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Approximately £9 billion worth of old banknotes are yet to be redeemed in the UK, with the paper £20 and £50 notes having ceased to be legal tender on October 1. These paper banknotes have been replaced by plastic ones equipped with a range of security features. However, the Bank of England has clarified that these withdrawn banknotes can still be deposited or exchanged.
In addition to the banknotes, there are also £87 million worth of old £1 coins that have not been returned, according to the Royal Mint. The Bank of England has stated that 445 million paper banknotes remain in circulation, including 111 million £5 notes, 65 million £10 notes, 198 million £20 notes, and 70 million £50 notes. The paper £5 notes were withdrawn in May 2017, and the paper £10 notes in March 2018.
Approximately 87 million old-style £1 coins have not been returned, although 18 million have been returned over the past year. Out of the 1.6 billion returned, approximately 1.8 million were counterfeit. The round £1 coin was replaced by the 12-sided version in October 2017, and the old-style coin can still be deposited at the Post Office but cannot be spent.
Despite these paper notes no longer being legal tender, the Bank of England has confirmed that all authentic banknotes withdrawn from circulation retain their face value. These notes can be returned to banks and some Post Offices but will only exchange for a maximum of £300. People can also post old notes to the bank in Threadneedle Street in London to be paid into a bank account by cheque or swapped for new-style polymer ones up to £300. However, there may be long waiting times if notes are taken to the bank in person.
Despite the significant amount of old notes and coins not redeemed, cash still accounted for 15% of all payments in 2022, making it the second-most-popular way to pay after debit cards.