# New £20 banknote issued

- Link: https://fundraising.co.uk/2007/03/12/new-20-banknote-issued/
- Published: 2007-03-12T00:00:00+00:00
- Author: Howard Lake

A new £20 note will be issued tomorrow by the Bank of England. The image of Sir 
Edward Elgar on the reverse will be replaced with that of Adam Smith, “one of the
fathers of modern economics”. So, don’t be surprised if your collecting tins or 
shop tills contain a few of these from tomorrow onwards.
The new note is the same
size and predominately the same colour as the old-style £20 note but it contains
enhanced security features.

Both versions of the note will circulate in tandem while the old-style Elgar note
is progressively withdrawn from circulation. As is usual practice, the Bank of England
will then announce the date on which it will cease to be legal tender. As with all
Bank of England notes, however, they can always be exchanged for their face value
at the Bank in London.
At the end of December 2005 there were around 1.2 billion(
1,234,900,000) £20 banknotes in circulation, representing 55% of total notes by 
volume, 63% by value.

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