Old £10 Note Cut-Off Date Is Fast Approaching

Joann Johnston
February 20, 2018

You only have until next week to use your paper £5 and £10 notes.

The Bank of England said the withdrawal rate is "broadly as expected" ahead of the March 1 deadline, at which point the paper £10 note will cease to be legal tender - replaced completely by the polymer version.

People may also be able to exchange the old £10 notes at a local bank or post office but there is no obligation to accept them after the deadline.

The Charles Darwin £10 note was introduced in November 2000 - when a note could buy you just shy of five pints of lager at the average cost per pint in the United Kingdom of £2.02 compared to £3.63 today.

If you want to swap the old notes for new tender you will have to make the trip into a bank, building society or post office.

The deadline is fast approaching when the Charles Darwin embossed notes are pulled and the newer embossed Jane Austen notes fully take over.

However the Bank of England reckons not all the £10 notes in circulation will be handed in - some will be overseas and some will kept as memorabilia.

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The address for this service is Dept. NEX, Bank of England, Threadneedle Street, London EC2R 8AH.

CHECK YOUR CHANGE Do you have a 50p worth up to £140? Weekly returns of the paper tenners are now averaging around £85m.

In three years' time, new £20 notes featuring painter Joseph Turner, will enter circulation.

"We issued a new polymer £10 note on September 14, 2017".

What happens to all the paper notes that have been in circulation?

Your old tenners will be recycled using a composting treatment with the waste product used as an agricultural soil improver.

Polymer banknotes also last longer, so they are more environmentally friendly than paper banknotes. It is likely that only those notes with an early serial number in pristine condition are likely to be worth anything substantial.

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