Nearly £9 billion in old banknotes and coins not cashed in, says Bank of England

06 Jun 2023

The Bank of England (BoE) has revealed that almost £9 billion in old coins and banknotes has not yet been cashed in.

The BoE found that 111 million £5 notes, 65 million £10 notes, 198 million £20 notes and 70 million £50 notes are still in circulation. It said that coins and notes that are no longer legal tender can be deposited or exchanged.

Paper banknotes were withdrawn and replaced with new notes made from polymer. Paper £5 notes were withdrawn in 2017, whilst paper £10 notes were withdrawn in 2018.

The Royal Mint also confirmed that around 87 million old design £1 coins have still not been returned. It revealed that 1.6 billion have been returned, but 1.8 million of these were counterfeit coins. It is urging individuals with old design £1 coins to deposit them at banks and the Post Office.

Whilst the use of cash as a form of payment has fallen in popularity, it is still the second most common way to pay after debit cards: according to data published by trade association UK Finance, cash accounted for 15% of all payments last year.

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Higgisons was formed by John Higgison in Oxford Street in 1965 and was originally part of the Accountancy Tuition Centre until James McHale became managing partner and the firm moved to its City Road premises in 1982.

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