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But that leaves around 165 million cotton paper fivers yet to be withdrawn, The Manchester Evening News reports.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?
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.
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.
What will happen to the withdrawn £5 notes?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.
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