HAMPSHIRE residents are being reminded they only have one month to spend or bank any old £20 notes before they are finally withdrawn from circulation.

The £20 note featuring a picture of composer Edward Elgar is being taken out of circulation from June 30.

It has been slowly replaced by one carrying the image of economist Adam Smith since 2007.

The Bank of England says that a large number of outdated notes have already been collected but are warning residents to check to see if they have any more at home because they will no longer be accepted as legal tender by retailers and businesses at the end of next month.

A spokeswoman said, “For several months from the end of June most banks, building societies and Post Offices should accept Elgar £20 notes for deposit to customer accounts and for other customer transactions.

Agreeing to exchange the notes for non-customers is at the discretion of the individual institution.

“The Bank of England will always give value for these notes (and all other banknotes the bank has issued).”