Thursday, October 21

Over £28bn in old coins and bank notes still to be cashed in-here’s how to make yours spendable again

According to new figures from the Bank of England, there are over a billion paper notes still in circulation, which equates to around £28 billion in monetary terms. This is made up of 114 million £5 paper notes, 76 million £10 notes, 510 million £20 notes, and 341 million £50 notes.

The old paper £5 and £10 notes are no longer legal tender having been replaced by polymer plastic versions in 2017 and 2018 respectively. New polymer versions of the £20 and £50 notes are also now in circulation with the paper versions due to cease to be legal tender after 30 September 2022.

In addition, the Royal Mint says there are still around 109 million old pound coins out there that have yet to be returned despite them ceasing to be legal tender in 2017 when they were replaced by the new 12-sided £1 coin. Both the new £1 coin and the new polymer notes have been designed to try to prevent against counterfeiting.

If you want to make your money go further, check out our Top Savings Accounts guide.