On 8 March the Bank of England announced the note's withdrawal from circulation on 30 June 2010. After this date the Elgar note will no longer have ‘legal tender' status so will be less likely to be accepted in payment or in change, in retail outlets. The Adam Smith £20, first introduced in 2007, has gradually replaced its Elgar predecessor and continues in circulation.
Andrew Bailey, the Bank's Chief Cashier and Executive Director, Banking Services, said, "People still holding any Elgar notes should deposit, spend or exchange them now, to avoid any possible difficulties in being able to do this readily after 30 June." But he wanted to reassure the public, saying, "For several months from the end of June most banks, building societies and Post Offices should accept Elgar £20 notes for deposit to customer accounts and for other customer transactions, although the choice to exchange the notes rests with each institution." And should anyone have any difficulties or discover their Elgar notes much later, he added, "The Bank of England will always give value for these notes and in fact all other banknotes the Bank has issued."
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