Queen Elizabeth II’s death, coins and banknotes will also be changed to a print version of the Queen’s image to that of King Charles III.
After Queen Elizabeth II’s death, coins and banknotes will also be changed to a print version of the Queen’s image to that of King Charles III. However, this process can take at least two years, and longer for coins.
Long lines lined up in front of the Bank of England to wait to exchange old banknotes for new polymer models before shops and businesses stopped accepting old samples next month.
The Bank of England said large numbers of people lined up in front of the bank’s headquarters on Threadneedle Road in London waiting to exchange £20 and £50 old paper notes for new polymer samples.
The move comes as stores and businesses will not accept old banknotes from October 10.
According to the bank’s website, in recent days, many people who come to exchange money have had to wait more than an hour due to “very high demand”.
Those arriving after 14h may not be processed as the currency exchange only operates from 9h30 to 15h.
“There will be many queues and you can wait more than an hour,” the Bank of England warned.
“We urge you to please know about the long wait time when coming to the Bank to make a direct transaction.”
The Bank of England insists there is no deadline to exchange old banknotes.
The old currency will remain in denomination after it goes out of circulation and people, including non-UK residents, can exchange money through the Bank of England in London.
The Bank recommends that those who do not need to use the money immediately can send old banknotes to the Bank’s headquarters by mail for processing assistance.
British polymer coins were issued in 2016, ending 320 years of paper money use in the country.
Most of the £20 and £50 banknotes were converted to polymer samples.
However, there are more than 6 billion pounds of 20-pound banknotes and 8 billion pounds of 50-pound notes in circulation.
From October, the £20 and £50 polymer notes will be the only version accepted by British businesses.