You may not be able to use your old £50 notes in the shops any more, but the notes featuring the image of Sir John Houblon can be exchanged at the Post Office and certain banks until 30th of October 2014 there is concern that many people who choose to keep their life savings at home stand to lose out.
The banknote was withdrawn from circulation by the Bank of England at the end of April and is no longer considered legal tender.
But anyone with an old £50 note can exchange them at either the Post Office or any branch of the following banks: Barclays, NatWest, RBS and Ulster Bank.
There are approximately 63 million Houblon notes in circulation and the Bank of England have issued a new £50 note that features engineers and business partners Matthew Boulton and James Watt.
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