Polymer banknotes also last longer, making them more environmentally friendly than paper banknotes. The old-style 5-pound notes were withdrawn from circulation in May last year and replaced with durable polymer notes with additional security features. The right to buy back banknotes for gold ended in 1931 when Britain stopped using the gold standard.  Wire was introduced in 1945 on the £5 note as a security device. The notes printed in black and white were replaced by new double-sided notes from 1957. The first double-sided £5 (B series) notes were blue and featured a bust of Britannia on the front and a lion on the back. The C series notes, first introduced in 1963, were the first notes to feature an image of the monarch on the obverse, britannia being relegated to the rear. From 1971, with the introduction of the D series, a British historical figure was depicted on the reverse: the duke of Wellington`s soldier and statesman in this case. The E-series banknotes, first issued in 1990, are multicolored, although they are mostly turquoise blue. These notes include a portrait of railway pioneer George Stephenson, as well as, for the first time, a metal wire “window”; This thread appears as a dotted line, but forms a single line when held in the light.  This equates to 300 million individual £20 banknotes and 160 million £50 paper notes.
But what do you do now when you still have five paper floating around your house? We explain where they can be exchanged. Paper tickets have been or will expire in the case of paper tickets worth £20 and £50. The £5 and £10 paper notes are no longer in circulation and have been replaced by polymer versions in recent years. 30 September 2022 was the last day we used our £20 and £50 paper tickets for retail purposes. However, there is no need to worry as withdrawn banknotes can be exchanged for new banknotes at the Bank of England at any time after that date. If you do not need your tickets immediately, we recommend that you send your tickets by mail. On October 15, 2017, a new 12-page coin replaced the old coin. The old five-pound note ceased to be legal tender on May 5, 2017. The old ten-pound notes ceased to be legal tender on 1 March 2018. You can read more about banknotes taken here. The period of restriction ended in 1821, when the government had to anchor the value of money to gold in order to control the sharp rise in inflation and public debt.
After a short period of time to compensate for the sudden deflation, the United Kingdom returned to the gold standard on May 1, 1821.   These notes could again be exchanged in whole or in part for an equivalent amount of gold when presented to the bank.  In case of partial refund, the ticket is marked to indicate the amount refunded. From 1853, printed banknotes replaced handwritten banknotes, with the statement “I promise to pay the carrier the sum of five pounds on request” replacing the name of the beneficiary. This statement still appears today on bank notes of the Bank of England. A printed signature of one of the three cashiers appeared on the printed notes, but from 1870 it was replaced by the signature of the chief cashier.  In recent years, the UK has seen new pound coins, £5£10 notes, £20 notes and £50 notes, with other changes. Or if you`re in the mood for a trip to the Bank of England, you can even exchange your old notes in person.
You can exchange the collected tickets with us at any time by mail. If you exchange the tickets on behalf of another person, you must provide us with an original lawyer`s letter signed by the owner telling you and how they wish to be paid. You must provide two pieces of identification for you and the ticket owner. You can also change your old ten-pound notes and your old five-pound notes at the Bank of England. It`s risky, but you can do it by mail. There is a different application form depending on whether you change the notes as an individual or as a company. All UK banknotes are now made of plastic following the introduction of the new £50 polymer note last year. After the deadline, you can still have your old £20 and £50 notes exchanged at your bank or post office. And you will definitely be able to exchange them at the Bank of England using the same process that we describe below. If the money belongs to someone else and you exchange banknotes worth £999 or less, you must present the Bank of England with an original signed power of attorney letter from the owner telling you and how they would like to be paid. The Bank of England may ask you to provide another form of IDENTIFICATION. Banks, construction companies and post offices no longer even accept paper tickets for exchanges, so you`ll have to physically go to the BoE if you want to get your hands on fresh plastic notes.
The Bank of England has already issued polymer notes worth £5 and £10 – a £20 polymer note is expected by 2020. The seller hoped that the value of the notes would increase as the withdrawal time for paper notes was withdrawn from circulation. Swiss Post can accept withdrawn banknotes as a deposit to any bank account you can access with them. In December 2013, the Bank of England announced that the next £5 note would be printed on a polymer rather than cotton paper.  The bank argued that they would be cleaner, safer and more sustainable.  It was also said that the new polymer banknotes would be more environmentally friendly and would last 2.5 times longer than cotton paper notes, according to the bank`s own environmental tests.  The new five-seater is stronger than its predecessor and has new security features that make counterfeiting more difficult.