The £20 banknote featuring Sir Edward Elgar will be withdrawn from circulation on 30 June, and replaced fully with a note featuring philosopher and economist Adam Smith.

Banknotes to the value of £20 carrying the image of one of England’s most famous composers, Sir Edward Elgar, will be withdrawn from circulation on 30 June 2010, and will be fully replaced with the £20 note bearing the portrait of Adam Smith.

There are around 150 million Elgar notes currently in circulation. Its replacement, the Adam Smith £20 note, pictures the 18th century Scottish philosopher and economist, along with a portrait of Her Majesty the Queen.

Andrew Bailey, the Bank of England’s Chief Cashier, said, “The Elgar £20 banknotes were first introduced in 1999 and we introduced the Adam Smith £20 banknotes three years ago. We said at the time that the two designs would circulate in tandem, with the Elgar notes gradually being withdrawn over the next few years.

“It is time now to withdraw the Elgar £20 notes completely, with the Adam Smith £20 banknotes to be the only £20 note design continuing in circulation.”

This coming winter, 2010/2011, a new £50 banknote will also be issued, bearing the images of steam engine designers, Boulton and Watt.

The Elgar £20 notes do not have to be accepted in retail outlets after the 30 June, however most banks, building societies and post offices will continue to accept them for several months after the date. The Bank of England in London will itself continue to accept any note, as each one of its notes retains its face value forever.