Paper cash is on its way out and shoppers have been urged to get rid of some of their bank notes before it's too late.
Earlier this year, the Bank of England issued a warning that paper £20 and £50 notes are set to go out of circulation.
They are being switched for polymer versions, which have better security features and are more difficult to counterfeit.
Speaking about the change, Chief Cashier Sarah John said: "Over the past few years we have been changing our banknotes from paper to polymer, because these designs are more difficult to counterfeit, whilst also being more durable.
"A large number of these paper notes have now been returned to us, and replaced with the polymer £20 featuring the artist J.M.W. Turner, and the polymer £50 featuring the scientist Alan Turing.
30 September 2022 will be the last day you can use our paper £20 and £50 notes. After 30 September 2022, these paper notes will no longer be legal tender, so we encourage people to spend or deposit them at their bank ahead of this date.https://t.co/q806ihSaEb pic.twitter.com/aYnrk3eikz
— Bank of England (@bankofengland) June 24, 2021
"However if members of the public still have any of these paper notes in their possession, they should deposit or spend them whilst they can."
So from September this year, supermarkets like Tesco, Aldi and Asda won't accept the old paper notes.
However, people will be able to exchange their old notes for the newfangled plastic ones at their local banks or at the post office.
The Bank of England has also said that it will continue to offer an exchange even after the cut-off date.
On its website, it explains: "30 September 2022 is the last day you can use our paper £20 and £50 notes. After 30 September 2022, many banks will accept withdrawn notes as deposits from customers.
"The Post Office may also accept withdrawn notes as a deposit into any bank account you can access at the Post Office. And, you can always exchange withdrawn notes with us."
Previously, the Bank of England pulled paper £5 and £10 out of circulation back in 2017 and 2018, respectively.
A Freedom of Information request by BBC Wales revealed recently that £20 and £50 paper notes are not the only ones left in circulation, despite the others having since been withdrawn.
The request revealed 113 million paper £5 notes remain in circulation and 73 million paper £10 notes, as well as £105 million worth of old one pound coins.
And back in March this year, Brits were warned to keep their eyes out for fake £20 notes after a video emerged showing a type of counterfeit that is remarkably convincing but features a sticker that disguises what it really is. Watch below:
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According to the Birmingham Mail, one of the notes was discovered by community activist Naveed Sadiq, who saw a cashier examining it at a supermarket.
Mr Sadiq commented: "I have never seen this type of note before. I made a video to raise awareness.
"Prices have gone up and to lose £20 is a lot. If you have £60 worth of shopping and have got two of these notes, it's a lot.
"I work in a garage selling cars and we triple check £20 notes. You cannot tell the difference between the fake and the real notes."
Featured Image Credit: Alamy
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