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It is no secret many of us may have lost out on some cash when the old £1 coins and paper £5 notes were phased out last year. With this in mind, what do you need to know as our tenners move from paper to polymer?
The ‘old’ paper £10 note featuring Charles Darwin will be withdrawn on 1 March 2018 as legal tender. This means they will not be accepted as a method of payment in shops, bars or retailers after this date as technically, they no longer have any monetary value.
The Bank of England issued a new polymer £10 note on 14 September 2017, featuring Jane Austen, to replace the paper version. Austen is the only woman – apart from the Queen – to now feature on an English bank note, following the withdrawal of the old £5 notes in May, which featured Elizabeth Fry (who was replaced with a picture of Winston Churchill).
What happens if you don't spend your old £10 note before 1 March 2018?
Some retailers, banks and building societies may still accept these notes if you are an account holder with them. However, this is at their discretion and cannot be guaranteed.
You may be required to provide identification (such as a passport, driving licence, national identity card etc) when exchanging your notes. You should check exact requirements with individual institutions beforehand.
The Bank of England will always exchange its old-series notes. Notes may be presented for payment to them either in person or sent by post (at the sender’s risk) to: Dept NEX, Bank of England, Threadneedle Street, London EC2R 8AH. Please refer to the Bank of England website for further information on exchanging notes with them.
What’s next? The paper £20 notes will soon join the polymer party in three years time, and will feature British painter JMW Turner.