govt
Time is ticking for the old paper 10 banknote. Were advising all businesses to take note, as theres just a few days left to spend your old tenners.
Figures from the Bank of England suggest theres still 2.2 billion of old paper 10 notes in circulation. But, from midnight on 1 March 2018, these old paper notes will stop being legal tender. This means that from this date, youll no longer be able to spend the old paper notes, featuring Charles Darwin.
Changing your old banknotes
From 1 March, most shops and other businesses will only accept the new polymer or plastic 10 notes, featuring Jane Austen. But, youll still be able to exchange any old paper tenners for free at the Bank of England, either by post or in person.
Some retailers, banks and building societies may choose to accept the old notes after this deadline. But, they dont have to.
New polymer notes
Paper banknotes of 5, 10 and 20, are being gradually replaced by polymer ones, which are more secure and harder to counterfeit. These new banknotes also have raised bumps and dots, to help blind and partially-sighted users identify each banknote by touch.
Theyre also more resistant to dirt and wear, so last longer. According to the Bank of England, this means theyre better for the environment, with a lower carbon footprint than the old paper notes.
Other banknotes
The old paper 5 note has already been replaced, and a new polymer 20 banknote will be issued in 2020. The Bank of England hasnt confirmed if the 50 note will be replaced.
Planning for the change
As with any change in banknote design, all businesses that use cash need to plan and prepare for polymer banknotes. For more information on how to get your business ready, you can visit the Bank of England website.
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