As of April 2022, the value of outstanding notes and coins in circulation in the United Kingdom reached almost 95 billion British pounds. This was an increase of almost 13 billion British pounds as compared to April 2020. When broken down by denomination, the twenty-pound note accounted for the highest share of notes in circulation. Twenty-pound notes also had the highest volume of banknotes in circulation in 2020.
Currency fraud
One issue with having a physical currency is that some will try to take advantage by producing counterfeit notes and coins. In 2019, nearly 430 thousand counterfeit banknotes were removed from circulation. These counterfeit notes had a face value of approximately 10 million British pounds.
Damaged banknotes
Another downside to the use of physical cash is that is can become damaged and therefore unusable for as a means for payment. The main reason for claiming against damaged or destroyed banknotes was due to tearing.
Value of outstanding notes and coins in circulation in United Kingdom (UK) from January 2014 to April 2022
(in million GBP)
Characteristic
Amounts outstanding in million GBP
Apr '22
94,819
Mar '22
94,927
Feb '22
94,972
Jan '22
94,811
Dec '21
94,577
Nov '21
96,055
Oct '21
95,841
Sep '21
95,499
Aug '21
95,261
Jul '21
95,243
Jun '21
95,160
May '21
95,006
Apr '21
94,714
Mar '21
93,430
Feb '21
92,979
Jan '21
92,485
Dec '20
90,606
Nov '20
90,080
Oct '20
89,565
Sep '20
88,993
Aug '20
88,319
Jul '20
87,639
Jun '20
86,083
May '20
83,746
Apr '20
82,479
Mar '20
82,557
Feb '20
82,464
Jan '20
82,554
Dec '19
82,633
Nov '19
82,865
Oct '19
83,162
Sep '19
83,221
Aug '19
82,999
Jul '19
82,841
Jun '19
82,682
May '19
82,443
Apr '19
82,505
Mar '19
82,456
Feb '19
82,452
Jan '19
82,282
Dec '18
82,133
Nov '18
81,957
Oct '18
81,883
Sep '18
81,997
Aug '18
81,711
Jul '18
81,688
Jun '18
81,594
May '18
81,474
Apr '18
81,513
Mar '18
81,310
Feb '18
81,642
Jan '18
81,815
Dec '17
81,964
Nov '17
82,080
Oct '17
82,160
Sep '17
82,235
Aug '17
82,079
Jul '17
82,120
Jun '17
82,156
May '17
82,133
Apr '17
82,045
Mar '17
81,618
Feb '17
81,560
Jan '17
81,270
Dec '16
80,811
Nov '16
80,385
Oct '16
79,916
Sep '16
79,509
Aug '16
78,967
Jul '16
78,415
Jun '16
77,696
May '16
77,087
Apr '16
76,569
Mar '16
75,899
Feb '16
75,282
Jan '16
74,713
Dec '15
74,221
Nov '15
73,807
Oct '15
73,439
Sep '15
73,070
Aug '15
72,803
Jul '15
72,472
Jun '15
72,253
May '15
71,951
Apr '15
71,626
Mar '15
71,393
Feb '15
71,080
Jan '15
70,684
Dec '14
70,300
Nov '14
69,879
Oct '14
69,423
Sep '14
68,929
Aug '14
68,514
Jul '14
68,122
Jun '14
67,942
May '14
67,795
Apr '14
67,520
Mar '14
67,098
Feb '14
66,977
Jan '14
66,779
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Bank of England. (May 23, 2022). Value of outstanding notes and coins in circulation in United Kingdom (UK) from January 2014 to April 2022 (in million GBP) [Graph]. In Statista. Retrieved August 09, 2022, from https://www.statista.com/statistics/319453/uk-banking-notes-and-coin/
Bank of England. "Value of outstanding notes and coins in circulation in United Kingdom (UK) from January 2014 to April 2022 (in million GBP) ." Chart. May 23, 2022. Statista. Accessed August 09, 2022. https://www.statista.com/statistics/319453/uk-banking-notes-and-coin/
Bank of England. (2022). Value of outstanding notes and coins in circulation in United Kingdom (UK) from January 2014 to April 2022 (in million GBP) . Statista. Statista Inc.. Accessed: August 09, 2022. https://www.statista.com/statistics/319453/uk-banking-notes-and-coin/
Bank of England. "Value of Outstanding Notes and Coins in Circulation in United Kingdom (Uk) from January 2014 to April 2022 (in Million Gbp) ." Statista, Statista Inc., 23 May 2022, https://www.statista.com/statistics/319453/uk-banking-notes-and-coin/
Bank of England, Value of outstanding notes and coins in circulation in United Kingdom (UK) from January 2014 to April 2022 (in million GBP) Statista, https://www.statista.com/statistics/319453/uk-banking-notes-and-coin/ (last visited August 09, 2022)
