Here's how to exchange old coins and notes - What to do with old twenty pounds?

The old 20-pound and 50-pound notes are no longer accepted as legal tender

We describe where to exchange old 20 and 50 notes as well as what to do with them.

On September 30, 2022, the United Kingdom discontinued accepting old 20 and 50 paper notes as legal tender. This implies that you can no longer use them as payment or in stores.

The Bank of England (BoE) estimates that there are approximately 55 billion 20-notes and more than 16 billion 50-notes in circulation. That equates to roughly 324 million 50 notes and 2,755 million individual 20 notes.

According to the Bank's estimations, there are 47 million 50-note notes worth roughly 2.3 billion and 163 million 20-note notes worth roughly 3.2 billion.

Checking old wallets, purses, and even your kids' money boxes is worthwhile even though you can't spend these old UK banknotes because you can still exchange them for the same amount of modern polymer notes.

We discuss where to exchange old 20 and 50 paper notes for newer ones and what to do with them.

Where can I exchange old currency?

Old 20 and 50 paper money can be taken in a number of locations. Certain places might be simpler to get to than others, depending on where you live.

It is not necessary to swap out banknotes featuring King Charles III for those featuring the late Queen Elizabeth II, as they will continue to be legal tender.

Visit The Bank of England to exchange old 20 and 50 notes.

Bringing the old paper money to the central bank is one way.

You can exchange your old UK banknotes at the Bank of England at any time. When exchanging notes, you might have to provide proof of address and an original photo ID.

There are two methods for doing this.

In person: The Bank of England Counter, located on Threadneedle Street in London, is where you can exchange your old notes. On weekdays (not including bank holidays), the counter is open from 9:30 am to 3 pm. Despite the fact that the last entry is at 2:45 pm, be advised that if it is full after noon, you might not be served. By mail: You may also mail your old UK banknotes to the bank, but keep in mind that you do so at your own risk and that you might want to get insurance before mailing banknotes. A postal exchange form must also be completed, and photocopies of your identification and proof of address must be sent.

Which financial institutions allow you to trade paper money?

Different banks have established policies regarding the handling of paper currency. Exchanges for new polymer notes are welcomed by some, but not by others.

Generally speaking, you can deposit the money into your bank account at banks that permit you to exchange paper money. Halifax, Lloyds, Nationwide, Barclays, NatWest, and Santander are among the banks and building societies that are willing to exchange the old notes.

In certain situations, such as with Virgin Money and the Bank of Scotland, you can still exchange the paper notes even if you don't have an account with that specific bank.

How to exchange 20 and 50 dollar notes made of old paper at the post office.

You can exchange your old banknotes for new polymer ones at about 50 Post Office locations in the UK, even if you don't have a bank account.

Every two years, you can exchange up to £300. To help the Post Office monitor your exchange and ensure you don't go over the limit, you will need to present a photo ID.

The notes you can exchange at a post office are these ones.

You can exchange old notes at all participating Post Office branches. The Elizabeth Fry 5 note stopped being legal tender on May 5, 2017, Adam Smith 20 notes stopped being legal tender on September 30, 2022, Charles Darwin 10 notes stopped being legal tender on March 1, 2018, Matthew Boulton & James Watt 50 notes stopped being legal tender on September 30, 2022.

Am I able to trade in my old coins for new ones?

You can still exchange old 1 coins for new ones even though they were demonetized in 2017.

You can do this at your neighborhood high street bank, but whether or not they accept the old tender is completely up to them. Barclays, Lloyds, HSBC, Nationwide, Santander, and Virgin Money are retail banks that claim to accept old coins.

If your old coins are in good shape, you can exchange them at the Post Office just like you can old notes.

Is it possible for me to sell old coins and notes online?

If any of your old coins and notes are part of special limited runs, you might discover that their value exceeds their face value.

The rare 2 Lord Kitchener coin, for instance, brought £1,000 at RWB Auctions in Wiltshire in February 2024.

Selling your coin to a specialized reseller or listing it online on e-commerce sites like eBay or Facebook Marketplace may be worthwhile if you have a collectible coin. Your old coins may have far more value than you initially thought.

Coins aren't necessarily worth that much money, though, just because they are marked as rare on internet markets. The market sets the price of rare coins, and a sale is only possible if a buyer is willing.

It is perfectly acceptable to sell your old coins to a reseller or online, but be sure to do your research to avoid being duped. Generally speaking, it is wise to use trustworthy platforms and get your belongings insured.

Check out Bank of England in more detail.