Banknote statistics

Our banknote statistics

Each year, we publish how many of our banknotes are in circulation and how much they are worth.  We say the number of notes we issue and destroy, the number of counterfeits found, and how many claims we get for damaged notes. And we compare the data with previous years.

Use the icon on the top right hand corner of the charts to download data. You can toggle data series on and off.

Notes in circulation

The total value of our notes in circulation has tended to increase over time with growth driven in recent years by the £20 and £50 note. We measure the value of notes in circulation on the last day in February each year.

The value of banknotes in circulation (£ millions)

¹ Total is the sum of £5, £10, £20 and £50 notes excluding all other notes. See below.
² Higher value notes used as cover for the note issues of banks in Scotland and Northern Ireland.

The volume of banknotes in circulation (millions)

¹ Total is the sum of £5, £10, £20 and £50 notes excluding all other notes.

Growth in the value of our notes in circulation

The two main ways to measure yearly growth of notes in circulation (NIC) are:

• Peak-to-peak, which measures the difference between the peak levels of NIC (usually leading up to Christmas) each year.
• Average year-on-year, which measures the difference between the average level of NIC each year.

The charts below show how peak-to-peak and average growth have varied for each of our notes, and overall, over the past decade.

Peak to peak banknote growth rate

Peak-to-peak measures the difference between the peak level of notes in circulation each year (usually in the run up to Christmas).

Average banknote growth rate

Average year-on-year measures the difference between the average level of notes in circulation each year.

Value of banknotes issued (£ millions)

Each year we issue new banknotes to replace unfit ones and to meet any increases in overall demand. The value of each denomination issued are shown in the table below.

Value of banknotes destroyed (£ millions)

Each year we destroy banknotes that have become unfit for use. The value of each denomination destroyed are shown in the table below.

Damaged notes

When one of our banknotes gets damaged we will exchange it, if at least half of it remains. We receive thousands of claims to replace damaged banknotes each year. 

The first chart below shows the number of claims we received and why. The second chart shows how much we paid to reimburse customers.

Number of claims and cause of damage

We receive thousands of claims each year from members of the public, banks, businesses and the police. This chart shows the number of claims and what caused the damage.

Value of exchanged banknotes

We exchange millions of pounds worth of banknotes. This chart shows how many British pounds we exchanged for each type of damaged banknote.

We have rounded the numbers to the nearest 1,000.

Counterfeit notes

In 2023, only a small fraction, typically less than 0.0025% of banknotes were counterfeit, that is less than 1 in 40,000 banknotes. Counterfeit notes are created illegally and are worthless. You can identify them by following our guide on how to check your banknotes.

Counterfeit notes are removed from circulation by banks and the police. The notes are then sent to us for analysis. These charts show the number we receive each year and their notional face value (to reiterate, they are worthless). Counterfeiting has substantially reduced since 2019 as a result of a combination of factors such as the introduction of more robust polymer banknotes, the subsequent withdrawal of the older paper designs, successful police action on the sources and distribution of counterfeits and the general move to electronic payments.

Number of counterfeit notes discovered

This chart shows how many counterfeit notes we receive and their denomination. The figures include both current and old banknotes series. We have rounded the numbers to the nearest 1,000. Data includes counterfeits of both current and old series notes. 

Notional face value of counterfeit notes discovered

This chart shows the total notional face value of notes we have removed and their denomination. The figures are in millions of British pounds. They are rounded to the nearest £1,000. Data includes counterfeits of both current and old series notes.