The Bank of England is calling on all Britons to spend or exchange all their £20 and £50 banknotes by September 30. The UK central bank plans to replace the old denominations with new polymer notes.
An interesting detail about the recall campaign is that the Bank of England is specifically urging UK consumers and businesses to be extra vigil until September 30th on all the £20 and £50 banknotes they receive. There is supposed to be a fear of the influx of black and counterfeit money. After all, criminal coins were also declared invalid after the deadline.
Hence, holders of £20 and £50 banknotes are required to either spend their notes or deposit them into their checking accounts. The banknotes circulating in the Bank of England will be replaced by new ones. The new notes will feature the faces of JMW Tuner (painter) and Alan Turning (mathematician).
After September 30, the old banknotes will lose their legal tender status. By the way, September 30th is not a hard deadline. The British will also have the opportunity to deposit their £20 and £50 notes into their bank after September 30th.
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