Published on February 21st, 2018 | by Sarah Jubb0
Spend Your Old £10 Notes Quickly!
September 2017 saw the polymer Jane Austen £10 notes introduced into circulation, matching the polymer £5 note that was introduced in September 2016. The deadline to spend the old paper style £10 notes is fast approaching though.
1 March 2018 marks the deadline for people to spend or exchange their paper £10 notes, after this point they will cease to be legal tender in the United Kingdom. Whilst these £10 notes will no longer be able to be used after this date in shops, people will still be able to exchange their notes by sending them to the Bank of England or visiting the bank in person in London.
It may also be possible for people to try and exchange paper £10 notes at a local bank or their local Post Office, though these are not legally required to accept the notes after the deadline has passed.
A Large Amount of Paper £10 Notes Remain
While the deadline is just over a week away, there is still an exceptionally high number of old paper style £10 notes that will still need to be either spent or exchanged. While weekly returns are estimated to be around £85 million, which is 8.5 million notes, there is still an estimated £2.1 billion worth of old notes still in circulation.
It must be noted however that the Bank of England is not actually expecting all the old notes to be returned, as they expect that many will be kept as memorabilia due to being the last paper £10 notes or because they feature Charles Darwin. There could also have been many notes that have been destroyed or have gone overseas and will never return.
An Homage To Britain’s Beloved Novelist
The old paper £10 notes featured a portrait of the naturalist Charles Darwin and were in circulation from 2000. Darwin is often deemed one of the most influential figures in history with his work On the Origin of Species influencing evolutionary science for decades to come.
Since 1975, British £10 notes have featured an iconic figure of Britain with the very first figure being the legendary nurse Florence Nightingale. She was present on the £10 note from 1975 until 1994, when she was replaced with Charles Dickens. With the new polymer notes featuring the acclaimed novelist Jane Austen, she has become the second woman to grace these notes.
Jane Austen is considered to be one of the most influential and important writers of English literature with her novels being read across the world and adapted into multiple forms of entertainment including television shows, films and theatre.
Ensure Your Notes Are Real
The new polymer notes have been designed with security in mind to discourage counterfeiting. Some of these features include a see through window with the Queen’s portrait, a silver foil patch that when tilted will alternate between ‘Ten’ and ‘Pounds’, microlettering and much more.
It’s still important to check that your notes are not counterfeit however, and this can be done using a counterfeit detector. The range of Cash Handling products available on the Post Office Shop is ready for use with polymer notes, enabling you to ensure that your currency is real.