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Sunday 04th of July 2010
June 30, 2010    

Elgar £20 note withdrawn from circulation today

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by Kay Murchie

The £20 banknote featuring the image of composer Sir Edward Elgar will be withdrawn from circulation today.

The alternative £20 note features the picture of father of modern economics, Adam Smith, which has been in circulation since March 2007.

However, anyone with an Edward Elgar note after today can swap it by sending it back to the Bank of England.

Banks, building societies and post offices will continue to accept the Elgar note. However, agreeing to exchange the note(s) is at the discretion of the individual institution.

Banknotes are often changed by the Bank of England, primarily to combat counterfeiters.

The withdrawal of the note comes just a few days after it was announced ATMs which only dispense £5 notes have been installed across Britain, following a two-year trial in London.

The move is aimed at boosting circulation of the £5 note. The Bank of England has previously said it will encourage shops to give out more £5 notes in change to meet demand.

Fivers change hands quickly and, as a result, only last around a year before becoming too damaged to use. In comparison, the £50 note is usually in circulation for five years or more.

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Tags: Adam Smith, , £20 note, Ban of England, , , fiver, ,