In a statement, the Bank of England said the withdrawn banknotes could still be deposited or exchanged for new ones.

Alongside the £8.7bn worth of illegal tender on the streets, there is also £87m worth of old £1 coins that have not been returned.

Under a Freedom of Information request by BBC Wales the Bank of England revealed that 445 million paper banknotes remained in circulation.

Of these, 111 million were £5 notes, 65 million were £10 notes, 198 million were £20 notes and 70 million were £50 notes.

There has been surprise at the volume of £5 notes still in illegal circulation, particularly as the paper £5 was withdrawn over six years ago in May 2017 and paper £10 notes in March 2018.

The Royal Mint also revealed that despite the fact 87 million £1 coins have not been handed in, 18 million have been returned in the past year.

Of the 1.6 returned so far, around 1.8 million have been found to be counterfeit.

The round £1 was replaced by the 12-sided version in October 2017, while the old-style coin cannot be spent, it can still be deposited at the Post Office.

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

The Royal Mint added that around 138 million round £1 coins have been melted down to make the new style.

While the paper notes are no longer legal tender, a Bank of England spokesperson said that all genuine banknotes withdrawn from circulation retain their face value.

Paper notes can be returned to Post Offices and some banks, but the former will only exchange for a maximum of £300 while people can also post old notes to the bank on Threadneedle Street in the City of London.

Although there is speculation about why people have yet to hand in their paper notes, it comes at a time when banks of closing more and more of their branches.

Don’t miss…
Inside China’s terrifying ‘ghost cities’ where millions of homes are abandoned[CHINA]
Top business opportunities for SMEs in 2023 – like returning clients[ECONOMY]
Amazon pays £781m in direct taxes as revenues soar to record £24bn[AMAZON]

Recently, Lloyds Bank announced it was closing 53 branches as customers moved online. People who oppose the move say the decision will disproportionately affect the vulnerable and elderly who are being left behind.

A spokesperson for Lloyds Bank said: “Our customers are increasingly using digital channels to manage their money – we now have over 20 million customers choosing to bank online.

“Alongside our digital and mobile banking options, we’re introducing more Community Bankers to provide face-to-face banking support in communities.

“Customers can also bank with us over the phone, through the Post Office or in a Banking Hub. All colleagues at these branches will be offered a role at another branch or elsewhere in our business.”

Source: Read Full Article