There are over two billion £20 notes in circulation. That phrase "I promise to pay the bearer on demand" is something that doesn't have a time limit on it, the Bank told Mirror Money. Learn about legal tender bank notes, what removing legal tender status means and which bank notes are affected. Even though the new notes have entered circulation, you can still spend your old notes. On 15 October 2017 a new 12-sided coin replaced the old pound coin. That means - at the time of writing - you have until at least April 2021 to spend them in shops. "Don’t worry, you can still use the paper £20 note for now," the Bank of England's site reads. Thank you. That’s because the Bank of England has said that old £20 are still being considered legal tender. Released in February 2020, the new note replaces the current £20 paper note… So what’s actually classed as legal tender? The Bank of England has said that unspent paper £20 notes are still legal tender. explains more about how we use your data, and your rights. Owner of 52 UK nightclubs on brink of collapse with 1500 jobs at risk - see full list, Deltic Group, which has been out of business since March 23, has filed a notice of intention to appoint administrators, a legal measure that provides protection from creditors for 10 working days, Best Christmas 2020 food gifts serious foodies will love unwrapping (and eating! When you subscribe we will use the information you provide to send you these newsletters. All previous issues of Australian banknotes retain their legal tender status. In Scotland and Northern Ireland it’s only Royal Mint coins and not banknotes. There might be a few paper ones still lying around your home, or stashed away in a piggy bank, but luckily you've still got some time to use them, the Daily Star reports. Britain's old-style 20 pound bank notes featuring composer Edward Elgar will cease to be legal tender on June 30, the Bank of England said Monday. The new £20 note will enter circulation by 2020 and as with the next £5 and £10 notes will be printed on polymer (Photo: Bank of England/PA Wire) How long is the old £20 note valid for? The new note, followed the polymer £5 and £10 notes which came out a few years ago. Made from the flexible plastic material polymer, at 139mm x 73mm the note is smaller than the old … The Post Office will typically accept notes after they have ceased to be legal tender. Exchanging old notes. However, it is a long time since some of these banknotes actively circulated in Australia and many retailers and members of the public may be reluctant to accept them if they are not familiar … The Bank of England recently issued the new £20 note. You will still be able to use the paper £20 note until we withdraw it from circulation. 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They will eventually stop being legal tender, but the Bank of England says it will give six months' notice before this. The Bank said it will give six-months notice before the notes are no longer accepted as cash. In fact, even if a note's ripped, smashed or otherwise vandalised, as long as there's enough left to identify what it was, they will swap it for a new one. In England and Wales, it’s Royal Mint coins and Bank of England notes. Before handing it in for a swap, it might be worth checking the serial number on the note in case it could be worth a bit more. 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. The old ten pound notes ceased to be legal tender on 1 March 2018. ), Send the gift of good food this Christmas and there's loads to choose from. In fact, even if a note's ripped, smashed or otherwise vandalised, as long as there's enough left to identify what it was, they will swap it for a new one, Mirror Online reports. It was announced that there would be a co-circulatory period with the old series E notes, and then on 5 May 2017, the series E would cease to be legal tender. My next trip to England is in April. The Bank of England £20 note is a banknote of the pound sterling.It is the second-highest denomination of banknote issued by the Bank of England.The current polymer note, first issued on 20 February 2020, bears the image of Queen Elizabeth II on the obverse and the image of painter J. M. W. Turner on the reverse. Latest from Tesco, Asda, Iceland and more, Here's all you need to know about booking a Christmas delivery slot from supermarkets across the UK, 'I cooked a full Christmas dinner from Iceland for just £30 - and it only took two hours'. 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. With the expiry of the paper £5 and £10 notes, a string of banks and the Post Office gave people extra time to pay paper notes into their accounts - even when they stopped being legal tender. Coins: Coins are legal tender throughout the United Kingdom for the following amount: £100 - for any amount. A line on its website reads: “Don’t worry, you can still use the paper £20 note for now.” The better news is there's no rush to spend them - with the Bank also promising 6-months notice before they are withdrawn. 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Older notes from the eighth series, released in 1995, remain legal tender … "Don’t worry, you can still use the paper £20 note for now," the Bank of England's site reads. The Bank will give six months’ notice before it withdraws the old notes. Legal Tender Deadlines. The new £20 features a portrait of JMW Turner, the 18th and 19th-century British artist known for his vivid landscape and marine paintings. In the eight months since then, it's fair to say things have been a little unsettled - with lockdown seeing shops close, an accelerating move to contactless payments and a rise in online shopping just a few of the consequences for the global conronavirus pandemic  on the UK. The star might have to cancel his one-man show because of Covid, Dad forgot his family and how to talk after losing part of skull in Christmas Eve attack, Ian Grimes, 40, was attacked by a stranger as he walked home with wife Bethan and their three children on December 24 last year. The Bank of England's head office in London's note exchange desk lets anyone with an out of date note swap it for a current one – meaning anyone with an old note can head there and swap their paper tenners. At this point, that means spenders have at least until April to make use of the cash. A line on its website reads: “Don’t worry, you can still use the paper £20 note for now.” And there won’t be a rush to get out and hand your notes over to a shopkeeper any time soon. NEW polymer £20 notes were issued on February 20, 2020, however, the old paper notes can still be used for now. And there won’t be a rush to get out and hand your notes over to a shopkeeper any time soon. Your old £20 note is still a legal tender and will be accepted by all retailers - so, it's business as usual for now. That’s because the Bank of England has said that old £20 are still being considered legal tender. What can you do with old, paper, £20 notes? Notes: In England and Wales the £5, £10, £20 and £50 notes are legal tender for payment of any amount. There are guaranteed changes that will require both businesses and individuals to plan ahead - regardless of the outcome of negotiations with the EU. 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. explains more about how we use your data, and your rights. The best way to guarantee a swap is to head to the Bank of England itself. New $5, $10, $20, $50 and $100 banknotes are now in circulation. But if all that means you've not quite got round to spending any old, paper, £20 notes - there is some good news. Matching numbers, such as 123456 or 222222, might catch a collector’s eye and earn you a pretty penny. Sometimes they’ll include recommendations for other related newsletters or services we offer. 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