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When do the old £5 notes go out of circulation and how can I exchange them?

The old paper note is set to go out of circulation next week: PA
The old paper note is set to go out of circulation next week: PA

Time is running out to spend your old £5 notes – with the paper currency set to become worthless on the High Street this week.

The old-fashioned note will no longer be considered legal tender as of Friday, May 5, meaning anybody with any of the old fivers lying about needs to take them to the bank or Post Office.

The Bank of England has estimated there still about 165 million notes in circulation across the country.

Luckily for those who still haven’t cashed them in, all legal tender keeps its value even after the notes have gone out of circulation, meaning if the local bank will not accept them then the Bank of England will.

The new £5 polymer note (Getty Images)
The new £5 polymer note (Getty Images)

Old notes given back at the banks are set to be recycled.

The Bank of England’s website says: “All Bank of England notes retain their face value for all time. If your bank, building society or Post Office is not willing to accept these notes they can be exchanged with the Bank of England in London by post or in person.”

The new durable polymer note, featuring Sir Winston Churchill, was issued in September last year, causing a stir with vegan protesters as the note contains small traces of animal fat.

But some of the notes have also fetched tens of thousands of pounds in auctions, with the first batch of notes proving hot property for collectors.

The new Bank of England fiver is stronger than its predecessor and boasts new security features making it harder to counterfeit.

The Bank is also pushing ahead with plans to introduce a new polymer £10 note featuring Jane Austin, to be followed by a new £20.