Shoppers have 100 days to spend their paper £20 and £50 notes! 

Shoppers have 100 days to spend their paper £20 and £50 notes! 

Shoppers have just 100 days to spend their paper £20 and £50 notes, the BBC reported. 

According to the Bank of England, remaining £20 or £50 notes “should not be spent or deposited” by the end of September. 

It is understood there could be around 163 million paper £50 notes and a staggering 314 million £20 notes still in circulation. 

Much like the £5 and £10 notes, £20 and £50 paper notes will be replaced by plastic version, which are more durable. 

Additionally, the Bank said the new polymer notes are much harder to counterfeit, adding: 

“The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy, so we’re asking you to check if you have any at home.” 

The BBC reported that from October, people with a UK bank account should still be able to deposit their paper notes into their account or at the Post Office but stressed “spending them will be impossible.” 

Do people still purchase using physical money? 

Yes, whilst the shopping experience has alternate drastically over previous decades, some customers prefer to spend with physical cash. 

Although the Highstreet has adapted with modernity, evidenced most recently with Primark reluctantly shifting some of their stock to a “Click-and-Collect” trail, physical money has not lost its value. 

“I don’t do online (shopping) and I’d sooner spend tangible cash”, said one shopper. 

“I’ve always used physical money and will continue to do so”, added another. 

How do you prefer to shop? Let us know in the comments.