Vertical Markets

Darwin tenner deadline nears

by Mark Rowe

The Bank of England will withdraw legal tender status of the paper £10 note featuring Charles Darwin at 11:59pm on Thursday, March 1. All businesses that handle cash need to plan and prepare for the change, says the Bank. After March 1, businesses and the public no longer have to accept the Darwin £10 note as payment or in change and the new polymer note featuring Jane Austen, pictured, will be the only £10 note with legal tender status.

The Bank of England is encouraging retailers and businesses to check:

– Clear out your safes. Start banking your paper £10s now.

– Update your machines. Ensure you know which cash handling machines are being operated by your business and check whether an adaptation is required with your supplier.

– Check your note supply arrangement with your bank to understand whether they will continue to accept paper £10 notes after the withdrawal date.

– Train your staff. An A4 poster is available to support staff training on withdrawal and available to download or order, free. It can also be displayed in the shop front or banking hall.

– Manage your customers’ expectations. If you have not been able to adapt your machines before the note is withdrawn, have a process in place so that customers can exchange old notes if they are dispensed in change.

– Keep up to date with the latest information about polymer banknotes, and other banknote news, by registering at: www.bankofengland.co.uk/banknotes/Pages/subscribe or email [email protected].

Some banks and building societies may accept paper £10 notes after March 1 but this is at their own discretion. The Bank of England will continue to exchange Darwin £10 notes for all time, in person or by post, as it would for any other Bank of England note which no longer has legal tender status.

As at January 5, around 70pc of £10 notes in circulation were polymer tenners and around 257 million paper £10 notes are still in circulation. The paper notes returned to the Bank of England to be destroyed will be recycled. This is done using a composting treatment and the end product is used as a soil improver for agriculture.

The Bank of England launched a new Banknote Checking Scheme in October 2017 to promote banknote checking: https://www.bankofengland.co.uk/banknotes/Pages/banknotecheckingscheme.aspx.

A polymer £20 featuring the painter Turner is coming in 2020.

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