The Bank of England has revealed that it is facing queues as holders of banknotes try to exchange them at the bank’s counter in the City of London.
People and businesses have until the end of the month to use the Bank of England’s £20 and £50 banknotes before they go out of circulation.
The last day they will have legal tender status is Friday, September 30.
Those who still have them are asked to use them or deposit them at their bank or the Post Office before that day.
The Bank’s Threadneedle St counter is understood to have been busy throughout the summer amid fine weather and a large influx of tourists wanting to exchange their old banknotes.
Much of the £20 and £50 banknotes in circulation have been replaced with new polymer versions that are less prone to counterfeiting and more durable.
It was in 2021 that the Bank first issued a 50-pound polymer banknote featuring code-breaker Bletchley Park and scientist Alan Turing, completing its polymer “family” – consisting of 5-notes. boards, 10 boards and 20 tables.
All of them will still be legal tender after Queen’s death although they are expected to be replaced from time to time with new versions featuring images to reflect the new reign of King Charles III.
