UK £50 and £20 paper banknotes: Now’s the time to swap, not shop

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NOW is the time to visit the bank to swap your paper £50 and £20 UK banknotes – as they are no longer legal tender.

From today, the banknotes have been replaced by polymer versions.

The Government of Jersey’s Treasury Department said Jersey notes could still be used, but added: ‘The Treasury advise Islanders in possession of UK £50 and £20 banknotes to swap them at their local bank.’

The new notes will have familiar faces – the artist JMW Turner will be on the £20 note, while the £50 note will have the face of the godfather of the computer, Alan Turing.

Polymer banknotes have been in circulation since 2016, with a £5 note featuring Second World War Prime Minister Winston Churchill.

The Bank of England has said there are £6 billion paper £20 banknotes and £8bn paper £50 banknotes still in circulation.

Large queues have been forming at the Bank of England’s headquarters in Threadneedle Street in the City of London, according to recent media reports.

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