Sir John Houblon £50 Notes Stop Being Legal Tender This Wednesday

By Gerald Lynch on at

International drug smugglers and those with substantial rainy-day funds hidden under the mattress, take note! The Bank of England is withdrawing the £50 note featuring Sir John Houblon from circulation this Wednesday.

Having been out in the wild for the last 20 years, the note (featuring the Bank of England's first governor) is being phased out in favour of newer designs that are harder to forge. With only two days until the note stops being legal tender in shops, the Bank of England estimates there are still some 53 million individual units of the note still in circulation, with a value of £2.65 billion.

Before you plan a panic-induced spending spree, keep in mind that banks and Post Offices will accept the red note until October. After that point, you'll have to contact the Bank of England in order to get a form with which to send the notes through the post in exchange for the newer Boulton and Watt notes, introduced back in November 2011.