The Bank is announcing today that from 30 June 2010 it is withdrawing from circulation the older style £20 notes that show a portrait of Sir Edward Elgar. Holders of these notes may continue to use them until the end of June when legal tender status will be withdrawn.
For several months after the end of June most banks, building societies and Post Offices will accept the Elgar notes for deposit to customer accounts and for other transactions. However, agreeing to exchange notes is at the discretion of individual institutions. The Bank will of course always exchange its old notes, regardless of age or when they were withdrawn from circulation.
The withdrawal of the note comes three years after the issue of the Adam Smith £20 notes on 13 March 2007. During the co-circulation period the Bank has been working closely with the cash industry to gradually reduce the number of Elgar notes in circulation and around 90% of Elgars have already been withdrawn. Just letting you know for all those with a stash