If you haven’t managed to get your hands on a brand new shiny £50 note just yet but do have old fifties lying around, then it’s time to start trading them in.
A new £50 note was officially rolled out last month featuring one of the founding fathers of computing Alan Turing.
He is best known for his work devising code-breaking machines during World War II, and played a pivotal role in the development of early computers.
He is also the first recognised LGBTQ+ person to be featured on a UK banknote.
The circulation of a new coin or note will often prompt concern as to when the original will no longer be accepted as a form of payment.
Metro.co.uk is on hand to fill you in with all you need to know about your old notes.
When do the old £50 notes expire?
The old, paper £50 notes will remain in circulation until September 30, 2022.
After this time shops will no longer accept them – although you’ll still be able to exchange them for the new note at post offices, or over the counter at the Bank Of England.
The old paper £20 notes – which feature economist Adam Smith, will also be withdrawn at the end of September 2022.
Although you’re unlikely to get the new £50 banknote from a cash machine, banks will be issuing them over the counter to customers.
The new polymer note will reportedly last two and a half times longer than its paper predecessor – and is also said to be harder to forge.
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Author: Dan Gibbs