The New Fiver

Posted on by Samantha Nicholson

The New Fiver is Here

 

The New Fiver was unveiled at Blenheim Palace on 2 June and was shown to the public at a number of events across the UK this summer. The New Fiver entered circulation on 13 September and In May 2017 paper £5 notes will cease to be legal tender and will no longer be accepted by shops.

What do I need to do?

Nothing. The Bank Of England will gradually start withdrawing paper £5 notes as they are banked by retailers and businesses. If, after May 2017, you find you still have some paper £5 notes you will be able to exchange them at the Bank of England. But until then carry on spending paper £5 notes as usual.

Why replace the note?

The Bank of England periodically replaces notes to introduce the latest new security features and stay ahead of counterfeiters. It also means that we can feature new characters.

We have decided that our next £5, £10 and £20 notes will be printed on polymer, a thin flexible plastic, because polymer notes last longer, stay cleaner and are harder to counterfeit than paper notes. 87% of people who commented in our 2013 consultation supported the idea.

Getting your business ready

As with any change in banknote design, all businesses that handle cash need to plan and prepare for the introduction of the new notes. Over 30 countries currently use polymer banknotes including Australia,Canada and Mexico.
 

Checklist

 
• Ensure you know which cash handling machines are being operated by your business. These machines include self-service check-outs,desktop counters,ATMs,   ticket machines, and any other machine that weighs, counts, sorts, accepts, dispenses or recycles banknotes.
 
• Contact the manufacturer or supplier of your machines to discuss what adaptations will be required for the new £5 note, and when they will be available.For most machines, a software update will be needed.
 
• Aim to implement adaptations to your machines before any new note is issued.
 
• Train your staff. A range of materials to support staff training are available at http://www.bankofengland.co.uk/banknotes/Pages/educational.aspx.
 
• Keep up to date with the latest information about polymer banknotes, and other banknote news, by registering at:

Future banknotes

New ten pound note

ten-poundsThe new polymer £10 note featuring Jane Austen will enter circulation in summer 2017.

 

New twenty pound note

twenty-poundsThe new polymer £20 note featuring JMW Turner will enter circulation by 2020.