U.K. Shoppers Have One Year to Spend £24 Billion of Old Bank Notes
U.K. consumers have just one year left to spend about 24 billion pounds ($32 billion) of paper 20- and 50-pound notes as the Bank of England withdraws them from circulation.
The notes, which have been superseded by polymer equivalents featuring artist J.M.W. Turner and mathematician Alan Turing, will no longer be accepted in shops after Sept. 30, 2022, the BOE said Wednesday.
They are the last paper notes to hold legal tender status after the bank shifted to a polymer series that its says offer better security and are longer-lasting.
Britons will still be able to deposit the old paper notes in banks, or exchange them at the BOE, after they become obsolete.
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