Banks that allow you to exchange paper notes will generally allow you to deposit the money into the account that you hold with them. Banks and building societies happy to exchange the old notes include Halifax, Lloyds, Nationwide, Barclays, NatWest and Santander – though keep in mind they may have a cut-off date.
Exchanging old banknotes
Many banks accept withdrawn notes as deposits from customers. The Post Office will also accept withdrawn notes as a deposit into any bank account you can access at the Post Office. And you can always exchange withdrawn notes with us.
Visit a Bank: You can visit a bank branch to exchange the notes. Banks were allowed to accept these old notes until a specific deadline set by the Reserve Bank of India (RBI). However, this deadline has long passed, so it's essential to check with the bank about their current policy regarding old notes.
You will be able to swap your old notes for new ones
The Bank of England has announced it will begin circulating bank notes with the image of King Charles III from June 5 this year, 2024. That means that, at some point, notes featuring the image of his mother Queen Elizabeth II will no longer be usable.
Exchanging old notes at the Post Office
The Post Office Opens in a new window will accept most old notes as a deposit into any UK bank account you can access with them. There are also 48 Post Office branches across the UK that will swap old banknotes, even if you do not have a bank account.
While the paper notes are no longer legal tender, a spokeswoman said “all genuine Bank of England banknotes that have been withdrawn from circulation retain their face value. There is no expiry on the period in which we will exchange banknotes”.
The Reserve Bank of India had, in December 2015, set June 30, 2016 as the last date for public to exchange pre-2005 banknotes at the identified bank branches and Issue Offices of the Reserve Bank of India. The Reserve Bank has also clarified that these pre-2005 banknotes will continue to remain legal tender.
On July 14, 1969, the Department of the Treasury and the Federal Reserve System announced that currency notes in denominations of $500, $1,000, $5,000, and $10,000 would be discontinued immediately due to lack of use. Although they were issued until 1969, they were last printed in 1945.
Yes, old 100-dollar bills can still be used, and they remain legal tender. No matter how long ago they were issued, as long as the bill is authentic and has not been recalled or declared void, it can be used for all transactions.
You can take your torn or mutilated (damaged) notes to any commercial bank in Singapore where you have a bank account. The bank will authenticate and assess the note before award value according to the Monetary Authority of Singapore's guidelines.
All genuine Bank of England banknotes that have been withdrawn from circulation retain their face value for all time and can still be exchanged over the counter.
When enough old bills have been collected, the Federal Reserve Banks will shred them. If you take a tour of a Federal Reserve Bank, you can sometimes take home your very own unique souvenir: a bag of shredded paper money! The recycling process isn't a small-scale operation.
Yes. A bank can set its own internal policy as to whether it will accept or exchange unrolled coins for currency.
It is U.S. government policy that all designs of Federal Reserve notes remain legal tender, or legally valid for payments, regardless of when they were issued. This policy includes all denominations of Federal Reserve notes, from 1914 to present as per 31 U.S.C. § 5103.
Information on claiming for a damaged banknote
In most cases the banks will only reimburse you with the face value of a damaged banknote if you still have at least half of the banknote.
The $100,000 bill is the highest denomination ever issued by the U.S. Federal Government. Printed in 1934, it was not intended for general use, but instead was used as an accounting device between branches of the Federal Reserve. It is illegal for a private individual to own this banknote.
Made in 1929 and 1934, these $5 and $10 bills have brown seals and the name of the issuing bank. They might be worth three to four times their face value, or thousands of dollars, OldMoneyPrices.com reported.
The highest value is $4,500 or more for uncirculated notes from 1890, although most of those bills range from $550 to $2,500. The values are the same whether the bill has a red or brown seal. An original uncirculated $2 bill from 1862 ranges in value from $500 to more than $2,800.
Many banks will still accept old notes as deposits from customers. And again, you might be able to pay them into your bank account at the Post Office.
Notes which have turned extremely brittle or are badly burnt, charred or inseparably stuck up together and, therefore, cannot withstand normal handling, shall not be accepted by the bank branches for exchange.
No, you do not have to trade in your old-design notes for new ones. All U.S. currency remains legal tender, regardless of when it was issued.
We'll give you new notes for old
Hand us your withdrawn banknotes. We'll give you the same value in current, valid polymer notes. Done.
Banknotes featuring the portrait of Queen Elizabeth II, will remain legal tender, and can continue to be used. There is no need to exchange current banknotes for the new King Charles III banknotes. The Bank's counter at our Threadneedle Street building will only issue Queen Elizabeth II banknotes.
The BEP's Mutilated Currency Division provides free mutilated currency redemption services for individuals and institutions, such as businesses and financial institutions, in possession of United States mutilated currency notes.