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Bank of England advises people to spend bank notes bearing portrait of first governor of Bank of England by 30 April Around 63m £50 banknotes bearing the portrait of the first governor of the Bank of England, Sir John Houblon are to be withdrawn from circulation in 15 weeks' time. From April 30, only the £50 note which celebrates the 18th century business partnership of entrepreneur Matthew Boulton and engineer James Watt, who helped forge the Industrial Revolution, will hold legal tender status, the Bank of England said Barclays, NatWest, Royal Bank of Scotland (RBS), Ulster Bank and the Post Office have agreed to exchange the older-style £50 notes for both customers and non-customers up to the value of £200 until 30 October. http://www.theguardian.com/business/2014/jan/16/houblon-50-note-withdrawn