£10 Paper Note Meets its Fate

Any paper £10 notes you currently hold will cease to be legal tender on March 1. According to the Bank of England, there is still £2.2 billion in old £10 paper notes in circulation. This is 27% of all notes that have been issued.

The new notes are of polymer construction and feature an image of famed author Jane Austen.

While old notes will no longer be accepted as legal tender as of March 1, you can still exchange them by post or in person at the Bank of England.

It is possible that some banks and building societies may accept the old notes after the March 1 deadline, however, they are not required to.

The new plastic notes have been introduced due to the fact that they are more difficult to counterfeit and more difficult to damage.

It is anticipated that the £20 paper note will be replaced in 2020, featuring the portrait of J.M.W Turnder, the romantic-era artist.

There is no current outlook on when the £50 note will be replaced at this stage.

A series of raised dots in the top left corner make the £10 note the first note to be printed in England that is designed to help the vision impaired to identify it. The new note is also expected to last 2.5 times longer than the old note and is more compact, being 15% smaller than the existing item.

A cash buffer is an integral part of personal financial planning. Once you have this in place, you can ensure any additional funds are used to build your future financial wealth.

Contact Westminster Wealth Management today and one of our skilled advisers can construct a financial plan for you that will enable you to meet your financial goals.

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