This Is What You Need To Know About Your Old Fivers
With the new fiver now four months into its circulation, trying to come across a flimsy old note is getting harder and harder. For those who do still have one, you might wanna stick onto it for prosperity or put it to good use.
Why? Come May 5, 2017, the cotton paper five-pound note will no longer be legal tender.
The Bank of England has estimated that while the number of old notes have already halved since the introduction of the polymer fiver, there are still around 165 million notes in the pockets of the British public.
'What if I don't spend my old fiver by May 5? Does someone break into my house at midnight and take it away? Does my dog get taken away? Do I die?'
In short, no, you can't. Not in shops, restaurants or bars. Never again.
You can, however, exchange them at your local bank, building society or Post Office in the build up to the date, and possibly after, given that The Bank of England is legally obliged to.
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'So I can exchange my useless fivers after May 5, 2017, and my dog doesn't get taken away?'
Your dog's fine and yes, that should never be a problem, in theory.
This is because Bank of England notes keep their face value forever, essentially. Don't feel stressed.
'What's gonna happen with all the withdrawn fivers? Where's all that paper going to go?'
The old fivers will be recycled using a composting treatment.
'What other tricks is the Bank of England up to? Should I expect a velcro 20p next?'
A new 10-pound note will be released this summer, emblazoned with the face of British author Jane Austen. And in 2020, a new twenty-pound note will feature British painter JMW Turner. Come March, we will also be getting a new £1 coin. I don't know the details about that but will get back to you regarding exchanging etc.
Mark Carney, Governor of the Bank of England, with the new £10 plan. Image: PA
Featured Image Credit: PA