- REUTERS/Chris J Ratcliffe
- The old £10 note goes out of circulation at the end of the day.
- These notes will cease to be legal tender – meaning shops are no longer obliged to take them – after 11.59 p.m. GMT on March 1.
- The old note was replaced by a new polymer £10 note in September last year, but over 200 million remain in circulation.
LONDON – If you’ve got any paper £10 notes left, you need to spend them on Thursday, as they will go out of circulation at the end of the day.
The Bank of England, which has responsibility for all bank notes in the UK, brought the new polymer £10 note into circulation in September last year, and has been gradually phasing out the older, paper notes ever since.
Around 211 million paper notes were still in circulation this time last week, however, worth in excess of £2.1 billion. These notes will cease to be legal tender – meaning shops are no longer obliged to take them – after 11.59 p.m. (GMT) today.
People will still be able to trade them in for new notes at the Bank of England and some high street banks, but the BoE is encouraging people to spend the money so that the old notes can be naturally taken out of circulation.
For anyone with old £10 notes, there is no time limit on how long they can keep the notes before trading them in at the Bank of England.
- Business Insider/Will Martin
The Bank of England said last Thursday that the notes will retain their face value for “all time,” meaning you can exchange your old notes for new ones at the Bank of England in London (by post or in person), if your bank or post office refuses to do it themselves.
The new £10 note, which features an image of Jane Austen, and is made from a sophisticated polymer. It is the most secure bank note in British history, the Bank of England’s chief cashier, Victoria Cleland told Business Insider when the new note came into circulation.
According to the bank, the new note is also the most technologically advanced it has ever made, including a series of new features, both visible and invisible that make it much more difficult to counterfeit the notes, which are printed on an advanced polymer made by the firm CCL Secure.