The Bank of England recently estimated that around £2bn worth of old tenners were still in circulation. All previous issues of Australian banknotes retain their legal tender status. The issuing of banknotes by Scottish banks was regulated by the Banknote (Scotland) Act 1845 until it was superseded by the Banking Act 2009. The most insightful comments on all subjects will be published daily in dedicated articles. If you find an old tenner in your wallet after that date, you won’t be out of pocket. The old ten pound notes ceased to be legal tender on 1 March 2018. Exclusive figures from the Royal Mint for YourMoney.com reveal £131m worth of old pound coins have yet to be returned to the Royal Mint. Legal Tender Deadlines. This has caused concern for some people, who are worried about their legal tender statusbeing withdrawn. To see all content on The Sun, please use the Site Map. Want an ad-free experience?Subscribe to Independent Premium. The Currency Commission was set up under the Currency Act 1927 with the responsibility for banknote issuance. The paper £10 notes is officially no longer legal tender. The new polymer notes will retain the iconic Bushmills image and are cleaner, more durable and contain additional security features. But, from midnight on 1 March 2018, these old paper notes will stop being legal tender. Notes: In England and Wales the £5, £10, £20 and £50 notes are legal tender for payment of any amount. From Saturday 6 May British shoppers will no longer be able to use their old £5 notes in some shops and restaurants The bank said it would accept the old notes indefinitely. New plastic £10 notes depicting Jane Austen were introduced in September 2017. Spend your old £5 notes today while they are still legal tender. for Euros. The 25-øre coin ceased to be legal tender on 1 October 2008. As of today, retailers and banks no longer have to accept them as legal tender. You can use your local Post Office to deposit the old tenners into your bank account too. The new polymer £20 banknote will be issued in 2020, with the portrait of J.M.W Turner printed on it. The new 12-sided coin phased out the old round one. Figures from the Bank of England suggest there’s still £2.2 billion of old paper £10 notes in circulation. Please be respectful when making a comment and adhere to our Community Guidelines. The old £5 note stopped being legal tender on Friday May 5, 2017 Credit: EBay What happens if you still have old £5 notes and how do you exchange them? Both types of banknotes circulate alongside each other in the Eurozone. Now, the old-style £10 notes are no longer legal tender. In February 2019 we issued new polymer £5 and £10 notes which replace the paper notes of the same denomination. New figures from the Bank of England show that as of 1 March, exactly a year after the legal tender status of the paper Charles Darwin £10 banknote was withdrawn, there were around 102 million old paper tenners – worth over £1 billion – … The new polymer currency was released into circulation on September 14, 2017,  and features author Jane Austen. 679215 Registered office: 1 London Bridge Street, London, SE1 9GF. Old paper £10 notes will go out of circulation by the end of today, after which they will cease to be legal tender in shops. The old £10 note has been phased out. 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 First Series of Euro banknotes from €5 to €500, issued since 2002, is being replaced by the newer set of euro banknotes from €5 to €200. People may also be able to exchange the old note at a local bank or post office but there is no obligation to accept them after the deadline. 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. Reminder: Effective January 1, 2021, the Government will remove legal tender designation from certain bank notes that are no longer being produced—the $1, $2, $25, $500 and $1,000 notes—the final step to fully removing them as transactional notes in Canada. On 15 October 2017 a new 12-sided coin replaced the old pound coin. Both the old £10 note and the old £5 note are no longer in circulation, but if you still have some, there are a number of options. At least £2.1bn worth of old £10 notes are still in circulation, despite the fact that they will cease to be legal tender in less than two weeks, the Bank of England has said. As of today, retailers and banks no longer have to accept them as legal tender. The 2015 Bulletin article 'Payments and the concept of legal tender' explains payments and the concept of legal tender in more detail. The old £10 note went out of circulation officially at 11.59pm on March 1, 2018. While the paper £5 and £10 notes are no longer legal tender, they will always be accepted by the Bank of England. Northern Ireland paper £5 and £10 banknotes are to be withdrawn from circulation on Monday. The various denominations are differentiated by their colour and size: From Friday 2 March shops will no longer be required to accept the paper banknotes that feature a portrait of Charles Darwin. The “most secure” 12-sided £1 coin entered circulation in March 2017, while the old round £1 coin lost its legal tender status in October 2017. Early banknotes were monochrome, and printed on one side only. 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. This service is provided on News Group Newspapers' Limited's Standard Terms and Conditions in accordance with our Privacy & Cookie Policy. Learn about legal tender bank notes, what removing legal tender status means and which bank notes are affected. if you post it to The Bank of England, you do so at the “sender’s risk”. Although if you post it to The Bank of England, you do so at the “sender’s risk”. The Sun website is regulated by the Independent Press Standards Organisation (IPSO), Our journalists strive for accuracy but on occasion we make mistakes. The Series A, Series B and Series C Banknotes were in circulation from 1928 to 2000. Will you get paid before Christmas and can your employer pay you early? Read our full mailing list consent terms here. The new tenner will be followed by a new £20 note which will feature the British painter JMW Turner. The old Euro banknotes from the First Series remain legal tender. From March 2017 new £1 coins were introduced as currency in the UK. Are the old Euro banknotes still valid, and how can you exchange them? For other inquiries, Contact Us. The new polymer notes are said to be significantly harder to forge. How many old bank notes are still out there? When will the old £10 cease to be legal tender? Although the new tenners came in last year until the deadline the paper money continued to be legal tender so could be spent freely. Old currency and legal tender Series 3, 4, 5, 6 and 7 of New Zealand banknotes - $5, $10, $20, $50 and $100 notes are legal tender, regardless of how old they are and what condition they are in. A new polymer £20 banknote, featuring artist JMW Turner, is due to be issued in 2020. Start your Independent Premium subscription today. Until April 2008, all Bank of Ireland notes featured Queen's University of Belfast on the reverse side. I have just exchanged my English Money £200. We replaced it with our current £10 note in 2017. The new polymer tenner launched in September last year and you can't spend the old tenners in shops anymore. … image caption The old £10 note has gone the way of the old pound coin. After the deadline, people can exchange old paper notes by posting them or delivering them in person to the Bank of England in central London. The new £10 note is the second to be printed on a plastic polymer, which the bank has said is cleaner, safer and more hard-wearing than the traditional cotton paper it will replace. When the design of the new £10 was first unveiled in July last year it was praised by members of the blind and visually impaired community for its tactile features. Production of the new £10 note began last August. It is up to retailers themselves whether they are willing to accept old banknotes and coins. Withdrawn Clydesdale Bank bills are no longer a valid means of payment in Scotland. The amounts for legal tender are stated below. Bank of Ireland (UK) plc issues banknotes in denominations of £5, £10, £20, £50 and £100. Our journalists will try to respond by joining the threads when they can to create a true meeting of independent Premium. Are you sure you want to mark this comment as inappropriate? It allows our most engaged readers to debate the big issues, share their own experiences, discuss real-world solutions, and more. > I mean are notes for older European currencies and coins worth saving. The Bank will give six months’ notice before it withdraws the old notes. More than £1.5bn in old fivers and tenners has still not been cashed in more than a year after the last of them ceased to be legal tender. Due to the sheer scale of this comment community, we are not able to give each post the same level of attention, but we have preserved this area in the interests of open debate. The old £10 note went out of circulation officially at 11.59pm on March 1, 2018. The Bank of England currently hasn’t said when old £20 notes will expire - this means that you can still use old £20 notes if you have any. View images of old banknotes on Flickr; The current 10 cent, 20 cent, 50 cent, $1 and $2 coins are also legal tender. It is possible that a high street bank will stop exchanging them after the cut-off date but The Bank of England is legally obliged to. Yes, you can still use the old £20 notes as they are accepted as legal tender. Many thanks, Janet. Similarly, banks, bureaux de change and other commercial parties can keep recirculating the existing €500 notes. spend and save them). You will need to be an account holder with the bank for them to exchange the note. One of the 20 Euros is different , I am now worried if this note is still legal currency, as I am off to France for a few days next week. The old £10 note has been phased out. Our paper £10 note was withdrawn from circulation on 1 March 2018. The 25-øre coin ceased to be legal tender on 1 October 2008. News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services. The deadline to use your old Scottish £5 and £10 notes has been set for March 1 - meaning the paper notes will cease to be legal tender after that date. How to change old notes. To inquire about a licence to reproduce material, visit our Syndication site. 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 plastic fiver, featuring Winston Churchill, entered circulation in September 2016. A description for each Series is provided. How to change old notes. Want to bookmark your favourite articles and stories to read or reference later? The interplay of security and design. I have looked it up and notice they did change the design of the note in 2015. Independent Press Standards Organisation (IPSO). The Bank of England has said that unspent, paper, £20 notes are still legal tender. View images of old banknotes on Flickr The current 10 cent, 20 cent, 50 cent, $1 and $2 coins are also legal tender. Paper £10 notes were withdrawn as a legal tender in March 2018 and paper £5 notes were scrapped way back in May 2017. We also exchange for free current Bank of Scotland banknotes . Tesco recalls festive fruit and nuts packs over fears they will make you sick. What will happen to the old tenners after that date? These banknotes were put into circulation between 1995 and 1998 and remain legal tender until further notice. The old five pound note ceased to be legal tender on 5 May 2017. How many old bank notes are still out there? Coins: Coins are legal tender throughout the United Kingdom for the following amount: £100 - for any amount. Each note of a different value has its own striking colour and a bold, enlarged numeral on both the front and back of the note. Some banks may allow you to deposit old notes directly into your account. Independent Premium Comments can be posted by members of our membership scheme, Independent Premium. Some banks may allow you to deposit old notes directly into your account. When did the old £10 go out of circulation? The Bank of England said: "Polymer banknotes are more resistant to dirt and moisture, so they stay cleaner for longer than paper banknotes". (Image: GETTY) The new £10 and £5 notes have encountered controversy because they contain tallow, an animal byproduct. Old paper £10 notes will go out of circulation by the end of today, after which they will cease to be legal tender in shops. In some countries (e.g. The new bank notes follows suit of the old style £5 which went out of circulation in May, and the old £1 coin which is no longer legal tender. Create a commenting name to join the debate, There are no Independent Premium comments yet - be the first to add your thoughts, There are no comments yet - be the first to add your thoughts. We give cash for … The Royal Bank of Scotland began issuing £10 notes in 1727, the same year as the bank's founding. A line on its website reads: “Don’t worry, you can still use the paper £20 note for now.” That’s because the Bank of England has said that old £20 are still being considered legal tender. The new £5 note, featuring Sir Winston Churchill, entered circulation on 13 September 2016, while the new £10 note featuring Jane Austen became legal tender on 14 September 2017. Exclusive figures from the Royal Mint for YourMoney.com reveal £131m worth of old pound coins have yet to be returned to the Royal Mint. Withdrawn Bank of Scotland notes are no longer a valid means of payment in Scotland or anywhere else in the UK. You can also choose to be emailed when someone replies to your comment. If you are exchanging large amounts of old £10 notes, you may be asked to provide identification, such as a passport or driving licence. History. Raised dots, similar to braille characters, on the left-hand side of the note and fine raised lines on the right, help those who cannot see to differentiate it from notes of other denominations. 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. Old paper banknotes, featuring a portrait of Charles Darwin, must be spent by 1 March, after which shops will no longer have to accept them, Find your bookmarks in your Independent Premium section, under my profile. Two weeks ago, estimates from the Bank of England showed there was still … Bank of England governor Mark Carney said in October that there were no plans to make a new £50 note. The paper fiver is no longer legal tender, and the old £10 note will be withdrawn soon. Encashment of the 25-øre coin was possible until 1 October 2011. The “most secure” 12-sided £1 coin entered circulation in March 2017, while the old round £1 coin lost its legal tender status in October 2017. And a few shops ignored the deadline and decided to continue accepting the old tenners for a little bit longer. Banknotes All banknotes issued after 1945 are still legal tender and can be exchanged for new banknotes. The old £10 note will be withdrawn from circulation on March 1, 2018 and they can continue to be used up until this point. The old five pound note ceased to be legal tender on 5 May 2017. THE Bank of England launched its new state-of-the-art £10 polymer note in late 2017. If you want to swap the old notes over for new tender you will have to make the trip to a bank, building society or Post Office. They have the same value as the equivalent banknotes of the Second Series of Euro banknotes. Yes, you can still use the old £20 notes as they are accepted as legal tender. In 2009, the Glasgow-based Clydesdale Bank replaced older style Scottish Pound Sterling banknotes with a new set of notes, called the World Heritage Series. Figures from the Bank of England suggest there’s still £2.2 billion of old paper £10 notes in circulation. Are you sure you want to delete this comment? Banknotes All banknotes issued after 1945 are still legal tender and can be exchanged for new banknotes. Even though the new polymer £20 are also now available and can be withdrawn from cash machines, the old, paper £20 notes can still … The deadline to use your old Scottish £5 and £10 notes has been set for March 1 - meaning the paper notes will cease to be legal tender after that date. Currency which has ceased to be legal tender (with the date withdrawn from circulation) includes: ... so you will still be able to swap old notes. The polymer £10 banknote was issued on 14 September 2017 and legal tender status for the paper Charles Darwin £10 banknote was withdrawn on 1 March 2018. There are now currently around 269 million polymer £5 Bank of England notes and 777 million polymer £10 notes in circulation. A new series of £5, £10 and £20 notes was issued in May 2008, all featuring an illustration of the Old Bushmills Distillery, and these notes will gradually replace the previous series.. All bank notes issued by the Bank of England retain their face value forever. The paper fiver is no longer legal tender, and the old £10 note will be withdrawn soon. However, they are not legal tender in Scotland and Northern Ireland. In recent years, the UK’s seen new pound coins, £5 notes and £10 notes, with further changes to come. Both the £5 and £10 note have been released by polymer versions. 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