Information Houblon £50 pound note
Bank of England advises people to spend bank notes bearing portrait of first governor of Bank of England by 30 April (click here to see the information Bank of England
Around 63m £50 banknotes bearing the portrait of the first governor of the Bank of England, Sir John Houblon are to be withdrawn from circulation in 15 weeks' time.
From April 30, only the £50 note which celebrates the 18th century business partnership of entrepreneur Matthew Boulton and engineer James Watt, who helped forge the Industrial Revolution, will hold legal tender status, the Bank of England said.
Around 224m £50 notes worth £11.2bn are in circulation, of which the Bank estimates 63m with a total value of £3.2bn are Houblon notes.
From May onwards retailers are unlikely to accept the Houblon notes as payment, but most banks and building societies will still allow customers to deposit them into their accounts. However, agreeing to exchange the notes after 30 April will be at the discretion of individual institutions.
Barclays, NatWest, Royal Bank of Scotland (RBS), Ulster Bank and the Post Office have agreed to exchange the older-style £50 notes for both customers and non-customers up to the value of £200 until 30 October.
In a video placed on YouTube, Victoria Cleland, head of notes division at the Bank, advises people: "If you have any Houblon £50 notes, it's best to spend, deposit or exchange them before 30 April": What to do with old 'Houblon' £50 notes
*Source: The guardian
