Goodbye To The Old Fiver

Goodbye To The Fiver

The new £5 pound note has become a familiar feature in businesses and wallets across the UK in the last few months. It was officially introduced into circulation on 13th September 2016 and as of today, the 5th May 2017, is the only legal tender accepted for £5 notes.

That is because the 5th May is officially the day that the older style paper £5 notes have ceased to become legal tender across the country. Businesses will have been preparing for this since the introduction of the new fiver and today is the final day that we will see these notes in circulation.

What Does This Mean?

The old £5 pound notes were made from paper and have officially been withdrawn as of today. This means that shops will not accept these style notes as they are not valid as money anymore.

This means that if you have an old style fiver in your purse, wallet or somewhere at home, you can no longer use it to pay for goods. Don’t worry though, it still has its value and can be taken to a Post Office or alternatively you could take it or send it via post to the Bank of England (though it’s important to note that this is done at your own risk).

The Bank of England is legally obliged to exchange notes that do not have legal tender status, no matter how long they’ve been out of circulation!

Why Was The £5 Pound Note Changed?

The New Five Pound

The old style £5 note was made of paper, which meant that they became damaged incredibly quickly. According to the Bank of England, in 2015 21,835 notes were replaced due to damage including being torn, washed, and chewed and much more.

The new polymer style notes are long lasting as they are expected to last up to 2.5 times longer than paper, meaning that they will need to be replaced less. As well as this, they will also stay cleaner than traditional paper notes and are also harder to counterfeit, making them a better solution all round.

What Bank Notes Will Change In The Future?

The polymer £5 note is just the first in the over haul of British currency, with the most recent addition being the new £1 pound coin being introduced into circulation. As well as this, in terms of bank notes, in September 2017 the new £10 note will enter circulation.

This note will also be made from polymer and will feature the iconic British novelist Jane Austen. In 2020, the £20 note will be replaced with a new polymer note that features the English Romanticist landscape painter J.M.W. Turner.

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Sarah Jubb
Sarah Jubb

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