NEWS

Old £5 Note Goes Out Of Circulation Today - So You Might Not Be Able To Spend It Any More

It's the end of an era.

05/05/2017 09:15 | Updated 05 May 2017

We’ve had since September 2016 to get used to the new polymer £5 notes - and now the day is finally here when it’s time to say goodbye to the old style one.

Here’s everything you need to know about today’s switch over...

Jim Dyson via Getty Images
The old-style £5 note featuring Elizabeth Fry goes out of circulation on 5 May

When do the old £5 notes stop being legal tender?

The paper note, which features social and prison reformer Elizabeth Fry, ceases to be legal tender on Friday 5 May.

Does this mean I can’t spend my old £5 notes in the shops any more?

In theory, yes. Shops, bars and restaurants may still accept the old note but they are within their rights not to.

PA Archive/PA Images
Governor of the Bank of England Mark Carney with the new polymer £5 note featuring Sir Winston Churchill

Does this mean that my old £5 notes are no longer worth anything?

No, don’t panic.

The Bank of England says that the notes will retain their face value for all time.

What should I do if I still have old £5 notes?

Your first port of call can be your local bank, building society or Post Office.

But if they won’t exchange your notes, the Bank of England will do so either by post or in person.

PA Archive/PA Images
The new polymer notes are much more durable than the old-style ones

What will the Bank of England do with the old £5 notes?

They will be recycled.

Are there more new notes coming?

Yes, a £10 released this summer will feature author Jane Austen and a new £20 will enter circulation in 2020, featuring artist JMW Turner.

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