Money warning issued to Brits over old paper bank notes and coins: ' Dig them out now'

Your financial memorabilia in the form of old paper notes and coins can improve your financial situation if you turn it into the bank for a swap to much-needed cash.

The Bank of England warned that Brits are sitting on £9 billion uncashed banknotes - equivalent to £130 per person.

The Royal Mint also revealed that up to 87 million old one-pound coins have not been handed in.

Although the bank notes, many of which have been replaced by plastic versions, are no longer legal tender, a Bank of England spokesperson said all genuine cash retains their face value.

Here is where to turn to exchange your ‘expired’ cash for its new versions.

Brits are urged to ‘dig out’ their old banknotes and coins

People in the UK are reportedly sitting on £130 per person in uncashed old notes, wasting a staggering £9 billion.

The Royal Mint warned that up to 87 million old one-pound coins have not been handed in after they were replaced by the 12-sided version in October 2017.

If you have any outdated versions of British pounds, ‘dig them out’ and bring them over, the Bank of England urges.

According to HyperJar’s Mat Megens, cashing in old notes and coins would boost your own bank account which can be vital for many ahead of summer and amid the cost of living crisis.

Megens said:

It feels incredible that, in the middle of a major financial squeeze, almost £9 billion worth of old banknotes and coins are stashed away at the back of kitchen drawers.

The expert believes that the staggering amount of uncashed notes shows ‘how ‘out of sight, out of mind’ cash has become to many of us’ as more and more people opt for digital money.

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Here is how to exchange your old money for its newer versions

According to the Bank of England, the withdrawn notes could still be deposited or exchanged for new ones.

They revealed that there were 445 million paper banknotes still in circulation - 111 million of £5 notes, 65 million of £10 notes, 198 million of £20 notes and 70 million of £50 notes.

Check your bank's, Post Office's or the Bank of England's websites for where you can deposit or exchange them for legal tender near you.

Bank of England spokesperson said all genuine banknotes withdrawn from circulation retain their face value.

Paper notes can still be returned to some banks and Post Offices, but the latter will only exchange for a maximum of £300.

People can also post their old notes to the bank on Threadneedle Street in the City of London.

The round one-pound coin cannot be spent but it can still be deposited at the Post Office.

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Sources used:

- Express: 'Brits urged to ‘dig around’ urgently as Bank of England warns of £9bn uncashed banknotes'