On the 27th February 1962 the Bank gave notice that £1 notes of the old type, which do not bear a portrait of Her Majesty the Queen, were to be called in and would not be legal tender after the 28th May 1962. The notes concerned were issued between the 22nd November 1928 and the 11th April 1960; some 20,000 million had been issued and over 253 million were outstanding when the announcement was made. By the 28th May the number outstanding had fallen to 69 million. The effect of the withdrawal of these notes on Banking and Exchequer finance has been discussed in the Quarterly Analysis of Financial Statistics
Withdrawal of Bank notes from circulation