A string of paper banknotes will be withdrawn from circulation in Scotland in just 100 days from now.

Bank of Scotland, Clydesdale Bank and the Royal Bank of Scotland will take paper versions of its £20 and £50 banknotes away from circulation after September 30, 2022.

From this date, £20 and £50 polymer notes will takeover as the main banknotes in circulation.

Polymer banknotes worth £50, which contain illustrations of Sir Walter Scott and Flora Stevenson, have been in circulation since last year.

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The Committee of Scottish Bankers has said that Scottish paper notes will continue to be accepted – despite the notice to withdraw them.

However, Scots with these banknotes have been urged to take them to their local bank branch to exchange for credit on their account, as some retailers may refuse to take them.

The CSCB said: “All the Scottish banks will begin to withdraw paper notes from circulation as the polymer notes are issued.

“These notes will continue to be honoured, however, if you have any of these notes you should take these to your branch/bank for credit to your account.”

Royal Bank of Scotland handout photo of the new Scottish £50 polymer note, which celebrates the protected Scottish Osprey and the life of Scottish education pioneer Flora Stevenson

£50 polymer notes have been in circulation in Scotland since last year

Bank of Scotland has told customers that they can deposit their paper notes into their account as normal after the September 30 deadline.

Non-Bank of Scotland customers will be able to exchange the paper notes to polymer version up to a value of £250.

The design of polymer notes is said to enhance protection against counterfeits.

“Polymer banknotes are manufactured from a transparent plastic film, specially coated with an ink layer that enables it to carry the printed design features of banknotes”, the CSCB explains.

“The material allowed the inclusion of ‘windows’ or clear portions in the design which enhance protection against counterfeits.”

The Bank of England is also phasing out its own £20 and £50 paper notes after September 30.

People will have to use their remaining notes by the end date, when they will no longer be legal tender.

Similar rule changes will come into force on the same date across the other UK nations.

Bank of England officials have explained that it is easier to spot a fake note with the polymer version when compared to the paper version.

Sarah John, Chief Cashier at the Bank of England, said: “The polymer £50 note is the most secure Bank of England banknote yet, and the features of the note make it very difficult to counterfeit.

“All of our polymer banknotes can be checked by looking for two key security features: a hologram which changes image; and see-through windows. So if you can check one denomination of banknote, you can check them all.

“The new £50 notes, like the polymer £10 and £20 notes, contain a tactile feature to help vision impaired people identify the denomination.”

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reporters@dailyrecord.co.uk (Daniel Morrow)

www.dailyrecord.co.uk

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