The Bank of England has announced the four animals that will feature on its next series of banknotes. For households that still use cash, the practical message is that nothing in your wallet changes now, but it is worth knowing how notes are replaced and how old ones can be exchanged.
What has the Bank of England announced?
On 8 October 2026 the Bank announced that the Atlantic puffin, barn owl, buff-tailed bumblebee and European hedgehog will appear on the next series, one animal for each of the £5, £10, £20 and £50 denominations. According to the Bank, which animal goes on which note has not yet been announced.
The choice followed a public consultation that ran from 3 June to 3 July 2026. The Bank says it received 478,531 responses, the most it has had for a banknote imagery consultation, with respondents making 2,549,003 selections across a shortlist of 18 animals. The shortlist was split into three categories: mammals, birds, and amphibians, insects and fish, with six animals in each.
The Bank has also said the next series will continue to include a portrait of the monarch. Its Chief Cashier, Victoria Cleland, said the response showed that “cash still matters”.
Does anything change for the notes in a wallet today?
No. According to the Bank’s banknotes page, last updated on 7 October 2026, four denominations are in circulation: £5, £10, £20 and £50, all printed on polymer. They come in two versions, one carrying King Charles III’s portrait and one carrying Queen Elizabeth II’s, and the Bank says the security features are the same on both.
The Bank has said designing, testing and printing banknotes takes several years, and that the first denomination of the new series is expected to launch “over the next few years”. The Bank has not announced a withdrawal date for the current notes, so there is no reason to spend or deposit them in a hurry. Both the King Charles III and Queen Elizabeth II versions remain in circulation side by side.
How much cash is actually in circulation?
The same Bank page says there are about 4.98 billion Bank of England notes in circulation, worth roughly £91.5 billion. The page does not give a reference date for those figures, so they are best read as a broad indication of scale rather than a precise current count.
A simple piece of illustrative arithmetic shows what that implies. Dividing £91.5 billion by 4.98 billion notes gives an average of about £18.37 per note. That is a blended figure across all four denominations, and it says nothing about how many of each type exist.
For a wider look at how households use cash day to day, see how households manage cash.
How are banknotes withdrawn and replaced?
When the Bank replaces a series, the old notes eventually cease to be legal tender, meaning shops and banks are no longer obliged to accept them. The Bank’s withdrawn banknotes page lists the most recent examples:
| Note | First issued | Ceased to be legal tender |
|---|---|---|
| £20 Series F (paper) | 13 March 2007 | 30 September 2022 |
| £50 Series F (paper) | 2 November 2011 | 30 September 2022 |
| £10 Series E (variant) | 7 November 2000 | 1 March 2018 |
| £5 Series E (variant) | 21 May 2002 | 5 May 2017 |
The pattern is that a withdrawal date is announced well in advance, and the dates above are those listed by the Bank. Because the next series is still several years away, no equivalent date exists yet for the current polymer notes.
Can old banknotes still be exchanged?
Yes, in many cases. The Bank states: “There is no deadline to exchange old banknotes with the Bank of England.” Losing legal tender status means a retailer can refuse a note, but it does not erase its value for exchange with the Bank.
There are three broad routes, according to the Bank’s guidance:
- In person at Threadneedle Street, London. Open Monday to Friday, 9:30am to 3pm, closed on bank holidays, with last entry at 2:45pm. Original photo ID and proof of address are needed, and the Bank says this route suits exchanges over £300 or where money is needed immediately, though same-day payment is not guaranteed.
- By post. Notes and supporting documents are sent to the Bank’s Loughton address. Processing currently takes up to 90 working days, notes travel at the sender’s own risk, and the Bank cannot confirm receipt, so tracked delivery matters.
- Through the Post Office. The Bank describes this as suitable for £300 or less, for immediate payment, or for people without a UK bank account. Photo ID is required.
The Bank notes that it may ask for ID and proof of address for an exchange of any value, and that copies are required for postal exchanges over £700 and all business exchanges.
What identification is usually needed?
Accepted photo ID includes a valid passport, a photo driving licence (full or provisional), a British residents’ permit, a national identity card for non-UK nationals, or a firearm or shotgun certificate. Proof of address can include an electoral register entry, a utility bill, a Council Tax bill or a bank statement, and many of these must be dated within the past six months.
Having these ready before a trip or a postal exchange avoids delays, particularly given the postal processing times quoted above.
Why does a design change matter for security and everyday use?
Banknote redesigns are partly about security. The Bank’s Chief Cashier said the chosen animals will enhance the security of the Bank’s banknotes. The Bank’s banknotes page says the security features are the same on the King Charles III and Queen Elizabeth II versions of the current notes, which shows the Bank treats a change of portrait as a cosmetic update rather than a change to the underlying protections. A wholly new series is a different exercise, because the imagery itself is part of the design.
For everyday users, redesigns have a more practical effect: people, retailers and machine operators all need time to recognise the new notes. That is one reason the Bank describes the process as taking years rather than months. Anyone who relies on cash for budgeting may find it useful to read why recurring costs deserve scrutiny, since cash-based spending is easy to lose track of.
What is worth doing with cash at home?
Cash held at home earns no interest and is not covered by deposit protection, whereas money in an authorised bank or building society is covered up to the limit explained in the £120,000 deposit protection limit. Keeping a modest amount of notes for emergencies is a common household choice, but larger sums sitting in a drawer carry theft, loss and fire risks as well as the lost interest discussed in how tax on savings interest works.
Checking drawers and old purses for withdrawn paper notes is a simple housekeeping step. If any turn up, the exchange routes above remain available.
How was the final choice of animals made?
The Bank’s June announcement explained the process. Respondents could pick up to two animals from each of the three categories, and only shortlisted animals could be chosen, as the Bank was not seeking other nominations. The Bank said Governor Andrew Bailey would make the final decision, taking public feedback into account, and that the four animals had to be distinct and represent different environments across the UK.
That matters because the Bank also said it might not simply pick the four animals with the most responses. For a household, none of this affects the value of a note. A £20 note is worth £20 whichever animal appears on it. The consultation is better understood as a design exercise than a financial one, although the scale of the response suggests that many people still care about physical money.
The Bank also said it plans representation of the Home Nations in the series. Those details will only become clear when the Bank publishes the designs themselves.
A slow transition with no action needed yet
The announcement is mainly a signal about direction: the Bank expects cash to remain in use and is investing in the next generation of notes. The animals have been chosen, but the denominations, designs and launch dates have not. Until the Bank publishes those details, the notes you hold now stay as they are, and any older paper notes can still be exchanged with the Bank.
This article provides general information, not personalised financial advice. Rules, rates and policies change.
Sources: Bank of England
