Old banknotes are likely to be held by hundreds of thousands of people, who may not have taken action before they were phased out. Whether it is in the back of drawers, fallen down the side of a bed or in a back pocket, older banknotes could be easily misplaced, and then found at a later date. Within recent years, paper banknotes have been removed as legal tender in place of polymer alternatives.

The Bank of England has said it issues new banknotes to make sure they are difficult to counterfeit, as well as to ensure the quality of cash.

Paper notes are set to be phased out entirely in September 2022, when it will no longer be possible to use £20 and £50 notes. 

However, all is not lost for those who hold older forms of money.

Although they cannot be used as legal tender, the central Bank will always accept them.

Failing this, however, individuals are also encouraged to visit the Post Office which may be able to do so.

But it is worth noting once a note has been removed from circulation, a bank or Post Office has no legal obligation to undertake a switch.

The Bank of England, however, confirms it will make the switch for those who find old money.

Individuals will be able to post old ones to the bank which is located in Threadneedle Street, in the City of London to be exchanged for a polymer note.

Alternatively, for those closer by, visiting the Bank of England in person may be an option, but the central Bank says there may be a waiting time to bear in mind. 

While having cash to hand is always thought to be a good idea, individuals are also encouraged to deposit into a bank account to ensure the security of their money.