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Last day for the Elgar £20 note

Last day for the Elgar £20 note

Category: Money

Updated: 30/06/2010
First Published: 30/06/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Today marks the last day that the Elgar £20 banknote will have be accepted in shops.

From tomorrow, the note which bears the image of the composer Sir Edward Elgar will lose its legal tender status, meaning shops and other outlets will have no obligation to accept it as payment for goods.

Some shops may still be prepared to take the 'Elgar', but are perfectly entitled not to.

By the same token, consumers have the right to reject the note if it is offered to them in change.

However, for several months after today, most banks, building societies and Post Offices should still accept the old version for deposits to customer accounts and for other customer transactions, although this will be at the discretion of the particular institution.

Consumers that cannot find an outlet that accepts their £20 Elgar, or those fortunate to stumble across a stash of Elgars, should worry not though, as the Bank of England has said it will always give value for the notes, as it does with any banknotes it has issued.

The Elgar has been a staple of UK currency since it was launched in June 1999, although it has been gradually superseded by a newer £20 which bears the image of economist Adam Smith.

In 2009-10, there were approximately 1.5 billion £20 banknotes in circulation, making it the most common note.

Details of how to swap the Elgar at the Bank of England can be found at: http://www.bankofengland.co.uk/banknotes/about/exchanges.htm

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