£9 billion worth of old banknotes and coins have not been cashed in across the United Kingdom, even though the paper £20 and £50 notes were no longer legal tender in October 2017 and the round £1 coin was replaced in October 2017.
Although the paper notes are no longer legal tender, they can still be deposited or exchanged at banks and some Post Offices.
The Royal Mint reported that about 87 million old style £1 coins have not been returned, and about 18 million have been returned over the past year.
The use of cash fell sharply during the coronavirus
pandemic as lockdowns reduced options for spending, but it still accounted for 15% of all payments in 2022, according to the latest available figures by UK Finance.