Launched on the 13th September 2016, most of us will now have had one of the new polymer £5 notes pass through our hands.
For over 100 years paper has been used to create £5 notes. The reason for the change from paper to polymer is to make bank notes more durable, cleaner and counterfiet proof.
The plan is to introduce a polymer £10 note in summer 2017 followed by the £20 note in 2020. But what of the £50 note you ask? The launch of the new £5 polymer note took place at Belnheim Palace in June 2016. Following reports of The Bank of England Governor, Mark Carney saying there are no future plans to introduce a polymer £50 has lead to speculation that it will be scrapped.
Many of you will have seen news reports that low serial numbers are selling on eBay for far more than their face value. Notes starting with AA01 followed by a low six digit serial number are taking interest from collectors. Notes with consecutive serial numbers are also deemed to be high in value. If you come across a new £5 note, it is worth checking the serial number. The lower the number and the better the condition, the greater the prospective value.
Paper £5 notes will only remain legal tender until 5th May 2017; so remember to check for any money put away in jars, draws or under the mattress! You can exchange the old £5 notes with the Bank of England after this date if your bank, building society or post office no longer accepts them.