£50 banknotes carrying the portrait of Sir John Houblon will be withdrawn from circulation on 30 April 2014.
From that time, only the £50 banknote featuring Matthew Boulton and James Watt, which was introduced in 2011, will hold legal tender status.
Members of the public who have Houblon £50 notes can continue to use them up to and including the 30 April.
After that date, general retailers are unlikely to accept the Houblon notes as payment. However, most banks and building societies will continue to accept them for deposit to customer accounts. Agreeing to exchange notes after 30 April is at the discretion of individual institutions.
Barclays, NatWest, RBS, Ulster Bank and the Post Office have all agreed to exchange Houblon £50 notes for members of the public – up to the value of £200 – until 30 October 2014.
The Bank of England will continue to exchange Houblon £50 notes after 30 April, as it would for any other Bank of England note which no longer has legal tender status.