There is £24billion worth of old paper £20 and £50 notes still in circulation, according to new data from the Bank of England.
This is made up of £9billion worth of £20 notes – approximately 450million notes, or eight for every adult in Britain.
Meanwhile, there are £15billion worth of £50 notes, roughly 300million notes – or five for each adult in Britain.
It warns it will be withdrawing legal tender status of these notes after 30 September 2022 and is encouraging people to either spend them, or deposit them at their bank or Post Office before this date.
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