£9bn in old UK banknotes and coins not cashed in across UK
Almost £9bn in old banknotes have not been cashed in across the UK, even though paper £20 and £50 stopped being legal tender in October.The Bank of England said the withdrawn banknotes could still be deposited or exchanged.Details of the cash still in circulation or hiding in homes was revealed in Freedom of Information requests by BBC Wales.198 million £20 notesPaper £5 notes were withdrawn in May 2017 and the paper £10 notes in March 2018.
According to the Royal Mint, owned by the UK Treasury, about 138 million round £1 coins have been melted down to make some of the new ones.The polymer £50 note featuring the portrait of Alan Turing entered circulation on 23 June 2021, meaning the Bank of England's entire collection of currently-printed banknotes is made of plastic.
While the paper notes are no longer legal tender, a Bank of England spokeswoman said "all genuine" banknotes that have been withdrawn from circulation retain their face value. They can be returned to banks and some Post Offices, but the latter will only exchange a maximum of £300., to be paid into a bank account, by cheque or, "if you live in the UK and your exchange is worth up to £300", swapped for new-style polymer ones.The use of cashas lockdowns reduced options for spending, this accelerated a downward trend for the use of notes and coins.
However, cash still accounted for 15% of all payments in 2022, according to the latest available figures by banking trade body UK Finance, making it the second most-popular way to pay after debit cards.
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