Banknotes are a rewarding thing to collect. Each note tells a story through its portraits, its signatures and its security features, and you can often start with what is already in your wallet or in a drawer at home. Prices range from almost nothing to serious money, so it helps to know where to look and what to check. In this article you will read how to choose a theme and where to find banknotes in the UK.
Choose a theme
A theme keeps your collection clear and makes searching more fun. A few ideas:
- English notes: the Treasury notes of 1914 to 1928, the large Bank of England white notes and the paper notes of the last century. Many collectors collect Bank of England notes by the signature of the Chief Cashier, which appears on each note.
- Scottish and Northern Irish notes: a world of their own, with different banks and designs.
- Polymer notes and serial numbers: current notes, with interesting serial numbers.
- 0 euro and £0 souvenir notes: affordable and colourful.
- World notes: one country, one continent or a subject such as animals or ships.
You can read more about choosing a theme in Getting started with collecting.
Old Bank of England notes
Older Bank of England notes are a popular place to start, because there is a lot of choice and many notes are still affordable. The paper £20 and £50 notes of Series F stopped being legal tender on 30 September 2022, and earlier series were withdrawn long before that.
Do you have old notes and simply want their face value? The Bank of England explains how to exchange withdrawn notes. According to the Bank there is no deadline. You can pay them into a UK bank account, use the Post Office for many old notes, or exchange them with the Bank by post or in person. Before you do, take a look at what you have. A note in fine condition, with an early serial number or an unusual signature, can be worth more to a collector than its face value.
Scottish and Northern Irish notes
In Scotland and Northern Ireland, six commercial banks are authorised to issue their own notes. In Scotland these are the Bank of Scotland, Clydesdale Bank and The Royal Bank of Scotland. In Northern Ireland they are Bank of Ireland, Danske Bank and Ulster Bank. Each bank has its own designs, and these change regularly. That makes them an interesting theme with plenty of variety. Older issues from banks that no longer issue notes are also collected.
Polymer notes and serial numbers
All four current Bank of England notes, the £5, £10, £20 and £50, are printed on polymer. Since 5 June 2024 the Bank has issued notes with the portrait of King Charles III, while notes with Queen Elizabeth II remain legal tender. That gives you two portraits for each denomination.
Some collectors look specifically at serial numbers: low numbers, repeating digits or a number that matches a birthday. Polymer is tough, but folds and creases stay visible, so handle these notes with the same care as paper ones.
0 euro and £0 souvenir notes
0 euro notes are souvenir notes that look like euro notes, with a face value of zero. They are printed for museums, events and places of interest, including in the UK. There are also £0 souvenir notes based on the same design. These notes are not money, but they are cheap and colourful, and for many people they are a first step. Keep them in a sleeve of the right size, just like real notes. For more on serial numbers, sought-after notes and storage, read Collecting 0 euro souvenir notes.
Where to buy banknotes
- Dealers. A specialist banknote dealer, or a coin dealer with a banknote section, can advise you and usually describes condition carefully.
- Fairs. Many coin fairs also have banknote dealers. You can compare notes side by side and see the condition with your own eyes.
- Auctions. Good for better notes and whole collections. Include the buyer’s premium in your bid and read the condition description carefully.
- Online marketplaces. A lot is on offer, but photos can be misleading and folds are easy to hide. Ask for photos of both sides in good light.
Take a few sleeves and a piece of card to a fair. That way you can carry a note you have bought home safely, without a fold.
Tip: Record the serial number of each note in AgAurium, with a photo of both sides, and put the Chief Cashier or issuing bank and the catalogue number in the notes. Then you can see at a fair which notes and signatures you still need. Try AgAurium for free →
The IBNS
The International Bank Note Society (IBNS) is a non-profit organisation for banknote collectors with members in many countries. It publishes grading standards and has local branches. In the UK, the IBNS London Branch meets every other month in Bloomsbury, with talks and a show and tell, and holds an auction at its AGM.
Catalogues
| Catalogue | What for |
|---|---|
| *English Paper Money* by Pam West | Bank of England and Treasury notes, with grades and values |
| *Standard Catalog of World Paper Money* | Notes from all over the world, with Pick numbers |
*English Paper Money*, published by Spink, covers Bank of England notes from 1694 to polymer, as well as Treasury notes, and gives values by grade. For world notes, the *Standard Catalog of World Paper Money* is the usual reference. Dealers and collectors refer to notes by their Pick number. As with all catalogues, the prices are guides, not offers.
Check the condition
With banknotes, condition makes a big difference to the price. One fold can drop a note from UNC (uncirculated) to a lower grade. Before you buy, check:
- Folds and creases, including small corner folds. Hold the note at an angle to the light.
- Pinholes, tears and stains.
- Signs of pressing or washing. A note that is suspiciously crisp but has slightly flattened paper may have been treated.
You can read how grades work in Grading condition and how to store notes safely in How to store banknotes without damage.
Watch out for fakes
Fake and altered notes appear on the collector market too. Be particularly careful with expensive old notes and with notes offered far below the usual price. Compare the paper, the print and the watermark with a note you know is genuine, and buy expensive notes from an established dealer or a reputable auction house.
See notes in real life
The Bank of England Museum in the City of London is free to visit on weekdays. It is a good place to see the history of British banknotes and to learn what genuine notes look like.
How AgAurium helps
In AgAurium you record each note with its country, year, face value, serial number, condition and a photo of the front and back. AgAurium can read the text on a photo and fill in fields such as the serial number and year for you. In the notes you can add the Pick number or the Chief Cashier.
Under storage location you might write “album 1, page 4”. If you later wonder whether a fold has appeared, simply compare the note with the photo.
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