The £50 banknote carrying the portrait of first governor of the Bank of England Sir John Houblon will be withdrawn from circulation today.

Around 53 million of the notes with a total value of £2.6 billion are still in circulation, despite the Bank of England's announcement in January that they are to be withdrawn.

From the end of today at midnight, only the £50 note which celebrates the 18th century business partnership of entrepreneur Matthew Boulton and Scots engineer James Watt, who helped forge the Industrial Revolution, will hold legal tender status. The Bank has previously advised people that if they have any Houblon £50 notes, it is best to spend, deposit or exchange them before today's cut-off point.

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From next month, retailers are unlikely to accept the Houblon notes as payment.