Recent figures reveal that around £6.6 billion in old UK banknotes and coins remain unreturned — despite many of them no longer being legal tender. Paper £20 and £50 notes were withdrawn in 2022, and yet 375 million paper notes are still in circulation, including millions of £5, £10, £20 and £50 denominations.
The Royal Mint also reports that approximately 70 million round £1 coins have yet to be returned, despite being replaced by the 12-sided version in 2017. Many of these could be tucked away in drawers, tills, donation jars or personal collections — often forgotten but still holding value.
For therapists and wellbeing professionals managing private practices, these figures offer a timely reminder: old cash is not worthless. The Bank of England confirms that all genuine notes retain their face value and can still be exchanged. You can post them directly to the Bank of England, deposit them at some banks, or exchange up to £300 at participating Post Office branches.
Cash usage has declined sharply in recent years, accelerated by the pandemic and the rise of card payments. However, it still accounted for 12% of all payments in 2023, and clients may still pay for sessions in cash, including old notes unknowingly.
As part of good financial hygiene, therapists should review any stored or forgotten cash in their practices. You might just discover a helpful contribution towards business expenses — hiding in plain sight.