The Bank of England has warned that it will withdraw legal tender status of the paper £10 note featuring Charles Darwin at 23:59 on Thursday 1 March 2018.
With six weeks to go, all retailers that handle cash need to plan and prepare for the change.
After the deadline, businesses and the public no longer have to accept the Darwin £10 note, which was first issued in 2000, as payment or in change and the new polymer note featuring Jane Austen will be the only £10 note with legal tender status.
The Bank of England is encouraging businesses to take the following steps:
- Clear out your safes. Start banking your paper £10s now.
- Update your machines. Ensure you know which cash handling machines are being operated by your business and check whether an adaptation is required with your supplier.
- Check your note supply arrangement with your bank to understand whether they will continue to accept paper £10 notes after the withdrawal date.
- Train your staff. An A4 poster is available to support staff training on withdrawal and available to download or order, free of charge. It can also be displayed in the shop front or banking hall.
- Manage your customers’ expectations. If you have not been able to adapt your machines before the note is withdrawn, have a process in place so that customers can exchange old notes if they are dispensed in change.
Some banks and building societies may accept paper £10 notes after 1 March 2018 but this is at their own discretion.
The Bank of England said it will continue to exchange Darwin £10 notes for all time, standard practice for any Bank of England note which no longer has legal tender status.