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Time to check your £20 notes!

Time to check your £20 notes!

Category: Money

Updated: 27/04/2010
First Published: 27/04/2010

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 It is now over 6 months old so the content may be out of date.
Savers and spenders alike have been told to dig out their old £20 notes, as the deadline after which the so-called Elgar banknote ceases to be legal tender nears.

The Bank of England has confirmed that the £20 banknote carrying the portrait of composer Sir Edward Elgar is to be withdrawn from circulation from 30 June this year.

After that date, which is less than ten weeks away, the note will no longer be legal tender, and is therefore less likely to be accepted in payment, or in change, in retail outlets.

For several months after the deadline, most banks, building societies and Post Offices should accept Elgar £20 notes for deposit to customer accounts and for other customer transactions.

Agreeing to exchange the notes for non-customers is at the discretion of the individual institution, although the Bank of England said it will always give value for these notes, as well as all other banknotes it has issued.

The Elgar £20 note has been gradually replaced by the Adam Smith £20 note, which was introduced in 2007.

Since 8 March, the number of Elgar banknotes in circulation is estimated to have fallen from 150 million (worth £3bn) to 125 million (£2.5bn).

There are approximately 1.5 billion £20 notes (£30bn) in circulation.

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