People Have until Thursday to Spend Their Old £10 ‘Paper’ Notes

Photo by Images Money/Flickr

Another deadline is approaching for the cache of the old “paper” notes of Britain.

On Thursday, the 1st of March 2018, is the last day to make use of the old £10 notes as legal tender – after that day, pubs, shops, restaurants, and garages can already refuse to receive them.

Approximately £2bn-worth of the said notes are believed to currently be in circulation, even though the Bank of England says that the withdrawal rates for the notes that features Charles Darwin are broadly on track.

The new polymer note features Jane Austen, a great British novelist, on one side. The said note was introduced last September.

The Bank of England is eliminating the legal tender status of the paper £10 note at exactly 23:59 on Thursday, March 1st.

After that, the retailers can already refuse to accept them as payment. They should also not be handing them over to their customers.

The BoE believes that there are still approximately 211 million paper £10 notes that are left in circulation – which are worth over £2bn.

Placing it end to end, that is enough notes to retrace almost half of the journey of Darwin on HMS Beagle.

Or, these would weigh the same as the almost 2,000 giant Galápagos tortoises that Darwin was able to see on his travels.

People still have some time until the deadline to spend them as normal or exchange old for new at the local bank branches.

After the deadline on Thursday passes, people can check if their local bank branch will still accept them as a cash deposit into their bank account or through the main branch of a Post Office.

Again, the BoE emphasises that the banks are under no obligation to accept the old notes.

The only sure-fire way for the customers to also exchange thier old £10 notes to new ones is through the Bank of England. They can go to the bank in person at the counters that are located in Threadneedle Street, London or they can send and receive them via post.

The Bank of England will still exchange Darwin £10 notes for all time, as the Bank would for any other note of the Bank of England which no longer has the legal tender status.

Just like the “plastic” £5 note, the new polymer £10 is said to be more durable and much more difficult to counterfeit as compared to the paper-cotton note. The old fiver was withdrawn last May 2017.

The new note that has the portrait of Jane Austen on one side was introduced last September as a celebration of the 200th anniversary of her birth.

The new note comes with a series of new security features, which includes:

  • A see-through window that features the portrait of the Queen
  • A quill that is located at the side of the window which changes from the colour purple to orange
  • Winchester Cathedral that is shown in gold foil on the front of the note and silver on the back
  • A hologram that contains the word ‘Ten’ and changes to ‘Pounds’ when the note is tilted
  • A hologram of the coronation crown which appears in 3D and is multi-coloured when the note is tilted
  • A book-shaped copper foil patch that contains the letters JA
  • Micro-lettering beneath the portrait of the Queen with small letters and numbers that are only visible under a microscope
  • The words ‘Bank of England’ that are printed in intaglio (raised ink) along the top part of the note

A new £20 polymer note is scheduled to be introduced in 2020. It will feature JMW Turner, an artist.