Elgar £20 banknote withdrawal – less than 10 weeks to go

As announced on 8 March, the £20 banknote carrying the portrait of composer Sir Edward Elgar is to be finally withdrawn from circulation from 30 June this year - less than ten weeks away.

The note has been gradually replaced by the Adam Smith £20 which was introduced in 2007. After that date the note will no longer have ‘legal tender' status. The note is less likely to be accepted in payment, or in change, in retail outlets after this date.

For several months from the end of June most banks, building societies and Post Offices should accept Elgar £20 notes for deposit to customer accounts and for other customer transactions. Agreeing to exchange the notes for non-customers is at the discretion of the individual institution. The Bank of England will always give value for these notes (and all other banknotes the Bank has issued).

Since 8 March the number of Elgar banknotes in circulation is estimated to have fallen from 150 million (£3bn) to 125 million (£2.5bn). There are approximately 1.5 billion £20 notes (£30bn) in circulation.

Further information is also available on the banknote pages of the Bank's website at bankofengland.co.uk/banknotes.