But in October 2018, government ministers opted against scrapping it, in hope of developing a more durable and secure note. Here's what we know…
When will the new £50 be released?
There are currently 300million £50 notes in circulation, with a combined value of £16.5billion.
The Bank of England has said we won't be seeing the new £50 note before 2020.
The new version will be made of plastic rather than paper, like the current £5 and £10.
The Sun revealed last month that Treasury bosses had decided to save the note after considering scrapping it due to money-laundering concerns.
Who will feature on the note?
Bank governor Mark Carney said the banknotes are a great way to celebrate the contributions of Britain's "greatest citizens".
The new £50 note will feature a renowned British scientist.
The scientist may specialise in any field of science, including astronomy, biology, bio-technology, chemistry, mathematics, technology and zoology.
And Bank of England has asked members of the public to offer their suggestions.
Who is on the shortlist for featuring on the £50 note?
The Bank of England committee has drawn up a shortlist.
The list, which includes more than 600 men and almost 200 women.
This includes black holes expert Stephen Hawking, penicillin discoverer Alexander Fleming, father of modern epidemiology John Snow, naturalist and zookeeper Gerald Durrell, fossil pioneer Mary Anning, British-Jamaican business woman and nursing pioneer Mary Seacole.
Margaret Thatcher, who was a scientist before becoming prime minister, is also listed.
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