneficiary. This explanation is still found on the banknotes of the Bank of England. The printed notes bore the printed signature of one of the three cashiers, but from 1870 it was replaced by the signature of the chief cashier. [4] Focus on these two key security features to confirm that your notes are genuine: Polymer notes have different security features. Find out how to check all our banknotes Martin Kearsley, the Post Office`s banking manager, said: “We recognise that people live busy lives and some may postpone the deposit of their £20 and £50 notes at the last minute. After Friday, people will still be able to deposit paper notes at their post office, and many UK banks will also accept banknotes as customer deposits. The £50 note of the Bank of England is a pound sterling note. It is the tallest banknote currently issued by the Bank of England for public circulation.
[Note 1] The current banknote, the first polymer printed banknote of this designation, was put into circulation on June 23, 2021. [1] It bears the image of Queen Elizabeth II on the obverse and World War II computer scientist and codebreaker Alan Turing on the reverse, with his date of birth reflecting the date of publication. [2] [3] The £50 cotton notes of the previous series will remain in circulation alongside the new polymer banknotes until 30 September 2022, when this latest issue of paper notes will cease to be legal tender for good. It came out with the old and with the new as well as the expiry date of the paper £20 note (opens in a new tab), the old £50 notes will soon be out of circulation. The bank moved in May 2017 and 2017. March 2018 returned the GBP 5 and GBP 10 notes as legal tender. Be sure to bring two identification documents (photo ID and proof of address) – which is mandatory when exchanging tickets over £700. You will then be offered a new note or the option to deposit the amount into your bank account. But after September 30, people will no longer be able to use paper tickets for payments in shops and other businesses. When do old £50 notes expire? That`s the question most people ask themselves with paper notes in their wallets, as the new £50 polymer has been in circulation for some time. The Bank of England has urged people to issue or deposit their £20 and £50 notes before the notes cease to be legal tender in six months. After this date, many UK banks will accept withdrawn notes as customer deposits.
Some post offices may also accept withdrawn banknotes as a deposit into a bank account that you can access with them. Peter Sands, an adviser to the UK government and former chief executive of Standard Chartered, has raised concerns with the Bank of England about high face note notes and their role in tax evasion. He said scrapping €50 notes and other high denominations such as 1,000 francs, 500 and 100 euros would reduce financial crime. [13] [14] So far this month, more than £100 million worth of banknotes have been deposited in post offices. When the paper notes were returned to the Bank of England, they were replaced by the new 20-pound polymer notes with JMW Turner and the 50-pound polymer notes with Alan Turing. Paper notes can also be exchanged by the Bank of England. The new £50 Series G note went into circulation in June 2021; It is the last Bank of England banknote to be converted from paper to polymer. The back of the note shows a portrait of mathematician and codebreaker Alan Turing. [2] Prior to Turing`s selection, the Bank requested proposals for qualified scientists.