Jake Miller
The answer to this question depends on where you live. In the UK, old banknotes generally stop being legal tender after a certain period, with £20 and £50 paper notes, for example, becoming illegal tender on 30 September 2022. However, there is no deadline to exchange old banknotes for new ones at the Bank of England, and you can do so by post. In the US, all currency remains legal tender regardless of when it was issued.
| Characteristics | Values |
|---|---|
| Old bank notes can be exchanged for new ones | Yes |
| Old bank notes are still legal tender | In the US, all currency remains legal tender regardless of when it was issued. In the UK, old £5, £10, £20 and £50 notes are no longer legal tender as of 30 September 2022. Banknotes featuring the late Queen Elizabeth II will remain legal tender. |
| Time limit to exchange old bank notes | In the UK, there is no deadline to exchange old banknotes with the Bank of England. In the UK, the Post Office will allow up to £300 to be exchanged every two years. |
| ID required for exchange | Yes, a form of photo ID is required for exchange in the UK. |
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What You'll Learn
Exchanging old notes in the UK
Old notes in the UK can be exchanged for new polymer notes at various locations, even if they are no longer considered legal tender. There is no deadline to exchange old banknotes, but certain places may be more convenient than others depending on your circumstances.
Central Bank
Old notes can be exchanged at the Bank of England, which has confirmed that there is currently no time limit for exchanging old UK banknotes. The Bank's counter is open Monday to Friday, 9:30 am to 3 pm (excluding bank holidays), with last entry at 2:45 pm. However, it is recommended to arrive before 12 pm to ensure you are served before closing. You may need to present an original photo ID and proof of address when exchanging notes.
Your Own Bank
If you have a UK bank account, you can pay old banknotes into your account. Banks and building societies that accept old paper notes as deposits include Halifax, Lloyds, Nationwide, Barclays, NatWest, Santander, Bank of Scotland, and Virgin Money. Some banks may have different rules regarding paper banknotes, so it is recommended to check with your bank beforehand.
Post Office
There are around 50 Post Office branches across the UK that will exchange old banknotes for new polymer ones, even if you do not have a bank account. You can exchange up to £300 every two years, and you will need to show a form of photo ID.
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Exchanging old notes in the US
In the United States, there is no need to trade in old-design notes for new ones. All US currency remains legal tender, regardless of when it was issued. The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system.
If you are in possession of large amounts of currency that is no longer in circulation, you may wish to contact your local bank branch to discuss options for exchanging the old notes. While it is not necessary to exchange old notes for new ones, there may be benefits to doing so, such as having more convenient or widely accepted denominations.
Additionally, if you have any damaged or mutilated currency, the Bureau of Engraving and Printing offers a service to redeem these notes for new ones. The redemption process can take several months and may require providing information about how the currency became damaged.
It is always a good idea to review the currency in your possession and consider whether you need to make any changes or updates to ensure you have access to the most commonly accepted denominations.
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Banknotes with Queen Elizabeth II's portrait
The Bank of England's counter at the Threadneedle Street building will only issue Queen Elizabeth II banknotes. There is no deadline to exchange old banknotes with the Bank of England. However, the counter can get busy, so you may be issued with a ticket to return later in the day. The Bank of England counter is open Monday to Friday, 9:30 am to 3 pm, excluding bank holidays. The last entry is at 2:45 pm.
If you have a UK bank account, the easiest way to exchange old banknotes is to pay them into your account. Banks and building societies that accept old paper notes as deposits include Barclays, HSBC, Lloyds Bank, Nationwide, NatWest, Santander, and Virgin Money. The Post Office will accept most old notes as a deposit into any UK bank account you can access with them. There are also around 50 Post Office branches across the UK that will exchange old banknotes for new polymer ones, even if you don't have a bank account.
You can exchange old Bank of England £5, £10, £20, and £50 notes, which have been withdrawn from circulation, in person or by post. However, you may need to present an original photo ID and proof of address when exchanging notes.
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Old notes with no deadline for exchange
In the UK, old £20 and £50 paper notes stopped being legal tender on 30 September 2022. However, there is no deadline to exchange these old banknotes for new polymer notes at the Bank of England. The Bank of England counter is open from Monday to Friday, 9:30 am to 3 pm (excluding bank holidays), with last entry at 2:45 pm. It is recommended to arrive before 12 pm to ensure you are served before closing.
To exchange old banknotes at the Bank of England, you may need to present an original photo ID and proof of address. There is no time limit for exchanging old UK banknotes, and you can do so by post as well. However, the Bank of England's website recommends exchanging notes at your own bank or the Post Office, as it is usually quicker and easier.
The Post Office will accept most old notes as a deposit into any accessible UK bank account. There are around 50 Post Office branches across the UK that will exchange old banknotes for new ones, even if you do not have a bank account. You can exchange up to £300 every two years, and you will need to show photo ID.
In the United States, the Federal Reserve, the central bank, maintains a safe, flexible, and stable monetary system. All US currency remains legal tender, regardless of when it was issued, and there is no need to trade in old-design notes for new ones.
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Identification required for exchanging old notes
In the UK, old £20 and £50 paper notes stopped being legal tender on 30 September 2022. However, there is no deadline to exchange old banknotes with the Bank of England. The Bank of England counter is open Monday to Friday, 9:30 am to 3 pm (excluding bank holidays). The last entry is at 2:45 pm.
If you wish to exchange your old notes at the Bank of England, you may need to present an original photo ID and proof of address. Security measures are in place, and access will usually only be permitted to the individual who is exchanging banknotes.
If you have a UK bank account, the quickest way to exchange old banknotes is to pay them into your bank account. Banks and building societies that accept old paper notes as deposits include:
The Post Office: You can exchange old notes at any of the 50 Post Office branches across the UK that offer this service, even if you do not have a bank account. You will need to show a form of photo ID, and there is a £300 limit to how much each person can exchange every two years.
If you are exchanging notes on behalf of a company, additional documentation may be required, such as an original letter of authority naming you and signed by a company representative on headed paper, along with a copy of their photo ID and proof of address.
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Frequently asked questions
No, old £5, £10, £20 and £50 notes are no longer legal tender in the UK. However, they can be exchanged for new polymer notes at the Bank of England or at participating Post Office branches.
Old bank notes can be exchanged at the Bank of England counter at the Threadneedle Street building from Monday to Friday, 9:30 am to 3 pm. Exchanges can also be made at over 50 Post Office branches across the UK, even without a bank account.
A valid form of photo ID is required to exchange old bank notes at the Post Office. If exchanging at the Bank of England, a photo ID and proof of address may be required.
Yes, there is a limit of £300 per person every two years at Post Office branches. There is no mention of a limit at the Bank of England.
Yes, all US currency remains legal tender regardless of when it was issued.
