The Post

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Spend £20 Today , and it could soon be on the way to the compost.

The Bank of England The Massive task of destroying £40bn-worth of Paper Bank Notes which have been replaced by new Polymer £20 Notes on Thursday has begun.

About two billion banknotes Will be withdrawn and recycled to be used as a soil improver for agriculture.

"It's a huge operation, the public Will hardly notice," said Mark Saunders of G4S which handles two-thirds of British Bank Notes .

replacement of the two billion banknotes Will be the largest cash compensation in British history.

The Old twenties with The Image of the economist Adam Smith to be withdrawn from circulation. This means that the Notes are returned to the banks or to The Cash centers, which Will not be used by retailers again, although some stores are Recycling Notes with your own cash-machines.

The Process Will take months, but once enough have been destroyed, The Bank of England six months Will be issued to give forecasts for the rest of the Notes .

last time, the £20 was replaced in 2007 by Edward Elgar Note was taken - it took three years before it ceased to be legal tender. It could be faster This Time , but it is likely to be 2021 at the earliest before The Bank sends their six-month deadline for The Paper -Adam Smith £20.

What happens with the withdrawn Notes ?

There is a high-security warehouse in a back street in London. There are two huge high-speed Note -sorting machines whirring by thousands of pounds per minute.

The mini-Note -large coasters on The Machines Will be able to count, check and sort of 33 banknotes per second through a complex arrangement of sensors, and fast-moving belt.

you are part of a nationwide network of high-security cash Center of The Note circulation System (NCS) Run by G4S, NatWest Bank, the Post Office and Vaultex UK.

Last year, the NCS processed £93bn-worth of banknotes.

"The high-speed Note sorter, Will be crucial in identifying and sorting out the Old scores," said Rob Perry, G4S cash solutions-operation and support manager.

"The Old £20s wrapped in blocks of £50,000," he revealed. "They are densely Packed, Sealed and stored in metal cages in The Cash centre vault s. "

uses up to 1990 The Bank of England, to all his Old Notes and burn them in an incinerator, the help, the heat in his building in The City of London.

to create Well, if the 50,000 pounds block is returned, The Bank uses a composting treatment, similar to The Treatment of food waste, soil improver.

compensation planning

The work to replace the Old one, the £20 Notes started at the beginning of 2019, with technicians constantly update The Note -sorting machines, so they would recognize the new Polymer Note and at the same time filter out the Old .

The G4S Cash business oversaw the delivery of millions in the Notes to 33 strategically selected bank branches the same time, with the Thursday launch date. In the UK, 38 carefully selected ATMs also filled with goods from the new Notes by G4S.

As new £20 Notes are 15% smaller than the Old Notes , the dozens of thousands of cassettes in ATM machines around the country have had to be replaced or re-configured.

The planning behind this was for More Than a year.

Within Two Weeks after the introduction of the new Note , it is expected that each bank branch is provided by G4S, the share is new information.

Within about six to eight weeks, all of the ATMs have been converted to the new £20 cassettes, while the NCS-members of the batch of Old Notes in The Cash -Center-vault, ready to send to The Bank of England to be destroyed.

"The Life of a Note is extraordinary," Mark Saunders , a Director of G4S Cash centre operations, said. "Then we have the machine sorted the cotton Notes are out, they are parcelled, weighed, and locked in cages in our vaults before you can then safely be transported back to The Bank of England for verification and Destruction . "

but in recognition of The Paper - £20-Note

The Bank of England, said: "you Will still be able to use The Paper , a £20 Note , until we pull ourselves back from the traffic. We Will the date of the withdrawal, have issued known to we, our new Polymer £20 Note . We Will give you six months notice of the withdrawal date. "

Even after the expiry of the period of the Old Notes , passes, Will you still be able to cash-in.

The Bank of England said: "a Lot of banks accept the withdrawn Notes , as deposits from customers. The Post may also accept, decline, Notes drawn as a Deposit in any bank account, you can access to The Post . And, you can always exchange Notes withdrawn With Us . "

personal finance, g4s, bank of england, money

Source of news: bbc.com