Deadline approaches for returning old £10 note

It’s believed that more than £2bn old cotton paper £10 notes are still in circulation – with less than two weeks to go before they can no longer be used as UK tender.

The Bank of England  said the withdrawal rates of the notes is “broadly as expected” ahead of  1 March deadline.

The old tenner is being replaced by a polymer note featuring Jane Austen, launched last September.

As a Bank of England Note Circulation Scheme (NCS) member, Vaultex has played an important role in removing and replacing the old notes.

Anyone who has older notes after the March deadline will not be able to use them in UK shops. However, they will still be able to exchange them at the Bank of England.

According to the latest figures, the value of paper £10 notes in circulation is £2.182bn.

Weekly returns of the paper tenners currently average around £85m.