Get spending - hours left before £5 note goes out of circulation

Deadline to dig out old paper £5 notes

The Bank of England have estimated there are still 150 million paper £5 notes still in the hands of the public - three for every one adult, according to a report by The Mirror.

The new polymer £5 note was introduced on September 17 previous year and the new polymer £10 note is due for release in September 2017.

A new £10 polymer note is due to be introduced in September featuring 18th-century author Jane Austen to recognise her "universal appeal and enduring contribution to English literature".

The Metro has explained that thanks to the Bank Of England's policy, you can get those old fivers exchanged for new ones at any point.

The move to the new polymer £5 note has been controversial.

Or if they are unable to give you a new note, ask for coins.

Generally, you will need to be a customer of the bank or building society to make a swap.

You can swap them, but it means making a trip to the bank, building society or Post Office.




A few months later and it's now more rare to see an old five pound note in someone's pocket than the new ones.

The Bank will exchange any outdated British currency free of charge, either providing you with new banknotes or depositing the value into your bank account.

The Bank of England said 150 million of its paper £5 notes - the equivalent of about three for every adult in the United Kingdom - remain with the public.

The new note is stronger and includes security features to make it much more hard to counterfeit.

It is possible that a high street bank will stop exchanging them after the cut-off date but The Bank of England is legally obliged to.

And what about the old £1 coin?

.

The polymer fiver entered circulation in September and since then it has been circulating in tandem with the paper note.

A spokesman for the Committee of Scottish Clearing Bankers, which represents Bank of Scotland, Clydesdale Bank and Royal Bank of Scotland, said previously: "The paper Scottish fivers are not being withdrawn from circulation, they are just not being reissued".

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