Once the September 30 deadline expires and the Bank of England withdraws legal tender status from £20 and £50 paper banknotes, people will still be able to deposit paper notes at their post office and some banks. But Scottish paper notes continue to be accepted, according to the Committee of Scottish Bankers, as reported in the Daily Record earlier this year. After that date, the £20 paper ceased to be legal tender. Polymer Scottish banknotes now account for around 90% of the £20 notes and 50% of the £50 notes in circulation in Scotland. Banknotes issued by Scottish banks are widely used and can be used as a means of payment throughout Scotland and the rest of the UK. Although they are not legal tender, they are accepted as promissory notes. No paper money is legal tender in Scotland, including that of the Bank of England (which is legal tender in England and Wales). All Bank of Scotland banknotes feature a portrait of Sir Walter Scott on the obverse to commemorate his Malachi Malagrowther campaign of 1826 to retain Scottish banks the right to issue their own notes. [8] The Bank of Scotland banknote series of 2007 is known as the Bridges of Scotland series. These banknotes were introduced on 17 September 2007 and depict Scotland`s most famous bridges on the back. From 2016, the Bridges of Scotland series will be renewed with the issuance of new polymer notes whose designs follow the same basic theme of bridges. The tercentennial and 2007 notes will be withdrawn from circulation and replaced by the polymer series when they are issued, but older notes will continue to be accepted by banks. In this context, the Scottish Bankers Committee encouraged the public to issue or exchange non-polymeric five- and ten-pound notes by 1 March 2018.

[6] “The new 50-pound notes, like the 10-pound and 20-pound polymer notes, contain a tactile feature that helps visually impaired people identify the note.” So far, £20 and £50 paper banknotes worth £1.2 billion have been deposited at the post office. Clydesdale Bank currently has two sets of notes in circulation. The latest set of banknotes, the Polymer series, entered circulation in March 2015 when Clydesdale Bank became the first bank in the UK to issue polymer notes. The £5 commemorative notes, issued to mark the 125th anniversary of the construction of the Forth Bridge, include several new security features, including a reflective graphic printed above a transparent window inside the banknote. [23] [24] Additional polymer series notes will be introduced over time and will replace previous paper notes: the public was invited to issue or exchange non-polymeric five- and ten-pound notes before March 1, 2018, which have now been withdrawn from circulation. [6] RBS explains that customers can exchange old coins and banknotes for newer ones. The deadline coincides with the deadline for banks in England to withdraw the £20 and £50 notes, which is also September 30. Scottish banknotes are unusual, firstly because they are issued by retail banks rather than state central banks, and secondly because they are technically legal tender anywhere in the UK – not even in Scotland, where no banknotes – even those issued by the Bank of England – are legally defined as legal tender. [2] [3] Formally, they are classified as promissory notes, and the law requires issuing banks to hold a sum of Bank of England banknotes or gold equal to the total value of the notes issued. [4] Paper issues of the £5 note were no longer a valid offer in May 2017, while the £10 note was withdrawn in March 2018. The Bank of Scotland said customers will be able to deposit their paper notes into their accounts as usual after the September 30 deadline. Scottish paper banknotes are being withdrawn from circulation as the polymer becomes increasingly popular due to its longevity.

257 million £5.1 billion banknotes (as of 9 September 2022) and 118 million £50 billion notes (as of 9 September 2022) are still in circulation. From Saturday, 1. The Bank of Scotland`s £20 and £50 October notes are no longer legal tender, while Bank of England notes for the same denominations expire on Friday (30 September). A Bank of Scotland spokesperson told Glasgow Live: “On 30 September 2022, the Bank of Scotland will withdraw the £20 and £50 notes. Paper banknotes have been replaced by polymer versions already in circulation. Clydesdale Bank will exchange all Scottish notes for its own customers for a £250 allowance for non-customers. The last banknotes to be withdrawn from use are £20 and £50 paper notes, meaning use can be refused from 1 October. To avoid old and invalid notes in your wallet, issue them or deposit them into your bank account.

Although the majority of the £20 and £50 paper banknotes in circulation have been replaced by new polymer versions, there are still more than £5 billion of £20 worth of paper notes in circulation with economist Adam Smith and nearly £6 billion of £50 notes with engineers Boulton and Watt. That`s over 250 million individual £20 notes and over 110 million £50 notes. Footnote [1] Customers of these banks can exchange their banknotes free of charge, while non-customers can exchange banknotes from the issuing bank up to £250 upon presentation of a valid photo ID. Clydesdale Bank also occasionally issues special edition banknotes, such as a £10 note celebrating the sponsorship of the Scottish team for the 2006 Commonwealth Games. Since 2015, polymer banknotes have replaced newly printed banknotes due to new security features and environmental benefits due to their longevity. “These notes will continue to be exchanged, but if you have one of these notes, you should bring it to your branch/bank to credit it to your account.” “Postmasters and their staff are available to give human assurance that your old notes have been deposited into your bank account and also issue a receipt. Most post offices are open late, even on Fridays. “Persons who are not customers of the Bank of Scotland may go to a branch of the Bank of Scotland and exchange Bank of Scotland banknotes in denominations of £20 and £50 in polymer versions up to a value of £250.” The obverse of the banknotes also included an engraving of the façade of Dundas House, Sir Laurence Dundas` mansion in St. Petersburg. Andrew Square, Edinburgh, built in 1774 by Sir William Chambers and later becoming the bank`s headquarters; the coat of arms of the bank; and the 1969 Arrows logo and branding. The background graphic on either side of the notes was a radial star design based on the ornate ceiling of the bank lobby in the old main building, designed by John Dick Peddie in 1857.

[41] [42] A number of paper banknotes will be withdrawn in Scotland later this year. The fact that banknotes are not defined as legal tender means that they are not withdrawn from circulation in the same way as Bank of England banknotes, which cease to be legal tender at some point. Instead, Scottish banks withdraw old notes from circulation when they are in the bank. All notes still in circulation will continue to be cashed by banks,[5] but retailers may refuse to accept older notes. [6] Scottish banknotes are the pound sterling notes issued by three Scottish retail banks and circulating in Scotland. The issue of banknotes by retail banks in Scotland is governed by the Banking Act 2009, which repealed all previous laws governing the issue of banknotes, and the Scottish and Northern Ireland Banknotes Regulations 2009. [1] Currently, three retail banks are authorised to print banknotes for circulation in Scotland: Bank of Scotland, Royal Bank of Scotland and Clydesdale Bank. The move comes just over a year after the new 50-pound polymer notes – featuring portraits of Sir Walter Scott and Flora Stevenson – began circulating.

Before the expiry of the period on 30. In September, paper notes can also be distributed in stores. However, you can exchange your old notes for new notes at any time before or after 30 September at the Bank of England. People will still be able to deposit paper notes at their local post office, and many UK banks will continue to accept notes as customer deposits after Friday. Scottish paper banknotes from the Bank of Scotland, Clydesdale Bank and Royal Bank of Scotland will be withdrawn from circulation and the delay is only a few days. All polymer banknotes bearing a portrait of Her Majesty Queen Elizabeth II are legal tender and may continue to be used by the public as usual. A further announcement regarding the Bank of England`s existing banknotes will be made once the time of royal mourning has been observed.