Eight months ago the ‘new and improved’ five pound notes were released into circulation and we were advised time was running out to spend the old ones before they become worthless.
Well time is nearly upon us.
From tomorrow the old fashioned cotton paper notes will no longer be legal tender and you won’t be able to spend them.
The Bank of England has estimated that there are still millions out there to be spent before they are completely phased out.
If you find yourself with a worthless fiver from tomorrow you will have to swap the old notes over at a bank, building society or Post Office.
Banks intend to recycle the old paper fivers using a composting treatment as they take them out of circulation.
There are plans to release more new notes with a new £10 note planned to be released this summer which will feature classic British author Jane Austen. This will be followed in three years time by a new £20 note which will feature the British painter JMW Turner. There are also plans to issue a new £1 coin in March.
