Feel free to ignore this fact and accept the opinions of the half wits who may contradict me. .css-1hlxxic-PromoLink:link{color:inherit;}.css-1hlxxic-PromoLink:visited{color:#696969;}.css-1hlxxic-PromoLink:link,.css-1hlxxic-PromoLink:visited{-webkit-text-decoration:none;text-decoration:none;}.css-1hlxxic-PromoLink:link:hover,.css-1hlxxic-PromoLink:visited:hover,.css-1hlxxic-PromoLink:link:focus,.css-1hlxxic-PromoLink:visited:focus{color:#B80000;-webkit-text-decoration:underline;text-decoration:underline;}.css-1hlxxic-PromoLink:link::after,.css-1hlxxic-PromoLink:visited::after{content:'';position:absolute;top:0;right:0;bottom:0;left:0;z-index:2;}Old £1 coins: 122 million still not returned to Royal Mint, Turning billions of £20 notes into compost, New polymer £20 featuring painter Turner enters circulation, £20 note: New design for Britain's most-forged banknote, New face of the Bank of England's £50 note is revealed as Alan Turing, Top Trump ally ends silence to congratulate Biden. The Association of Commercial Banknote Issuers 38b Drumsheugh Gardens Edinburgh, EH3 7SW The amounts for legal tender are stated below. Since the Bank of England are yet to confirm when the old £20 notes expire, people will be given six months’ notice of its withdrawal. The new polymer notes will retain the iconic Bushmills image and are cleaner, more durable and contain additional security features. Forget about that, because actually legal tender means just about nothing today – it is to do with an archaic law about right to sue after paying off a debt! First £20 note to carry portrait of monarch and to use threaded paper. 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Here is a breakdown on the Royal Mint’s legal tender guidelines: £20 – for any amount £5 (Crown) – for any amount £2 – for any amount £1 – for any amount 50p – fo… Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. Your old £20 note is still a legal tender and will be accepted by all retailers - so, it's business as usual for now. The website reads: ‘On 20 February 2020 we issued a new polymer £20 note. So what’s actually classed as legal tender? Coins: Coins are legal tender throughout the United Kingdom for the following amount: £100 - for any amount. The new £20 note | Read more E ven if a bank refuses to accept discontinued notes, there is one final option. Below the large see-through window on the front of the notes, there is a silver foil patch containing a hologram. And £20 and £50 notes printed on paper. Your old £20 note is still a legal tender and will be accepted by all retailers - so, it's business as usual for now. More than 20 central banks around the world have the power to remove legal tender status from their notes, including the Bank of England, the Sveriges Riksbank (Sweden), the Swiss National Bank and the Reserve Bank of New Zealand, to name a few. For years we changed our notes to Bank of England notes to make it easy for us. That means, even if they announce it tomorrow, you’ll still be able to use the old notes up until at least June 2021. Damaged coins will not fulfill the required coin standards in terms of weight, dimensions and appearance. The Bank will give six months’ notice before it withdraws the old notes. In England and Wales, it’s Royal Mint coins and Bank of England notes. While the paper £5 and £10 notes are no longer legal tender, they will always be accepted by the Bank of England. They are legal currency, but technically not legal tender anywhere (including Northern Ireland itself). France replaces lockdown with evening curfew, How Covid changed our lives - in 12 charts, New Uighur cotton evidence 'game-changer' for fashion brands, Bogus reports, accidental finds - the Oxford vaccine story. New £20 note enters circulation and will start appearing in ATMs and tills. The polymer £20 notes, which went into circulation in February, replaced the old paper notes, leading many to question when the old currency will expire. Banknotes can also be exchanged by post.". The notes, which were released on February 20, have been hailed as ‘the most secure banknote yet’ by the Bank of England, thanks to their plastic material. Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Updated November 22, 2020 9:39 am The UK introduced a brand new plastic £20 note back in February which followed in the footsteps of upgrades made to the £5 and £10 notes… I am not being ignorant or disrespectful but a lot of my fellow English people do not and have never realized that our notes have the Queen's head on them and that it says sterling which makes them legal. New Scottish £20 note: when the polymer banknote was released, and what you should do with old notes A number of new polymer £20 notes are coming to Scotland By Alex Nelson Bank of Ireland (UK) plc issues banknotes in denominations of £5, £10, £20, £50 and £100. The Scottish banks issue notes in denominations of £5, £10, £20, £50 and £100.Only the Royal Bank of Scotland continues to issue a small volume of £1 notes. £50 - for any amount. William Shakespeare portrayed on the reverse. Old £1 coins: 122 million still not returned to Royal Mint, 'Don't give up, the storm ends': A message of hope. Yes, you can still use the old £20 notes as they are accepted as legal tender. Elgar £20 note no longer legal tender . Yes, you can still use the old £20 notes as they are accepted as legal tender. However, they are not legal tender in Scotland and Northern Ireland. £20 - for any amount The Clydesdale Bank began issuing £20 notes in 1838, the same year as the bank's founding. The new £20 note | Read more E ven if a bank refuses to accept discontinued notes, there is one final option. 50p - for any amount not exceeding £10. There are four denominations of banknotes in circulation: £5, £10, £20 and £50. The current polymer note, first issued on 20 February 2020, bears the image of Queen Elizabeth II on the obverse and … The Bank of England says 94 million paper tenners and 118 million paper fivers haven’t been handed in, even though they can still be exchanged at face value. The Bank of England hasn’t yet set a date to withdraw legal tender status from paper £20 notes, as it did with the paper £5 and £10 notes. The £5 notes were withdrawn in May 2017 and the £10 notes in March 2018, since when they have not been a legally accepted means of payment. Even after legal tender status is withdrawn, many banks will continue to accept deposits of the old £20 note. Coins up to 50p have a limit to the amount of debt they can be used to repay. Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. BANK notes that turn up in your change could be worth up to £150 online – but only if they’ve got the right serial number. NI/UK: 0345 603 1534 Outside NI/UK: +4428 9004 9219 Opening Hours: Mon – Thurs: 8am – 8pm Fri: 8am – 5pm Sat & Sun: 9am – 5pm View all contact numbers. The BBC is not responsible for the content of external sites. .css-14iz86j-BoldText{font-weight:bold;}More than £24.5 billion in old fivers, tenners and twenty pound paper notes are still in circulation. For example Scottish notes are not legal tender anywhere in the UK, but they are legal currency and I would encourage shops keepers to accept them." The old paper £20 notes bearing the image of economist Adam Smith are being taken out of circulation, so notes returned to banks or to cash centres by retailers will not be used again. We will give six months’ notice of this withdrawal date. The £20 note is Britain's .css-yidnqd-InlineLink:link{color:#3F3F42;}.css-yidnqd-InlineLink:visited{color:#696969;}.css-yidnqd-InlineLink:link,.css-yidnqd-InlineLink:visited{font-weight:bolder;border-bottom:1px solid #BABABA;-webkit-text-decoration:none;text-decoration:none;}.css-yidnqd-InlineLink:link:hover,.css-yidnqd-InlineLink:visited:hover,.css-yidnqd-InlineLink:link:focus,.css-yidnqd-InlineLink:visited:focus{border-bottom-color:currentcolor;border-bottom-width:2px;color:#B80000;}@supports (text-underline-offset:0.25em){.css-yidnqd-InlineLink:link,.css-yidnqd-InlineLink:visited{border-bottom:none;-webkit-text-decoration:underline #BABABA;text-decoration:underline #BABABA;-webkit-text-decoration-thickness:1px;text-decoration-thickness:1px;-webkit-text-decoration-skip-ink:none;text-decoration-skip-ink:none;text-underline-offset:0.25em;}.css-yidnqd-InlineLink:link:hover,.css-yidnqd-InlineLink:visited:hover,.css-yidnqd-InlineLink:link:focus,.css-yidnqd-InlineLink:visited:focus{-webkit-text-decoration-color:currentcolor;text-decoration-color:currentcolor;-webkit-text-decoration-thickness:2px;text-decoration-thickness:2px;color:#B80000;}}most common, and most forged, banknote, but the Bank of England said the new polymer £20 - which entered circulation in February - is its most secure ever banknote. 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