The new five pound note comes into circulation on the 13th September 2016; it will take a few weeks for the notes to spread across the UK to shops, business and banks.
The old £5 note will no longer be legal tender from May 2017 and therefore will not be accepted by shops. If after May 2017 you still have some paper £5 notes you will be able to exchange at the Bank of England, but don’t worry until then you can still continue to spend the paper £5 note.
The new £5 note is going to be printed on polymer. In case you don’t know what polymer is because I didn’t at first it is thin, flexible plastic which is resistant to dirt and moisture so they do not become tatty paper notes and stay in a better condition for longer. Which I for one am glad to hear because I am terrible for “shoving” notes in my purse and them becoming crinkled and ripped! Then I get annoyed because they aren’t clean and crisp and I think everyone loves a fresh crisp note! Another good point is that polymer notes are environmentally friendly, as they last longer so they do not need to print as many, which means less energy is used in the manufacturing and cash transportation. Once it has come to the end of its life it will be recycled.
The new fiver has a number on security features which make it harder to counterfeit. These include a see-through window and the foil of the Elizabeth Tower (Big Ben) which is gold on the front and sliver on the back. (So it’s a bit like mullet business in the front and party in the back).
Each new £5 pound polymer note is expected to last at least 2.5 times longer than the current paper note. This is due to the polymer being stronger than paper, so the notes can withstand being repeatedly folded into wallets of screwed up into pockets.
The new £5 note is the first of the Bank of England’s new series of polymer notes with the £10 and £20 notes to be replaced over the next few years.
I’m quite happy that we are getting a new fiver especially with it having such an influential leader as Winston Churchill on the note! Hopefully these ones will last a while and be around for decades to come.
Connect are happy to accept your fivers, so feel free to contact us for a quote online or contact us here.