Post Office prepares for rush of Britons depositing paper £20 and £50 banknotes by Friday | Personal Finance | Finance
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Britons only have a few days left to exchange or use their old paper £20 and £50 notes before they stop becoming legal tender on September 30. To date, £1.2billion worth of paper £20 and £50 banknotes have been deposited at Post Office’s 11,500 branches and it is preparing itself for a last minute rush this week.
The Bank of England has said there are still £6billion worth of paper £20 banknotes and £8 billion worth of paper £50 banknotes in circulation.
This is despite the fact that they wil be impossible to spend after the end of this week.
Martin Kearsley, Post Office Banking Director, said: “We’re fully aware that people lead busy lives and some may put off depositing their paper £20 and £50 banknotes until the last moment.
“Postmasters and their staff are on hand to provide that human reassurance that your old notes have been deposited into your bank account and will provide a receipt too. Most Post Offices are open long hours including on Friday.”
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The new polymer £20 entered circulation on February 20, 2020, while the first £50 polymer note entered on June 23, 2021.
The new £20 note from the Bank of England features British painter JMW Turner, while the £50 features mathematician Alan Turing.
Plans are also in place to transition bank notes from featuring Queen Elizabeth II to King Charles.
However, the Bank of England confirmed that existing bank notes featuring the Queen will remain legal tender for the time being.
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Sometimes old tender can be worth a lot more especially it is’s a hoard of rare coins.
Three friends discovered they had been sleeping just six feet away from a hoard of Roman silver coins worth £100,000 earlier this summer.
Mick Rae, 63, a herds manager, computer shop owner Robert Abbott, 53 and carpenter Dave Allen, 59, found a total of 161 rare coins on a camping trip in Pewsey, Wiltshire.
The collection included silver siliqua and miliarense coins dating from 340 AD to 402 AD and was worth an impressive £100,000.
Mr Abbott, a metal detectorist who lives in Essex, said: “Having finished breakfast first, I turned on my machine, a Minelab Equinox 800, and having walked around six paces from the tent, I found several tent pegs and just under the surface a late Roman silver siliqua in pristine condition.
“A few moments later beside it, I found another one.
“Ironically, we had been camping there two weeks previous for a week-long detecting outing.
“What we hadn’t realised is we’d actually camped right on top of the area where the coins were found.”
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