Written question asked by Lord Marlesford (Conservative), in the House of Lords. It was answered by Lord Sassoon (Conservative) on Monday, 12 March 2012.

Money: £50 Notes

Question: To ask Her Majesty's Government how many (1) old, and (2) new, £50 notes are currently in circulation; when they plan to withdraw the old notes; and what guidance and rules have been issued to high street banks on changing the old notes for new notes.

Answer: The Bank of England estimates that, on 24 February 2012 there were around £7.9 billion of Houblon £50 notes (£50E) and £2.0 billion of Boulton and Watt £50 notes (£50F) in circulation. In total, there were just under £10 billion-worth of £50 notes in circulation, which accounts for approximately a fifth of all notes in circulation by value. In preparation for the launch of the Boulton and Watt £50 notes, the Bank asked financial institutions (FIs) to prepare only to dispense the new Boulton and Watt £50. In order to speed the transfer from the old Houblon £50 to the new Boulton and Watt £50, FIs were asked to return the Houblon £50 notes to the Bank, rather than to re-circulate them to the public. Currently, both the Houblon £50 and the Boulton and Watt £50 have legal tender status so can be used to make transactions and are accepted by FIs. The date of withdrawal of legal tender status for the Houblon £50 has not yet been set. The Bank will, consistent with normal practice, give at least three months notice prior to removal of legal tender status of the Houblon £50 and will publicise this on the Bank of England's website and through other media.

Secondary information

Type: Written question
Reference: 16129; 736 c18-9WA
Session: 2010-12
Related items: Money: Forgeries
Tuesday, 27 March 2012
Written questions
House of Lords
Subjects: Bank notes
Link: View this Written question on www.publications.parliament.uk