From 1st March 2018, The Bank of England will withdraw legal tender status of the paper £10 and it will be replaced by the polymer £10 note, which first entered circulation on 14th September 2017.
The Bank of England is urging retailers to ensure that their business is prepared and follow the steps that they have outlined before March 1st.
The checklist for businesses includes:
- Clear out your safes- retailers should start banking old paper £10 notes now
- Update your machines- check the cash handling machines operating within your business and see whether an adaptation is required with your supplier
- Check note supply arrangement- talk to your bank and see if they will still accept paper £10 notes after the withdrawal date
- Training- train your staff, the Bank of England have supplied an A4 poster to support staff training on the paper £10 note withdrawal, which is available here
- Keep up to date- businesses can keep up to date on the latest information about polymer banknotes by registering at: www.bankofengland.co.uk/banknotes/Pages/subscribe or email [email protected].
ACS chief executive James Lowman said: “Retailers need to be aware of the changes that are happening with the new polymer £10 now that the withdrawal date of the paper note is six weeks away. Any retailers who are handling cash need to ensure that they have a plan in place for how they will adapt their cash handling practices.
“We would encourage retailers to engage with the various materials that the Bank of England has produced to support the transition from paper to polymer.”
Retailers, banks and building societies do not have to accept the old £10 note after March 1st, although some may do so at their own discretion. The Bank of England will always exchange its old-series notes.
