People have been urged to check their homes for old banknotes after the Bank of England announced that paper versions of the currency will expire next month.

Soon, paper £20 and £50 notes will no longer be legal tender, after the Bank has started gradually replacing the old paper notes with polymer notes since February 2020.

The old notes will expire on September 30, leaving spenders just a few weeks to spend or deposit their paper cash.

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The Bank of England has advised people to check now whether they are holding on to any of the old notes.

Although the majority of notes have already been replaced with the new version, £6bn worth of paper £50 notes are currently still in circulation, according to estimates.

The move follows the paper £5 note, which went out of circulation in May 2017, followed by the £10 note that was withdrawn in March 2018.

Changing the banknotes to the new material makes them more durable, as well as more difficult to counterfeit, according to Bank of England’s Chief Cashier Sarah John.

The Northern Echo: The Bank of England has given people until September 30, 2022. Picture: NORTHERN ECHOThe Bank of England has given people until September 30, 2022. Picture: NORTHERN ECHO

 The Bank of England advises that the quickest way to get rid of any old notes you have is to deposit them with your bank or local Post Office branch.

The Bank of England’s chief cashier Sarah John said “Changing our banknotes from paper to polymer over recent years has been an important development because it makes them more difficult to counterfeit, and means they are more durable.

"The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy, so we’re asking you to check if you have any at home."

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