Whopping £7.25billion of out-of-date money stashed in drawers and cupboards in the UK

Figures from the Bank of England and the Royal Mint show a huge amount of money that has been withdrawn from circulation - some for decades - has not been returned. It means Brits who have lost track of their loose change and old bank notes are sitting on a fortune! Mario Van Poppel, founder and owner of Leftover Currency, said: “It’s amazing how much money people forget about or simply lose track of. “When certain notes or coins are taken out of circulation and replaced by newer versions, this only increases. “And when you see the total amount that’s not been returned to the Bank of England or Royal Mint, it’s astonishing.” The data was revealed via Freedom of Information (FOI) requests submitted by Leftover Currency to both financial institutions. The Bank of England stats showed that as of the start of September this year, there was £7.7bn worth of ‘old-style’ bank notes that had not been returned. This includes £550million of old fivers, £620m of tenners, £3.4billion worth of £20 notes and a total of £2.6billion of £50 notes. Meanwhile, the Royal Mint records revealed interesting information about the old round £1 coin that was withdrawn in 2017 and replaced with the 12-sided version. As at July this year, £1.62bn of coins had been returned - but an eye-watering £76.2m were still out in the world. The Royal Mint, which is now based in South Wales, is the UK’s official maker of coins. The Bank of England is the nation’s central bank and, established in 1694, is the world's eighth-oldest bank. According to its website, there are more than 4.6bn Bank of England notes in circulation, with around £82bn. There is no deadline on exchanging old bank notes - either at your own bank branch or at the Post Office. The latter will also accept and exchange old pound coins, as long as they are in good condition. Leftover Currency’s Mario Van Poppel said: “It’s not just old British currency people have tucked away, most will also have some forgotten foreign coins and notes stashed somewhere at home. “Our research estimates this amounts to £2.7billion - which is around £60 per adult. So it’s well worth having a hunt around your house or flat for any that’s gathering dust, cash it in and put it to good use.” Leftover Currency makes switching currency easy. Simply check the list of currencies you would like to exchange and add it to your online wallet. Then place your order, post the currency and you will be sent your money by bank transfer, PayPal or cheque within five working days. For more information visit https://www.leftovercurrency.com/.