The picture below is the new polymer 10 pound note. This will be the only 10 pound note considered legal tender accepted in England. The polymer note is more secure and harder to counterfeit, more resistant to dirt, and more durable. These notes have been in circulation since September 2017, have you seen them?

Old £10 note expire this week – what to do with your money

Are you traveling to England or happen to be in the country and still have old 10 pound notes? If so, you have until Thursday to get rid of them because after March 1st, they will no longer be considered “legal tender”.

What does “legal tender” mean? It means that after March 1st, these notes will no longer be considered legal and shop keepers will no longer be obliged to accept them. Before March 1st, you can either spend or trade in the paper 10 pound notes at your local English bank. However, after the deadline you will still be able to trade your notes at The Bank of England via the mail (or ‘post’ as it’s called in England) or visit the Bank in person in  London.

The Bank will exchange all old £10 notes indefinitely.

Once the deadline passes you won’t be able to spend your notes in shops or restaurants.

Why are they using polymer for banknotes?

According to the Bank of England, Polymer banknotes are:

• Cleaner: polymer banknotes are more resistant to dirt and moisture, so they stay cleaner for longer than paper banknotes.
• Safer: the polymer material allows us to include enhanced security features, which make polymer banknotes harder to counterfeit.
• Stronger: improving the quality of banknotes in circulation.

Polymer banknotes last longer, so they are more environmentally friendly than paper banknotes. The waste from old polymer banknotes is turned into pellets before being transformed into new plastic items, such as plant pots.

DID YOU KNOW? The 10 pound note was issued in 2017 which coincides with the 200th anniversary of Jane Austen’s death. She is buried at Winchester Cathedral, which appears on the new £10 note.

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