A substantial quantity of obsolete money in the United Kingdom continues to go unexchanged, with nearly £6.6 billion in old banknotes and coins still not returned to the Bank of England and Royal Mint. Despite various public initiatives encouraging people and companies to swap outdated currency, many of these notes and coins remain in use—or have been completely overlooked.
The figure includes both paper banknotes that have been replaced by more secure polymer versions and round pound coins that were withdrawn from legal tender status several years ago.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roughly £4.4 billion of the total sum is made up of old paper banknotes, while the remaining £2.2 billion consists of outdated £1 coins.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 switch to polymer banknotes started in 2016 with the launch of the plastic £5 note, succeeded by updated editions of the £10, £20, and £50 notes. The withdrawal of paper notes was necessary because of issues with longevity and the imperative to tackle counterfeiting with enhanced security measures. Nevertheless, the paper notes have not entirely vanished from wallets, drawers, or even containers stored in people’s homes. Numerous people might be unaware that these notes are no longer valid for transactions.
Even though they are no longer accepted in stores or for ordinary transactions, the Bank of England has stated that all withdrawn notes remain exchangeable at their original value—either through mail or in person—without any time limit. The Bank also permits certain high-street banks and building societies to handle these exchanges; however, this varies by institution and depends on the individual’s account status 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 issue reflects a broader behavioral pattern among the public, where changes in currency design often lead to a lag in adoption. When new designs are introduced, many people don’t immediately rush to exchange the old versions, especially if the amounts involved are relatively small or stored away for long-term savings. Over time, these accumulated amounts become part of the larger total of unredeemed currency.
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.
For collectors, some of these older banknotes and coins may now hold value beyond their face amount. Rare editions or error prints—such as early polymer notes with printing anomalies or certain commemorative coins—can fetch higher prices in the numismatic market. However, for the vast majority of outdated currency still held by the public, the main value lies in their exchangeability rather than any collectible worth.
Both the Bank of England and Royal Mint keep urging the public to return or trade in old currency when discovered. This guarantees that people can recover the full face value of the money while also supporting a cleaner and more efficient currency system. Public awareness initiatives have featured online campaigns, details provided by financial institutions, and advice from consumer advocacy organizations.
For those who have older banknotes, the Bank of England has a mail service enabling people to send their notes along with a completed form. Usually, the exchanged amounts are reimbursed through cheque or bank transfer. Likewise, the Royal Mint offers details on how to return old £1 coins via deposit accounts or donation programs.
Ultimately, the ongoing existence of old currency highlights the varied financial practices of the public and the lasting difficulty of updating a country’s cash infrastructure. With the rise of digital transactions and the decrease in tangible money usage, the dynamics of cash in circulation could hasten. Still, billions in obsolete coins and bills remain unutilized, silently awaiting exchange—assuming they are recalled.
