Banknotes can easily become lost over time, but regardless of where a person saw their old banknotes last, they may not be just invaluable pieces of paper. While they are not legal tender, they can be switched for valid cash, and all individuals will need to do is take action on the matter. A recent Freedom of Information request undertaken by BBC Wales has shown the extent of old banknotes hidden in homes across the UK.
The Bank of England responded by saying more than £28billion in old £5, £10, £20 and £50 notes have not yet been cashed in.
These older paper notes were phased out at different times in favour of polymer alternatives.
Paper £5 notes were stopped in May 2017, and by March 2018, the older £10 notes were also phased out.
More recently, the newer £20 and £50 notes have been released, meaning their older alternatives will be removed by September 2022 – where paper notes will disappear entirely from legal tender.
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The Bank of England confirmed to the BBC that older notes would always…
