The Bank of England said it will withdraw legal tender status from paper banknotes of £20 and £50 as of 30 September 2022, leaving consumers scrambling to replace the old notes with new plastic cash.
The central bank warned of long queues at its head office in Threadneedle Street in the City of London as people turn up to exchange their aging £20 and £50 notes.
In a 100-day advance notice, the Bank of England encouraged people to use the notes or deposit them at the bank or the post office before the deadline.
While the majority of paper £20 and £50 banknotes in circulation have been replaced with new polymer versions, the Bank of England said there are still over £6bn worth of paper £20 banknotes featuring the economist Adam Smith, and more than £8bn worth of paper £50 banknotes featuring the engineers Boulton and Watt in circulation.
In total, there are more than 300mln individual £20 banknotes and 160mln paper £50 banknotes.
"Changing our banknotes from paper to polymer over recent years has been an important development, because it makes them more difficult to counterfeit, and means they are more durable," said Bank of England’s chief cashier Sarah John, in a statement.
"The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy, so we’re asking you to check if you have any at home."
A polymer £50 note featuring the scientist Alan Turing was issued by the Bank of England on what would have been his 109th birthday exactly one year ago.
With the Turing £50 note, all denominations (£5, £10, £20 and £50) are now printed on polymer.