news

Just months remain until your old £5 notes become worthless

The paper £5 note will cease to be legal tender soon, meaning you won’t be able to use them to buy things

Around 165 million old cotton paper £5 notes are currently still in circulation, just a few short months before they cease being legal tender.

Four months ago the “new” plastic fivers came into circulation and there’s just four months left until the paper fivers are phased out for good.

On May 5 this year, the paper £5 note will cease to be legal tender, meaning you won’t be able to use them to pay for things.

The Bank of England has predicted the number of old £5 notes in circulation to have already halved, meaning 50% have been switched to the new polymer notes.

But that leaves around 165 million cotton paper fivers yet to be withdrawn, The Manchester Evening News reports.

What happens if you still have paper £5 notes left after 5 May 2017?

The new five pound note(Photo by Stefan Wermuth - WPA Pool/Getty Images)

After this date you will need to exchange your five pound notes at your nearest bank, building society or Post Office .

High streets banks may refuse to exchange notes after the cutoff date but the Bank of England is legally obliged to.

New £5 note worth thousands enters circulation - and the first one has already been spent in a cafe

This is because Bank of England notes retain their face value for all time, so you don’t have to worry if you come across old notes in future.

Will the old £5 notes dissappear completely?

The Bank of England is getting rid of paper fivers but banks in Scotland and Northern Ireland may not follow suit.

Paper notes issued by banks in Scotland and Northern Ireland will remain legal tender.

How much will new DVLA changes to car tax hit your wallet?

What will happen to the withdrawn £5 notes?

MEN Reporter Sam Yarwood and the new five pound notes...

The old fivers will be recycled using a composting treatment.

Are any more notes coming in?

A £10 note featuring Jane Austen will be issued in summer 2017. This will be followed by a new £20 note by 2020, featuring JMW Turner.

The current £50 note was issued in 2011 and there are no plans to replace it.

The Royal Mint will also be issuing a new £1 coin in March.

Will the new £1 coin fit into supermarket trolleys?

Keep up to date with the latest news in west London via the free getwestlondon app

You can even set it to receive push notifications for all the breaking news in your area

Available to download from the App Store or Google Play for Android now!

View full mobile page