<Tr> <Th> Design </Th> <Td> Adam Smith </Td> </Tr> <Tr> <Th> Design date </Th> <Td> 13 March 2007 </Td> </Tr> <P> The Bank of England £ 20 note is a banknote of the pound sterling . It is the second highest denomination of banknote issued by the Bank of England . The current cotton note, first issued in 2007, bears the image of Queen Elizabeth II on the obverse and the image of Scottish economist Adam Smith on the reverse . Starting in 2020, the current note will be phased out, to be replaced by a polymer note featuring a portrait of artist J.M.W. Turner in place of Smith . </P> <P> Twenty pound notes were introduced by the Bank of England for the first time in 1725 . The earliest notes were handwritten, and were issued to individuals as needed . These notes were written on one side only and bore the name of the payee, the date, and the signature of the issuing cashier . With the exception of the Restriction Period between 1797 and 1821 when the French Revolutionary Wars and the Napoleonic Wars caused a bullion shortage, these notes could be exchanged in full, or in part, for an equivalent amount of gold when presented at the bank . If redeemed in part, the banknote would be signed to indicate the amount that had been redeemed . From 1853 printed notes replaced handwritten notes, with the declaration "I promise to pay the bearer on demand the sum of twenty pounds" replacing the name of the payee . This declaration remains on Bank of England banknotes to this day . A printed signature of one of three cashiers appeared on the printed notes, though this was replaced by the signature of the Chief Cashier from 1870 onward . </P>

When did the new £20 notes come out