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How much notice is given before a banknote is to be withdrawn?

April 26, 2017banknote given Notice withdrawn

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How much notice is given before a banknote is to be withdrawn?

2 Answers

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Legally the Bank is required to give one months notice of an intention to withdraw legal tender status. In practice every effort is given to provide as much notice as possible and, when withdrawing the old style £5 and £10 notes in 2003, three months’ notice was given.

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Legally the Bank is required to give one months notice of an intention to withdraw legal tender status. In practice every effort is given to provide as much notice as possible and, when withdrawing the old style £20 in 2010, three months’ notice was given.