After 30 September 2022, The Bank of England will be withdrawing legal tender status of paper £20 and £50 banknotes.
In a press release last month the Bank Of England encouraged anyone who still has £20 or £50 paper notes to use them or deposit them at their bank or a Post Office over the coming weeks.
The paper notes are not to be confused with the polymer £20 or £50 banknotes. The report continues:
“While the majority of paper £20 and £50 banknotes in circulation have been replaced with new polymer versions, there are still over £6 billion worth of paper £20 featuring the economist Adam Smith, and over £8 billion worth of paper £50 banknotes featuring the engineers Boulton and Watt, in circulation. That’s more than 300 million individual £20 banknotes, and 160 million paper £50 banknotes.”
The polymer notes makes them more difficult to counterfeit, and means they are more durable.
Source: Bank Of England