This is the actual date you need to spend your old £10 notes by

The Bank of England has finally announced the date that the old paper ten-pound notes will cease to be legal tender.

Following the introduction of the plastic tenners on September 14 we always knew that the old one would have an expiry date in early 2018.

Now we know for certain that you will no longer be able to spend the paper notes after March 1, 2018.

However, old notes can still be spent ahead of the cut-off date or exchanged at the Bank once this point has passed.

 

Pocket money - stock
The Bank of England has finally announced the date that the old paper ten-pound notes will cease to be legal tender.

 

The Bank introduced the paper £10 note featuring naturalist Charles Darwin on November 7, 2000. Around 55% of the £10 notes in circulation are made from polymer, while 359 million are paper.

The Bank of England decided to move to polymer notes because they are cleaner, safer and stronger than paper notes.

It is said the plastic notes provide enhanced counterfeit resilience and, because they last around 2.5 times longer than paper notes, polymer notes are also more environmentally friendly.

The Bank of England are set to issue a new polymer £20 note in 2020 but there are no plans to make a £50 plastic note.

So, with all this new money in circulation, what happens to the old paper note?

The Bank of England said: “The majority of old paper notes are already recycled using a composting treatment (as used in the treatment of food waste).

“From 2011, the majority of the Bank’s paper note waste has been recycled in this way and used as a soil improver for agriculture although we are now exploring other options given changes in the industry.”

And what about when an old polymer note needs to be replaced?

The Bank of England said: “As composting is not suitable for polymer notes, the Bank commissioned an independent third party to conduct a Life Cycle Assessment study to assess the environmental impacts of different waste treatment options.

“The study was conducted using the international standards, and externally reviewed by a panel of industry experts.

“Recycling proved to be the most favorable option as it comes with the lowest impacts for all the environmental impact indicators considered.

“As a result, the Bank has secured a UK based recycling solution, for polymer notes to be turned into pellets before being transformed into new plastic items such as plant pots.”

So, there you have it, the old notes will be soil inside the plant pots made out of the new notes.

Source

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