The Bank of England has made a plea to the public, urging them to exchange old banknotes for new legal tender. Shockingly, it has been revealed that there are still £9 billion worth of old notes that haven’t been cashed in yet.
Recent data obtained through a Freedom of Information request from the BBC shows that approximately 455 million paper notes are still in circulation. In addition, the Royal Mint disclosed that there are still £87 million worth of old £1 coins also out in circulation.
If you come across old paper notes in your wallet or around your house, don’t throw them away. The Bank of England explains that all “genuine” banknotes withdrawn from circulation can still be exchanged for newer equivalents, as they retain their face value.
You have the option to swap the notes at selected post office branches that can exchange old £5, £10, £20, or £50 notes up to a value of £300.
To find the nearest branch offering this exchange service, visit the Post Office website and remember to take a valid photo ID with you .
Major banks and building societies such as Barclays, Halifax, Nationwide, Lloyds, Santander, and Natwest also facilitate the exchange of old paper notes.
Alternatively, you can send the notes to the Bank of England by post. However, please be aware that the banknotes are sent at your own risk. The Bank of England advises taking appropriate measures to insure against loss or theft.
To proceed with the postal exchange, complete a postal exchange form (available on their website) for individuals or businesses. Send the form along with the banknote(s) and photocopies of your ID (one photo ID and one proof of address for your permanent home address, even if it’s outside the UK) for any exchange.
The address to send these documents to is Department NEX, Bank of England, Threadneedle Street, London EC2R 8AH.
Please note, sending copies of your ID is mandatory for exchanges totaling £700 or more but please refrain from sending original ID documents in the post.
The Bank of England offers various methods of payment, including transferring the funds to a bank account (which may take more than 30 days due to current volumes), issuing a cheque, or providing new banknotes if you reside in the UK and your exchange value is up to £300.
Please note that the Bank of England will not send new banknotes overseas.
