Apparently many of us do, to the tune of £19 billion! This according to the Bank of England, The Royal Mint and now the BBC.
The Bank of England began using plastic or polymer notes in 2017, by phasing out paper £5 notes, then phasing out paper £10 notes in 2018, and the polymer £20 notes came into circulation in 2020.
While paper £5 nd £10 notes have now been withdrawn from circulation, the old paper £20 and if you dare have one, a £50 paper notes, will be taken out of circulation as of September this year, 2022.
Not to mention the new £1 coins that went into circulation in 2017.
The change to our currency was to make counterfeiting more difficult, and also the plastic or polymer money lasts longer.
I know the plastic note make it more difficult to fold and keep in your wallet or purse. They do take some getting used to.
Do you still have any of these old notes or coins? Some people hold onto them as they think they can sell them in the years ahead, possibly as collector items. But the old notes and coins still have their “face value” with the Bank of England. This means you can still turn in old paper notes or old coins to bank branches, and have them exchanged for the new plastic notes or new £1 coins.
To have that many billions of pounds of old money out there, is a lot! Start looking under the settee and sofa cushions.