The previous series of Royal Bank of Scotland banknotes, originally issued in 1987, is currently being replaced by polymer banknotes: the Scottish Bankers` Committee has encouraged the public to issue or exchange non-polymer five- and ten-pound notes before 1 March 2018, which have now been withdrawn from circulation. [6] On the front of each note is an image of Lord Ilay (1682-1761), the bank`s first governor, based on a portrait painted in 1744 by Edinburgh artist Allan Ramsay. [21] On the front of the banknotes is also an engraving of the bank`s former headquarters in St. Andrew Square in Edinburgh. The background graphic on both sides of the banknotes is a radial star drawing based on the richly decorated ceiling of the bank hall in the former main building. [22] On the back of the notes are images of Scottish castles, with a different castle for each denomination. Alternatively, you can exchange paper notes for polymer money at some post offices. You can check if your local branch offers this service on the Bank of England website. Clydesdale Bank will exchange all Scottish banknotes for its own customers with a £250 allowance for non-customers.
Swiss Post accepts withdrawn banknotes as a deposit to any bank account. Head to your local branch to drop off the old £20 note. The deadline coincides with the Banks of England`s deadline to withdraw £20 and £50 banknotes from circulation, which is also 30 September. The Bank of England will still exchange all withdrawn notes, including paper notes that we have withdrawn in the past. However, people can still exchange them at their bank branch. The £20 and £50 notes are the last to be withdrawn from circulation, as £5 and £10 paper notes were issued on the 2nd. March 2018. 257 million paper notes worth £5.1 billion (as of 9 September 2022) and 118 million 50 pounds of paper worth £5.9 billion (as of 9 September 2022) are still in circulation. Yes, old £20 notes are still legal tender. And you can still use those paper notes to make purchases for now.
The old £20 notes will remain valid until the expiry date specified by the Bank of England in September 2022. Paper tickets are no longer considered legal tender because the public is invited to exchange them. The last banknotes to be withdrawn from use are paper banknotes worth £20 and £50, meaning people could be prevented from using them from 1 October. If you want to exchange banknotes at the post office, you need to check that your bank is registered to receive cash deposits. Swiss Post will then deposit the money into your account, which you can then withdraw. To avoid having old and invalid notes in your wallet, issue them or deposit the notes into your bank account. From May 2020, the Royal Bank of Scotland is introducing a new series of banknotes. These will be made of polymer. Three (the £5, £10 and £20 notes) have already been released. The £5 note features poet Nan Shepherd on the front, accompanied by a quote from her book The Living Mountain and the Cairngorms in the background.
The reverse shows two mackerel and an excerpt from Sorley MacLean`s Scottish Gaelic poem “The Choice”. [11] The front of the 10-book note shows scientist Mary Somerville with a quote from her work The Connection of the Physical Sciences and Burntisland Beach in the background. The reverse shows two otters and an excerpt from Norman MacCaig`s poem “Moorings”. [12] The front of the £20 note depicts entrepreneur Catherine Cranston. The reverse shows two red squirrels and a quote from mark Alexander Boyd`s Scottish-language poem “Venus and Cupid.” [13] The front of the next £50 note, which will be published in August 2021 and is now red to reflect the Bank of England`s £50 notes, features educator Flora Stevenson on the front and a osprey on her back. [14] The Bank of England will withdraw legal tender status for £20 and £50 paper notes after 30 September 2022. After this date, companies will no longer accept these tickets as a means of payment. Many banks accept withdrawn notes as customer deposits. The Bank of England has confirmed that the tender with the portrait of King Charles will circulate in mid-2024, confirming: “The portrait of Her Majesty will appear on the existing designs of the four polymer notes.” The Royal Bank of Scotland (RBS) states on its website that, unlike the Bank of England, paper notes are still considered legal, but businesses and businesses may no longer be required to accept paper notes from that date. If they accept them, it is at the discretion of the company. The Bank of England has been moving towards the use of new plastic banknotes for many years, and once the old banknotes officially become invalid, people will no longer be able to issue Bank of England paper notes in shops or use them to pay businesses. After this date, many UK banks accept withdrawn banknotes as customer deposits.
Some post offices may also accept withdrawn tickets as a deposit to any bank account you can access with them. The Bank of England has issued a warning to those in possession of the banknotes to be replaced. Martin Kearsley, Director of Postal Banking, said: “We are aware that people are living busy lives and that some may postpone the deposit of their £20 and £50 notes until the last moment. Cash tickets of £20 and £50 are available after £30. September 2022 is no longer legal tender. Here`s how to check if your new £50 bill is a “rare” note worth hundreds of pounds. Scottish banknotes are unusual, on the one hand because they are issued by retail banks and not by state central banks, and on the other hand because they are technically legal tender nowhere in the UK – not even in Scotland, where no banknote – including those issued by the Bank of England – is defined as legal tender in law. [2] [3] Formally, they are classified as promissory notes, and the law requires issuing banks to hold a sum of Bank of England banknotes or gold equal to the total value of the banknotes issued.
[4] We will remove legal tender status from our £20 and £50 paper notes after 30 September 2022.
