Banknotes worth nearly £9BILLION haven’t been cashed in despite not being legal tender since October
- £87million in old £1 coins has not been returned, the Royal Mint has revealed
Old banknotes worth nearly £9billion have not been cashed in despite the fact that paper £20 and £50 notes stopped being legal tender in October.
Plastic notes with new security features have replaced paper banknotes.
The Bank of England said redundant notes could still be deposited or exchanged.
In addition, £87million in old £1 coins has not been returned, the Royal Mint has revealed.
The figures come from a Freedom of Information request by BBC Wales.
Old banknotes worth nearly £9billion have still not been cashed in despite paper £20 and £50 notes not being legal tender since October (File image)
In addition, £87million in old £1 coins has not been returned, the Royal Mint has revealed (File image)
The Bank of England said 445million paper notes were still in circulation, including 111million £5 notes, 65million £10 notes, 198million £20 notes and 70million £50 notes.
The £5 notes were withdrawn in May 2017 and the paper £10 notes in March 2018.
Although paper notes are no longer legal tender, the Bank of England said all ‘genuine’ ones withdrawn from circulation retain their face value and can be returned to banks and some post offices.
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