Companies House is urging businesses to take note that there are only two more days in which to spend the old paper £10, as from 1 March, they will stop being legal tender
Figures from the Bank of England suggest there are still £2.2bn of old paper £10 notes in circulation. However, from midnight on 1 March 2018, it will no longer be possible to spend the old paper notes, featuring Charles Darwin.
It will be possible to exchange any old paper tenners for free at the Bank of England, either by post or in person. Companies House says some retailers, banks and building societies may choose to accept the old notes after this deadline, but are not required to do so.
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.
They are also more resistant to dirt and wear, so last longer, and have a lower carbon footprint than the old paper notes.
The old paper £5 and £10 notes have already been replaced, and a new polymer £20 banknote will be issued in 2020. The Bank of England has not confirmed if the £50 note will be replaced.
Information on preparing for polymer banknotes is here.
Report by Pat Sweet
