Houblon £50 notes to be withdrawn today

30 January 2014

The £50 banknote featuring the portrait of Sir John Houblon, the first ever governor of the Bank of England, is to be withdrawn from circulation today.

From tomorrow, only £50 notes carrying images of Matthew Boulton and James Watt - who were "responsible for accelerating the progress of manufacturing steam engines during the 18th and 19th centuries" according to the Bank - will remain as legal tender.

After today, shops and businesses will stop accepting the Houblon £50 notes as payment but most banks and building societies will continue to let customers deposit them in to their accounts.

While the banks do not have to continue to accept the notes after 30 April,  Barclays, NatWest, the Post Office, RBS and Ulster Bank have will exchange Houblon £50 notes for the public – up to the value of £200 – until 30 October 2014.

The Bank of England will also continue to exchange the Houblon notes after today – as it does for all other notes it has issued which are no longer legal tender.

Who would you like to see on a bank note? Email us your suggestions with a brief explanation to editorial@moneywise.co.uk

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