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Published 11:12 30 Sept 2022 BST
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"As paper notes are returned to the Bank of England, they are being replaced with the new polymer £20 notes featuring JMW Turner, and polymer £50 notes featuring Alan Turing.
"After 30 September, only our polymer notes will have legal tender status."
They added: "Once the 30 September 2022 deadline has passed, you will no longer be able to use Bank of England paper notes in shops, or use them to pay businesses.
"After this date, many UK banks will accept withdrawn notes as deposits from customers. Some Post Offices may also accept withdrawn notes as a deposit into any bank account you can access with them.
"The Bank of England will always exchange any withdrawn notes, including paper notes we have withdrawn in the past."
This change, however has nothing to do with the Queen's passing and King Charles's ascension as the paper notes extinction was planned way in advance.
Though the updated bank notes with King Charles ' image will be revealed by the end of the year, the currency won't actually be in circulation until mid-2024.
This will be a continuation of the current polymer series and no additional changes to the banknote designs will be made, the Bank of England said.
There are around 27 billion coins currently circulating in the UK bearing the effigy of the Queen. These will be replaced over time as they become damaged or worn, and to meet demand for additional coins.
Coins featuring a portrait of King Charles will gradually enter circulation from December and will appear on 50p coins first, The Royal Mint has said.
In keeping with tradition, the King's portrait faces to the left, the opposite direction to the Queen.
A commemorative £5 coin has also been created and features two new portraits of the late monarch on the back.
Nicola Howell, chief commercial officer at the Royal Mint, said King Charles worked closely with sculptor Martin Jennings - and "personally approved the effigy".
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