Today is the last day to use paper banknotes
Find out what you can do with your paper money after the September 30th deadline
Last updated 30th Sep 2022
It's the end of the line for traditional paper banknotes, today (Friday 30th September) is the last day that people can use the Bank of England’s paper £20 and £50 notes to pay businesses.
From the 1st October, the paper banknotes will no longer be legal tender as the ÂŁ20 and ÂŁ50 paper notes have gradually been replaced with new polymer versions over the last few years.
As paper notes have been returned to the Bank of England, they have been replaced with either polymer ÂŁ20 notes featuring artist JMW Turner, or polymer ÂŁ50 notes featuring Bletchley Park codebreaker Alan Turing.
The Post Office said this week it was preparing for a “last moment” rush in customers depositing paper £20 and £50 banknotes in its branches.
It said at the time that ÂŁ1.2 billion of paper ÂŁ20 and ÂŁ50 banknotes had already been deposited at its 11,500 branches.
What do I do with my paper money AFTER the deadline?
Once the September 30 deadline passes, you will no longer be able to use the paper notes in shops and businesses.
You will still be able to deposit paper notes at the Post Office and many UK banks will also accept withdrawn notes as deposits from customers.
What about Scottish banknotes?
Bank notes released by the Banks of Scotland are unaffected by this change.
The Bank of England notes can be used in Scotland, so in the same way as in England and Wales, the paper ÂŁ20 and ÂŁ50 notes will stop being legal tender from October the 1st.
King Charles appears on money
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.
New coins with the King's face on were revealed this morning
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.
What changes now Charles is King?
Will passports change now we have a King?
The inside of new British passports currently names 'Her Majesty', this will eventually change to say "His Majesty."
Despite this change, all current British passports will still be valid for travel until they expire.
Will money stop having the Queen's head on?
Bank notes will eventually start to display King Charles' portrait as opposed to Queen Elizabeth II.
This change will be introduced slowly as coins and notes withdraw from circualtion.
One thing we do know is that traditionally when there is a new monarch, the direction they face on coins swaps, which means when the new coins are minted, King Charles' head will face to the left.
Will postboxes change?
Postboxes installed during the Queen's reign display the letters 'EIIR' which stands for Elizabeth II Regina.
This will change to represent King Charles, but only when new postboxes are created so it could be some time until we see one of those.
Will King Charles be on our stamps?
Postage stamps currently show the head and face of Queen Elizabeth II. This will eventually change to King Charles'.
Current stamps will continue to be useable for a long time yet though.
The Queen's council will now become the Kings council
Leading barristers in the Queen's council have already announced the change to become the King's council.
The Queen's Speech
The Queen's Speech is the central part of the State Opening of Parliament, which happens when Parliament reassembles after a general election and then at the start of each Parliamentary session. This task will now be handed to King Charles and will be called the King's Speech.
God Save the King
The UK national anthem has been 'God Save the Queen' for so long, it's going to be tough to get used to singing and hearing a new one, but we will have to as the words will now reflect the fact we have a King.