From today (May 5th), the paper £5 note will be withdrawn from circulation after being replaced with the polymer £5 note. The co-circulation period for the two notes began on 13th September 2016.
Retailers, banks and building societies do not have to accept the old £5 note after May 5th, although some may do so at their own discretion. The Bank of England will always exchange its old-series notes.
The Bank of England state that polymer banknotes include a new generation of security features which make them even harder to counterfeit. They are also claimed to be resistant to dirt and moisture, and so remain in better condition for longer. The strength of the polymer material means that the new £5 note is expected to last at least 2.5 times longer than the paper note – around five years.
There is currently an ongoing co-circulation period for new and old £1 coins. The old coin is due to be taken out of circulation in October. Retailers looking for more information on the £1 coin and updating their machines to ensure that they can accept the coin should visit https://www.thenewpoundcoin.com/
In September 2017, the Bank of England will issue a new polymer £10 note featuring Jane Austen.
A full suite of educational materials on the £5 note is available on the Bank of England website here. This includes posters, training videos and leaflets detailing the security features of the new £5 note.
