Cut-off date set to spend old £10 notes

Chris J Ratcliffe-Pool  Getty Images

Chris J Ratcliffe-Pool Getty Images

The Bank of England announced yesterday that their paper £10 notes will cease to be legal tender from March 1 2018 onwards.

From that date on, only the new, polymer £10 notes featuring Jane Austen will be legal tender.

The old £10 notes have been in circulation since November 2000, but lost out to the new ones on grounds of security as well as durability.

An important notice from the Bank of England: despite the circulation only new polymer tenner since 1st March 2018, the old note can still be exchanged by the Bank after the cut-off date.

Charles Darwin did not make it onto the updated note, and was replaced with Jane Austin.

"The note will also include a new tactile feature on the £10 to help the visually impaired, ensuring the nation's money is as inclusive as possible".

Plastic £20 notes are set to come into circulation from next year. Approximately 359 million paper £10 notes are estimated to still be in circulation.

As well as its strength and anti-counterfeit properties, the new note is also believed to last two-and-a-half times longer than paper notes, meaning they are more environmentally friendly.

Its introduction followed the new £5 note, which went into circulation in September 2016, and caused controversy because of traces of tallow, a product derived from animal fats, contained in the notes (it's also in the tenner).

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