Will the bank take old 50 pound notes?
The Bank of England have confirmed that old £50 notes expire on Wednesday 30 September 2022. This will officially be the last day you can use your old £50 notes in shops, pubs and restaurants.
Are old 50 notes still accepted?
After 30 September 2022, they will no longer be legal tender There is £24billion worth of old paper £20 and £50 notes still in circulation, according to new data from the Bank of England. This is made up of £9billion worth of £20 notes – approximately 450million notes, or eight for every adult in Britain.
Is it illegal to not accept 50 pound notes?
‘In England and Wales, legal tender is Royal Mint coins and Bank of England notes. If you hand over a £50 note to pay for a banana in your local grocery store, the staff are within their rights to choose not to accept it. ‘Likewise for all other banknotes – it’s a matter of discretion.
Is paper 50 still legal?
The Bank of England will be withdrawing legal tender status of the paper £20 and £50 notes after 30 September 2022, and we are encouraging anyone who has these at home to spend or deposit them at their bank or Post Office.
Are the old 20 notes legal tender?
Paper £20 and £50 notes will no longer be accepted as legal tender as of September 30, 2022. The new, polymer £20 notes were introduced in February 2020 to replace the paper ones which are more susceptible to fraud.
Can supermarkets refuse 50 notes?
Yes. A shop is under no obligation to sell you anything, nor to sell it to you at the price on the label. Specific advertising of goods at certain prices may be more legally binding. However, if you owe a sum of money, then the creditor may not refuse accepting legal tender in repayment of that debt.
Can I still spend a paper 20 note?
Yes, you can continue to use paper £20 notes to make purchases at the moment. The old £20 notes will stay valid until the September 2022 expiry date given by the Bank of England.
When do old £50 notes cease to be legal tender?
After April 30, agreeing to exchange notes will be at the discretion of individual institutions. Barclays, NatWest, Royal Bank of Scotland, Ulster Bank and the Post Office have agreed to exchange the older-style £50 notes for anyone who needs it, up to the value of £200, until October 30.
Are there still old £5 and £10 notes in circulation?
10 Sep 2019 More than a year after they ceased to be legal tender, there are still £1.5bn-worth of paper £5 and £10 notes that haven’t been cashed in. 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.
When is last day to use paper £50 note?
But as of October 2022, shops will no longer accept paper notes. The final date you can use paper £50 notes is September 30 next year – the same goes for paper £20 notes. Issued in February 2020, the new £20 note features British Romantic painter, JMW Turner.
Is the £20 Elgar note still legal tender?
Almost four years after the £20 Elgar note was withdrawn, the Bank said it believed 80m worth £1.6bn were still outstanding. After Wednesday only the £50 note featuring Matthew Boulton and James Watt, which was introduced in November 2011, will hold legal tender status.