Pubs have 10 weeks to change to new £20 notes - General News - Morning Advertiser

Pubs have 10 weeks to change to new £20 notes

• By Lesley Foottit
• 27/04/2010 10:33

Licensees have been reminded that the old style £20 notes will cease to be legal tender in just 10 weeks.

Elgar note: withdrawn from 30 June

RSS

Back to article list

Notes featuring composer Sir Edward Elgar will be withdrawn on 30 June, to be replaced by one with Scottish economist Adam Smith, which was introduced in 2007.

The Adam Smith note features several enhanced security measures to prevent counterfeiting including a wider holographic strip and microlettering.

For several months following the cut-off date most banks, building societies and post offices will accept the old style for customer transactions.

Exchanging notes for non-customers is at the discretion of individual institutions but the Bank of England will always give value for notes issued by the bank.

Since 8 March the number of Elgar banknotes in circulation is estimated to have fallen from 150 million (£3bn) to 125 million (£2.5bn).

There are approximately 1.5 billion £20 notes (£30bn) in circulation.

Posted via web from pubs's posterous