By Kate Brown
The Bank of England estimates there to be at least £2bn of old £10 notes in circulation that need to be spent or exchanged before they cease to be legal tender on 1 March 2018. This figure equates to approximately 27% of the £10 notes in circulation.
In order to exchange old £10 notes, people can visit their local bank or post office. After the deadline, old notes can be exchanged for the new equivalent at the Bank of England either in person or via post.
The paper £10 note is being replaced by a polymer version resulting in cleaner, safer and stronger notes. They are expected to last up to five years. In addition, the new notes will include updated security features to prevent counterfeiting.
The new note will feature Jane Austin, one of England’s most beloved authors who wrote the well-loved classics Pride and Prejudice as well as Sense and Sensibility. A quote from pride and prejudice will be featured on the note: “I declare after all there is no enjoyment like reading”.