The Money Saving Expert team is advising people on saving £ 1.4 billion worth of cash feared sitting in homes across the UK.
New figures from the Bank of England and the Royal Mint estimate that more than 190 million non-circulating £ 5 and £ 10 notes and 109 million old round pound coins are missing.
In recent years changes have been made to the material for banknotes and the shape of 1 pound coins to combat counterfeiting.
While the new banknotes and coins came into use, many people still haven’t exchanged their old money.
According to the Money Saving Expert team, stores may refuse to accept the cash.
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But instead of desperate, they advise on a number of options to get you back your money.
The main option is to go to your bank. Banks are not required to take notes or coins, but they can decide to do so.
If they do not accept the direct exchange of the money, they can give you the option of depositing the money into your account and then withdrawing it with the correct, current banknotes.
In addition to going to the bank, according to the Money Saving Expert team, there is also the option of going to the post office, which also pays the old banknotes and coins directly into your bank account.
If you’d like to exchange your £ 5 or £ 10 notes straight away for fresh bills, you can go to the Bank of England itself on Threadneedle Street in London.
You will need two forms of identification, including a photo ID and proof of address.
For those who do not live in London there is an option to publish the notes.
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