Today is the last day to use Bank of England's paper \u00a320 and \u00a350 notes in shops or to pay businesses.
It said at the time that £1.2 billion of paper £20 and £50 banknotes had already been deposited at its 11,500 branches.
Once the September 30 deadline passes, people will still be able to deposit paper notes at their Post Office and many UK banks will also accept withdrawn notes as deposits from customers. New banknotes featuring King Charles III are expected to enter circulation by mid-2024 and his portrait will appear on existing designs of all four denominations of banknote - £5, £10, £20 and £50.Picture: Royal Mint
In line with guidance from the Royal Household to minimise the environmental and financial impact of the change of monarch, existing stocks of notes featuring the Queen will continue to be issued into circulation, the Bank of England said earlier this week.
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