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Warning issued to anyone with paper £20 and £50 notes in their wallet or purse

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The Bank of England has issued a fresh warning over £20 and £50 notes which are currently in circulation. An estimated 163 million £50 notes and some 314 million £20 notes are still in people's purses and wallets, but soon they will no longer be accepted as a form of payment.

The Bank of England said people have 100 days left to spend or deposit the notes, until they'll no longer be in use. This is because they're set to be replaced by tougher, plastic versions.

Paper £5 and £10 notes were replaced in the same way in 2016 and 2017 respectively. A polymer £50 note featuring the portrait of Alan Turing entered circulation on 23 June 2021, meaning now the Bank's entire collection of currently-printed banknotes is made of plastic. Read more:Martin Lewis issues energy warning over 'outrageous' early exit fees A spokeswoman explained that "all genuine Bank of England banknotes that have been withdrawn from circulation retain their face value for all time".

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