Which Scottish 20 Notes Are Legal Tender

However, you can exchange your old notes for new notes at any time before or after 30 September at the Bank of England. The design of polymer banknotes aims to increase protection against counterfeiting, as explained by the SCCB. Paper tickets worth £20 and £50 expire this week. 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 The issue of banknotes by retail banks in Scotland is governed by the Banking Act 2009, which repealed all previous laws governing the issue of banknotes, and the Scottish and Northern Ireland Banknotes Regulations 2009.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. From May 2020, the Royal Bank of Scotland is introducing a new series of notes. These will be made of polymer. Three (the 5-book, 10 and 20 book notes) have already been published. The £5 note depicts poet Nan Shepherd on the obverse, accompanied by a quote from her book The Living Mountain and the Cairngorms in the background. The reverse shows two mackerel and an excerpt from the Scottish Gaelic poem “The Choice” by Sorley MacLean.

[11] The obverse of the 10-pound note shows scientist Mary Somerville with a quote from her book The Connection of the Physical Sciences and Burntisland Beach in the background. The reverse shows two otters and an excerpt from Norman MacCaig`s poem “Moorings.” [12] The obverse of the £20 note depicts entrepreneur Catherine Cranston. The reverse shows two red squirrels and a quote from the Scottish poem “Venus and Cupid” by Mark Alexander Boyd. [13] The obverse of the next £50 note, to be published in August 2021 and now in red to reflect the Bank of England`s £50 notes, features educator Flora Stevenson on the front and an osprey on the reverse. [14] He states: “As a customer of the Royal Bank of Scotland Bank, you can exchange out of circulation coins/banknotes or deposit them into your account and replace them with new ones. A Bank of England spokesman previously told The Sun: “Polymer notes are stronger than paper notes and last longer in normal daily use. Martin Kearsley, the Post`s banking director, said: “We are aware that people live busy lives and that some may postpone the deposit of their £20 and £50 notes at the last moment. The Committee of Scottish Bankers, on behalf of the banks issuing Scottish banknotes – Royal Bank of Scotland, Clydesdale Bank and Bank of Scotland – has announced that it will now take less than four weeks for all Scottish paper notes in 20 and 50 pound denominations to be withdrawn from circulation.

They said: “Polymer banknotes are made from a specially coated transparent plastic film that allows the printed design features of banknotes to be carried. The Bank of Scotland said customers will be able to deposit their paper notes into their accounts as usual after the September 30 deadline, while non-Bank of Scotland customers will be able to exchange the paper notes for a polymer version up to a value of £250. If you want to exchange banknotes at the post office, you need to check that your bank is registered to receive cash deposits. Swiss Post will then deposit the money into your account, which you can then withdraw. 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] What is classified as legal tender varies across the UK. In England and Wales, these are coins of the Royal Mint and banknotes of the Bank of England. In Scotland and Northern Ireland, these are only Royal Mint coins and not banknotes. Paper banknotes are no longer considered legal tender because the public is encouraged to exchange them.

“Thanks to the work that issuing banks have already done to replace old paper notes with safer and more environmentally friendly polymer notes, the majority of £20 and £50 notes have already been replaced with polymer.” £20 paper and £50 notes expire within days of urgent warning being issued The last notes to be withdrawn from use are the £20 and £50 Bank of Scotland notes, issued by the Bank of Scotland, the Clydesdale Bank and the Royal Bank of Scotland, with a deadline of 1 October. This coincides with the Bank of England`s paper notes, which can no longer be used as legal tender from 30 September. The Bank of Scotland, Clydesdale Bank and Royal Bank of Scotland will withdraw their £20 and £50 notes on 30 September. In this context, the Scottish Bankers Committee encourages the general public to issue or exchange £20 or £50 notes before the deadline. You can also exchange banknotes directly with the Bank of England. The GBP 20 and GBP 50 notes will cease to be legal tender after 30 September 2022. Before that, we design a new banknote and start issuing it. Our banknotes always retain their face value. If your local bank, mortgage company or post office does not accept them, you can exchange them with us. There are also some limitations to the use of small parts. For example, coins 1p and 2p only count as legal tender for an amount of up to 20p. 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. To avoid old and invalid notes in your wallet, issue them or deposit them into your bank account. 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. On occasion, the Royal Bank of Scotland issues commemorative banknotes. Examples include the £1 note issued on the occasion of Alexander Graham Bell`s 150th birthday in 1997, the £20 note for the 100th birthday of Queen Elizabeth the Queen Mother in 2000, the £5 note in honour of veteran golfer Jack Nicklaus at his last championship opened in St. Andrews in 2005, and the £10 note commemorating Queen Elizabeth II`s Diamond Jubilee in 2012. These banknotes are highly sought after by collectors and rarely remain in circulation for long. “Postmasters and their staff are on hand to provide human assurance that your old notes have been deposited into your bank account and will also issue a receipt.

Most post offices are open late, even on Fridays. For ease of identification, the three issuing banks in Scotland use the same main colour for each denomination: blue for £5, brown for £10, purple for £20, green for £50 and red for £100. [7] This colour scheme is similar to the Bank of England`s current banknotes (except that the Bank of England`s £50 note is red instead of green and they do not issue a £100 note). With the introduction of polymer banknotes, the colour of the 50-pound and £100 notes was changed to red and turquoise, respectively. The size of the banknotes is also uniform between the three Scottish banks and the Bank of England. Following the announcement of the acquisition of HBOS (parent company of Bank of Scotland) by Lloyds TSB in September 2008, it was confirmed that the new banking company would continue to print banknotes under the name Bank of Scotland. [9] Under the Bank Notes (Scotland) Act 1845, the Bank could have lost its rights to issue banknotes, but by retaining its seat in Scotland, the issue of banknotes continued. [10] Businesses and shops are no longer obliged to accept paper tickets from this date. RBS explains that customers can exchange old coins and banknotes for newer ones. “All Royal Bank of Scotland and Ulster banknotes (like all Scottish and Northern Ireland notes) remain legal tender, are not withdrawn from circulation in the same way as Bank of England banknotes and have no deadline for acceptance.” After that date, the £20 paper ceased to be legal tender.