Dig Out Those Old £5 Notes

Did you know that tomorrow (Friday 5 May 2017) is the last day when the old note featuring Elizabeth Fry will be legal tender. That note will no longer be legal tender from midnight on Friday night.

Over 50% of all Fry fivers have already been returned to the Bank of England to be destroyed, but there are still around 150 million notes left in circulation.

The polymer Churchill fiver entered circulation in September, since then it has been circulating in tandem with the paper £5 note.

Some banks and building societies have said that customers can still deposit the old fivers after the deadline of 5 May, but others have advised that it is best to hand in the notes before they are no longer legal tender.

The Bank of England will continue to exchange Fry £5 notes for all time, as they would for any other Bank of England note which no longer has legal tender status.

In September this year, a new polymer £10 note featuring Jane Austen will be issued.

The note will recognise her universal appeal and enduring contribution to English literature. Jane Austen joins Sir Winston Churchill, Adam Smith and Matthew Boulton and James Watt in showcasing British culture on Bank of England notes.

The new polymer £5 note was first issued on 13 September 2016 and is cleaner, safer and stronger than its paper counterpart.

The polymer banknotes include a new generation of security features which make them even harder to counterfeit. They are also resistant to dirt and moisture, and so they remain in better condition for longer.

The strength of the polymer material means that the New Fiver is expected to last at least 2.5 times longer than the paper note - around five years.