The Bank of England announced on Monday that the old-style £20 note featuring the portrait of Sir Edward Elgar will cease to be legal tender on 30th June.

The Elgar banknotes were first issued in 1999, but from 2007 have been gradually replaced with a new design featuring the economist Adam Smith. Approximately 1 in 10 £20 notes currently in circulation carry the Elgar design.

The Bank of England changes the design of their currency about every seven years, usually to introduce new security features. The portraits on the reverse of the notes are chosen from suggestions made by the public, although the Governor of bank has the final say.

Retailers will no longer be obliged to accept the old-style notes after 30th June, but they will remain exchangeable at the Bank of England for new currency.