Bank of England refunded almost £50k worth of cash that had been through washing machine

These are among the startling statistics revealed by the nation’s central bank, which also showed that just under £10 million of notes were exchanged because they were ‘contaminated’.

Despite the growth of the so-called cashless society, where credit cards and contactless payments rule the roost, millions of Brits still prefer the feel of real money in their pockets.

Some say it makes budgeting easy, while others insist it’s more secure than trusting online outlets.

But while there are definitely some advantages to using cash, there are also some downsides – including if notes get damaged.

And new figures from the Bank of England have revealed just how much money it exchanges when this happens.

Last year the total stood at £13,644,117 – which was up 46 per cent on 2023 and the highest since 2021.

Mario Van Poppel, from online money exchange specialist , said: “However you organise your finances, it’s hard to deny that there is still a thrill in the feel of a crisp tenner or £20 note in your hand,

“But carrying cash does run the risk of it becoming damaged if it is not stored securely or simply forgotten about.

“Most people have experienced the horror of realising they have left some money in the pocket of a jacket or pair of trousers when it’s too late and the door of the washing machine is locked.

“Others will have inadvertently torn notes, had them nibbled and chewed by pets and – even more unfortunately – seen them damaged in a fire or flood.

“But these latest figures show all may not be lost if this happens to you, as there is a process in place to help you out.”

The Bank of England, which was established in 1694, states on its website: “When one of our banknotes gets damaged we will exchange it, if at least half of it remains.

“We receive thousands of claims each year from members of the public, banks, businesses and the police.”

The value of exchanged notes has increased over the past three years, with £9.35 million swapped in 2023 and £8.78 million in 2022.

That came after a high of £16.24 million in 2021.

The Bank of England has also revealed how many individual notes are in circulation, which last year totalled 4.6 billion.

This included 384 million fivers, 1.28 billion tenners, 2.6 billion £20 notes and 292 million £50 notes.

It also destroyed £2.1 billion worth of notes last year that were deemed “unfit for use”.

If you do end up with damaged notes, they can be deposited at major banks and building societies, as well as at the Post Office. They can also be sent to the Bank of England directly via post.