The Bank of England said people holding £14.5 billion in old paper banknotes have just 100 days to spend or deposit the money before it becomes worthless.
The UK central bank said about 477 million of Britain’s last remaining banknotes printed on paper remain in the hands of the public but will cease to be legal tender after September 30.
“The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy,” said Sarah John, chief cashier at the BOE.
The paper notes are the last of their kind in the UK. The central bank started printing on a plastic-like polymer that’s more durable and has improved security features.
There are still £8.2 billion of the £50 notes and £6.3 billion of the £20 ones in circulation, the BOE said.
The new polymers feature artist JMW Turner and mathematician Alan Turing. After September 30, people will have to exchange the paper notes in person at the BOE’s London headquarters in Threadneedle Street or via post.
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