The public are being urged to cash in old £50 notes or deposit them at banks before April 30th- this Wednesday.
The affected notes are those printed before 2011 with the portrait of Sir John Houblon, the first governor of the Bank Of England.
The notes are being withdrawn from circulation as part of the bank’s crackdown against fraud.
Newer £50 notes printed after 2011 with the portraits of Matthew Boulton and James Watt are said to have better security features than the older ones and this is the main reason for the cull.
There are an estimated 23 million of the old £50 notes still in circulation which amounts to about £2.65billion.
Shops and businesses are unlikely to accept the notes as payments once they’ve been withdrawn, hence the public have been advised to exchange them or deposit them at banks.
Banks such as Barclays, RBS, Natwest and the Post Office have agreed to exchange the notes up to £200 for members of the public until the 30th of October.