Banknotes in circulation in the UK from 2014 to 2023, by denominations

Before the banknotes enter circulation, they must pass the production tests, related to the quality of notes and security of the money. Many factors influence the length of time a banknote stays in circulation, including the overall durability, but also non-altered signals in automated authentication, for security. The lifespan of notes can also vary for different denominations, as some are more frequently used in making payments. If a banknote no longer meets quality standards, it needs to be taken out of the market.

Value of banknotes in circulation in the United Kingdom (UK)

As of 2023, the 20-pound banknote denomination in circulation had the highest value in the United Kingdom (UK). According to the Bank of England's data, the total value of all five, 10, 20 and 50 British pounds banknotes in circulation on the UK's market was equal to approximately 81.26 billion British pounds.

Removing banknotes out of circulation

The reasons for removing banknotes out of circulation are multiple, and they can include the banknotes having been damaged (washed, chewed or damaged by fire), as well as having been contaminated. Since 2005, the number of counterfeit Bank of England banknotes removed from circulation has fluctuated, reaching their peak volume of 746 thousand in 2012.