The £50 note will not be withdrawn any time soon, according to the Bank of England’s (BoE) chief cashier.
Victoria Cleland also did not rule out the possibility of issuing new polymer £50 notes, in an interview with Bloomberg.
She pointed to the lower usage of the distinctive red “bullseye” notes as the reason it was not included in a timetable of replacement of other notes.
Cleland’s signature has adorned every new BoE note since March 2015. Since then she has overseen the introduction of the new polymer £5 notes, which are hoped to be longer-lasting and harder to forge.
The old £5 note will no longer be valid after 5 May this year. A new plastic £10 note will be issued from September of this year, before a replacement £20 note by 2020.
However, the new notes landed the Bank in an unlikely controversy, after it was found the new notes contained tiny traces of animal tallow.
The Bank was forced to review the notes’ presence after coming under pressure from vegan groups, but decided to keep the new fivers – although it is looking to find a non-animal substitute for the tallow.
The Royal Mint is also upgrading the £1 coin, which will enter circulation this month. The new coin has 12 sides and is claimed to be the “world’s most secure coin”.