The Bank of England has warned people they have just 100 days to either use or exchange their old £20 and £50 notes before they lose legal tender status.

Both notes will no longer be accepted from Friday, September 30, with the bank urging people to take them to their local branch or the Post Office if they are not going to spend them.

There is more than £6bn worth of paper £20 banknotes featuring economist Adam Smith, and over £8bn worth of paper £50 banknotes featuring entrepreneur Matthew Boulton and engineer James Watt, still in circulation.

That is more than 300 million individual £20 banknotes, and 160 million paper £50 banknotes.

It comes as the new polymer £50 banknote featuring Bletchley Park codebreaker and scientist Alan Turing celebrates its one-year anniversary.

Bank of England chief cashier Sarah John said: “The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy, so we’re asking you to check if you have any at home.

“For the next 100 days, these can still be used or deposited at your bank in the normal way.”