The Bank of England has been gradually replacing its paper notes with polymer ones over a number of years, and this WOLTS date marks the end point of that transition. The new polymer £20 notes feature the Romantic artist J.M.W. Turner, and the polymer £50 notes feature the mathematician Alan Turing.
The BoE has issued its six-month reminder to consumers and businesses about the withdrawal of legal tender status (or WOLTS) of the paper £20 and £50 banknotes on 30 September 2022. Anyone who’s got some of the old paper notes at home is encouraged to go out and spend them, or deposit them at a bank or at a Post Office. Once the 30 September 2022 deadline has passed, people will no longer be able to spend paper notes in shops or use them to pay businesses.
Estimates suggest there may be in excess of £50 million in loose change lying around in people’s
homes. Research suggest that around 35 per cent of people store coins at home and don’t spend or bank it for over six months.
