The Sir Edward Elgar £20 banknote will be withdrawn from circulation on 30 June 2010 and will not be ‘legal tender’ after this date, meaning it’s less likely to be accepted by retail outlets.
However, although the number of £20 Elgar notes in circulation is fading there are still a large number around.
The Elgar £20 has a picture of Elgar and part of Worcester Cathedral, the venue where the first full performance of his Enigma Variations took place.
Andrew Bailey, the Bank’s Chief Cashier and Executive Director, Banking Services, said, “People still holding any Elgar notes should deposit, spend or exchange them now, to avoid any possible difficulties in being able to do this readily after 30 June.”
But he added, “For several months from the end of June most banks, building societies and Post Offices should accept Elgar £20 notes for deposit to customer accounts and for other customer transactions, although the choice to exchange the notes rests with each institution.”
Even if you find a £20 Elgar note much later the Bank of England will always give value for these and indeed all other banknotes that the Bank has issued – the Bank of England produced its first fully printed notes in 1855.
If you do have some Elgar notes you may want to check them as it seems that some could be a collectors item and worth several hundred pounds in a few years time.