Goodbye paper fivers: shops to stop accepting old £5 notes

Goodbye paper fivers: shops to stop accepting old £5 notes

Goodbye paper fivers: shops to stop accepting old £5 notes

In September this year, the Bank will issue a new £10 polymer note featuring author Jane Austen, recognising "her universal appeal and enduring contribution to English literature".

As of 5 May, the cotton-based Bank of England fiver will no longer be considered legal tender in the UK.

If you can't find anyone who will accept your notes, they can be taken to a Post Office or exchanged with the Bank of England in London, either by post or in person.

The old paper fiver and the new £5 note have co-existed since the polymer banknote was first issued by the Bank in September 2016.

If you miss the deadline to offload these old fivers, you can see if your bank or building society or local Post Office will allow you to deposit the void note into your account or swap it for a new polymer fiver.

What should I do if I still have old fivers in my purse/wallet?

2017 has seen big changes in our notes and coins, with the new £1 coin being introduced in March and now the old paper Bank of England £5 note being replaced with the new polymer version.

The BoE, however, will continue to exchange the soon-to-be old notes at any time in the future in its offices at Threadneedle Street in the City.

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Why has the paper £5 been withdrawn?

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What can you do if you discover an unspent old note after May 5?

You might need to if you're exchanging large values.

The new polymer notes have increased security features and are more hard to counterfeit.

So, if you've got a wad of cash in your purse, wallet or stashed in your piggy bank check to see if you have one or more of the notes that are about to become worthless.

The Bank of England website states: "All Bank of England notes retain their face value for all time".

What's happening with other notes?

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Unlike Bank of England £5 notes, Scottish and Northern Irish fivers aren't being withdrawn from circulation. After this they will cease to be legal tender.

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