News

Deadline for spending old £10 notes fast approaches

26 February 2018

At least £2.1bn worth of old £10 notes need to be spent or exchanged before they cease to be legal tender on March 1, the Bank of England says.

Plastic polymer tenners depicting author Jane Austen entered circulation in September 2017.

Currently, weekly returns of paper £10s are averaging at a value of £85m or 8.5 million notes, according to the Bank.

To exchange an old tenner, people can either post the notes to the Bank of England, or visit the Bank in person in the City of London.

The Bank will exchange all old £10 notes indefinitely.

The Bank says people can also try to exchange paper tenners at their local bank or post office. However, the Bank said that subpostmasters are not legally required to accept old notes after the deadline.

The Bank does not expect all old £10 notes to be returned, because some will have been destroyed, gone overseas or kept as memorabilia.