Outstanding value of notes and coin in circulation in the UK 2014-2023

As of June 2023, the value of outstanding notes and coins in circulation in the United Kingdom reached almost 95 billion British pounds. This was an increase of almost 10 billion British pounds as compared to June 2020. When broken down by denomination, the twenty-pound note accounted for the highest share of notes in circulation. Twenty-pound notes also had the highest volume of banknotes in circulation in 2023.

Currency fraud

One issue with having a physical currency is that some will try to take advantage by producing counterfeit notes and coins. In 2023, nearly 200,000 counterfeit banknotes were removed from circulation. These counterfeit notes had a face value of approximately 4,4 million British pounds.

Damaged banknotes

Another downside to the use of physical cash is that is can become damaged and therefore unusable for as a means for payment. In 2022, the main reason for claiming against damaged or destroyed banknotes was due to tearing.