Old £5 notes will no longer be accepted in shops within the next couple of weeks.
After the new £5 note was released into circulation in September of last year, the old note has undergone a phasing out process. Come May 5th, the old paper £5 note will no longer be classed as legal tender, meaning you will not be able to use it in shops. The Bank of England have stated that, as of last month, there were still 160 million old notes still in circulation.
Exchanging Your £5 Notes
After May 5th, if you want to get rid of your old £5 notes, you will need to exchange them at a bank, building society or post office. It’s important to remember that you will need to be a customer of the bank you are exchanging notes at. These places may refuse to exchange your notes, in which case you can still exchange them at the Bank of England in London in person or by post (at the sender’s risk).
With the release of the new £1 coin last month, and the introduction of the new £10 note later this year there are a number of relevant dates you will need to remember…
May 5th 2017 – Old £5 note leaves circulation.
September 2017 – New polymer £10 note will be issued.
October 15th 2017 – Old £1 coin leaves circulation. Find out what to do with your old £1 coins here.
2020 – A new polymer £20 note will be released by the year 2020.