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Old £5 Note Will No Longer Be In Circulation From May - Everything You Need To Know

It's only plastic notes from here on in.

22/03/2017 17:11

There was quite some commotion caused by the new £5 note when it was brought into circulation back in September last year.

Between John Humphrys chewing one live on air, Piers Morgan tearing on in two and vegans’ outrage that the note contained an animal by-product, it’s fair to say the people of Britain were intrigued by the new fiver.

POOL New / Reuters
The new £5 note caused all sorts of drama when it was introduced in September

But now the new plastic note is fully in use, it means that the old-style note will soon be taken out of circulation.

Here’s what you need to know...

When is the old £5 note being taken out of circulation?

The old note, featuring social and prison reformer Elizabeth Fry, will cease to be legal tender from 5th May 2017.

Does this mean I can’t spend the old-style £5 after that?

Yes, you won’t be able to use the notes in shops, restaurants and other businesses from them.

Jim Dyson via Getty Images
Bye bye Ms Elizabeth Fry

What should I do with an old note if I still have one after 5th May?

Try taking it to a bank, building society or Post Office and they should be able to exchange it for you.

They may stop accepting the notes eventually but the Bank of England will always be obliged to exchange them.

What will happen to the old £5 notes?

They will be recycled by the Bank of England.

naes via Getty Images
The Bank of England will recycle old notes

Are there more new notes coming?

Yes, a £10 released this summer will feature author Jane Austen.

A new £20 will enter circulation in 2020, featuring artist JMW Turner.

If notes aren’t your bag, there’s also a new £1 coin entering circulation this month. 

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