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Time to check those £20 notes

Time to check those £20 notes

Category: Money

Updated: 17/06/2010
First Published: 17/06/2010

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 It is now over 6 months old so the content may be out of date.
Now might be a good time to have a rummage down the back of the sofa, as the deadline for when the £20 Elgar banknote ceases to become legal tender is fast approaching.

The Bank of England has reminded savers and spenders that the £20 carrying the image of composer Sir Edward Elgar is set to be withdrawn from circulation on 30 June – less than two weeks away.

After that date, the notes are less likely to be accepted in payment or in change.

However, for several months after the 30 June, 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 who are lucky enough to find a dusty version in years to come, 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The note, which was first issued in June 1999, has gradually been replaced by the Adam Smith £20 note, which was originally circulated in 2007.

In 2009-10, there were some 1.5 billion £20 notes in circulation, making it the most common banknote.

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