A significant amount of outdated currency in the United Kingdom has yet to be exchanged, with approximately £6.6 billion worth of old banknotes and coins still unreturned to the Bank of England and Royal Mint. Despite numerous public campaigns urging individuals and businesses to trade in outdated denominations, a large portion of these notes and coins remain in circulation—or forgotten entirely.
The figure includes both paper banknotes that have been replaced by more secure polymer versions and round pound coins that were withdrawn from legal tender status several years ago. According to recent data, roughly £4.4 billion of the total sum is made up of old paper banknotes, while the remaining £2.2 billion consists of outdated £1 coins.
The transition to polymer banknotes began in 2016 with the introduction of the plastic £5 note, followed by new versions of the £10, £20, and £50 notes. The paper versions have been phased out due to durability concerns and the need to combat counterfeiting with more secure features. However, the paper notes have not completely disappeared from wallets, drawers, or even jars tucked away in people’s homes. Many individuals may not even realize that these notes are no longer legal tender for transactions.
Although they can no longer be used in shops or for everyday payments, the Bank of England has confirmed that all withdrawn banknotes can still be exchanged at face value—either by post or in person—without a deadline. The Bank also allows some high-street banks and building societies to process these exchanges, but practices vary by institution and depend on whether the person holds an account with the bank.
A similar situation exists with the £1 coin. The Royal Mint replaced the original round pound in 2017 with a 12-sided version featuring enhanced security features. The older coins were formally demonetized in October of that year, yet millions remain unreturned. Although most major retailers and banks stopped accepting the round pound shortly after the deadline, the Royal Mint continues to accept them via specific deposit services.
The causes for this large amount of currency not being returned are diverse. Certain individuals might keep older banknotes or coins as keepsakes, while others could have accidentally lost track of them. It’s also frequent for tourists and people living outside the UK to keep minor amounts of British currency without realizing that these notes or coins are no longer in circulation. Additionally, overlooked savings tucked away in piggy banks, safes, or drawers may remain undetected for extended periods.
The challenge highlights a more extensive behavioral trend among individuals, showing that alterations in currency appearance usually result in a delay in acceptance. When fresh designs are rolled out, numerous individuals do not instantly hurry to swap the older versions, particularly when the sums are modest or tucked away for future savings. Gradually, these gathered amounts contribute to the broader total of currency left unclaimed.
From a financial perspective, unreturned notes and coins can represent a liability on the central bank’s balance sheet. While the physical money is no longer in active circulation, the Bank of England and Royal Mint must still account for it until it is formally redeemed. In essence, the value of this unredeemed currency remains as a claim that could potentially be exercised by the public at any time.
Collectors might find that certain older coins and banknotes could now possess a value greater than their nominal worth. Unique editions or misprints—like initial polymer notes with print errors or specific commemorative coins—might command elevated prices in the numismatic market. Nevertheless, for most outdated cash still possessed by individuals, their primary worth is associated with their potential to be exchanged, rather than any added collectible value.
Both the Bank of England and Royal Mint continue to encourage the public to return or exchange outdated currency when found. This not only ensures that holders can reclaim the full face value of the money but also helps maintain a cleaner, more efficient currency system. Public awareness efforts have included online campaigns, information shared through financial institutions, and advisories from consumer advocacy groups.
For those in possession of old banknotes, the Bank of England offers a postal service allowing individuals to send in their notes with a completed application form. Exchanged amounts are typically refunded via cheque or bank transfer. Similarly, the Royal Mint provides information on how to return old £1 coins through deposit accounts or donation schemes.
Ultimately, the persistent presence of outdated currency serves as a reminder of the public’s diverse financial habits and the enduring challenge of modernizing a national cash system. As digital payments grow and the use of physical currency declines, the pace of cash circulation changes may accelerate. Nevertheless, billions in outdated coins and notes continue to sit unused, quietly waiting to be exchanged—if they are remembered at all.
