Financial & Legal News

INSPIRE: The end of (some) £50 notes: time to unstuff the mattress?

  • Posted on

Hopefully you don’t keep all of your savings stuffed in or under the mattress of your bed but if you do happen to keep a ‘rainy day’ store of £50 notes, you had better check your bed linen, otherwise you may find that the value of your assets suddenly goes down in the not too distant future!

The Bank of England has announced that the £50 banknote carrying the portrait of Sir John Houblon, the first Governor of the Bank of England, will be withdrawn from circulation on 30 April 2014. From that time, only the £50 notes featuring Matthew Boulton and James Watt, which was introduced in November 2011, will hold legal tender status. Members of the public who have Houblon £50 notes can continue to use them up to and including 30 April.

After 30 April, retailers are unlikely to accept the Houblon notes as payment. However, most banks and building societies will continue to accept them for deposit to customer accounts. Agreeing to exchange the notes after 30 April is at the discretion of individual institutions. Barclays, NatWest, RBS, Ulster Bank and the Post Office have all agreed to exchange Houblon £50 notes for members of the public – up to the value of £200, but only until 30 October 2014.

The Bank of England will continue to exchange Houblon £50 notes after 30 April, as it would for any other Bank of England note which no longer has legal tender status. So if you forget to check your mattress, you can still pack your £50 Houblon notes in a case and take a trip to the Bank of England!

Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.

This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.

    How can we help?

    Please fill in the form and we’ll get back to you as soon as we can.