England, United Kingdom: With older £20 and £50 banknotes becoming outdated from September 30, businesses, shoppers in England are expected to deposit paper £20 and £50 banknotes in a “last-minute” rush to the post office.

The paper £20 and £50 banknotes issued by the Bank of England will no longer be considered legal currency as they will be replaced with new polymer counterparts.

The Bank estimates that there are still more than $5.38 billion worth of paper £20 notes portraying 18th-century economist Mr. Adam Smith and around $6.38 billion worth of £50 notes featuring businessman Mr. Matthew Boulton and engineer Mr. James Watt in circulation.

“That’s more than 250m individual £20 banknotes, and more than 110m paper £50 banknotes,” the Bank shared.

Paper notes will still be accepted at Post Offices after the deadline date, and many UK institutions will also accept customer deposits of paper currency.

Mr. JMW Turner, an artist, is featured on the new polymer £20 note, and Mr. Alan Turing, a code breaker from Bletchley Park, is featured on the polymer £50 note.

With more than $3.38 billion in cash being deposited and withdrawn each month, post office operators have their branches prepared to handle significant amounts of cash.

“We’re fully aware that people lead busy lives and some may put off depositing their paper £20 and £50 banknotes until the last moment,” said Mr. Martin Kearsley, the Post Office’s banking director.

“Postmasters and their staff are on hand to provide that human reassurance that your old notes have been deposited into your bank account and will provide a receipt too. Most Post Offices are open long hours including on Friday.” Mr. Kearsley added.

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