In just over a year, the previously used PS20 and PS50 will no longer be rendered usable, according to the Bank of England. The old PS20 and PS50 paper notes won’t be accepted for currency starting September 30, 2022. The newer, more secure polymer PS20 Notes were introduced in 2021.
On February 20, 2020, the new PS20 polymer notes went into circulation. It features JMW Turner.
Mark Carney, the Governor of the Bank of England at the time of launch, explained why he chose this artist to be the face of the note.
Mr Carney stated that the banknotes were meant to celebrate Britain’s rich heritage, and the contribution of the country’s greatest citizens.
Turner’s art had a transformative effect. It is a great honor to see the works of the undisputed most important British artist appear on two billion more art pieces – people will be able to use the PS20 notes they have just released today.
DO NOT MISS
The note features a brand new design and significantly enhanced security to protect it against being used fraudulently.
They include a Hologram Image Change, which permits cashiers to turn the note sideways in order to verify the word change between “Twenty” and “Pounds”. This will prove the validity of the transaction.
The new PS20 note also features see-through windows. The metallic image above the main window will allow cashiers to check whether it is silver or blue on the notes’ front and back.
Additional security measures include a silver foil, purple, foil, portrait of Queen Elizabeth printed on both sides and an ultraviolet number.
How to dispose of your old notes
Customers can exchange paper notes at the bank for polymer counterparts until September 30, 2022.
Every bank in the UK is legally required to change any notes given up until that date.
Customers will need to check with their bank and post office to find out if their accounts are still able to swap or deposit old cash.
The circulation date has passed and UK banks no longer have to change any legal tender in order to receive the latest currency.
Some institutions allow customers to exchange notes, provided the money has been deposited in their accounts.
Customers can switch between notes through the Bank of England if their bank or Post Office are unable to perform this task.
Customers will need to do this directly with Bank of England. They can also visit the Bank in person at Threadneedle Street.
Customers will be required to present two types of ID: One with photo identification and one that includes proof of residence.
Customers will also have to pay a fine not less than PS700 to exchange any notes.
Publiated at Mon, 13 Sept 2021 08:08:48 +0000