Bank notes in circulation since 1975

The total value of banknotes in circulation has tended to increase over time with growth driven in recent years by the £20 and £50 note. The Bank of England measures the value of notes in circulation on the last day in February each year. The BoE receives thousands of claims each year from members of the public, banks, businesses and the police – currently, about 25,000 banknote claims are made each year. This represents a steady fall since a peak in 2006 and is the lowest for 20 years.

Contamination is the biggest reason for replacement – being chewed or eaten is the lowest reason for replacement.

The chart below shows the value of banknotes has grown steadily over the last 45 years.

 

 

Source: Bank of England

 

 

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