Today, Bank of England Governor Mark Carney unveiled the design of the new £5 note, which will be issued on 13 September 2016. The New Fiver is the first Bank of England note to be printed on polymer and will feature Sir Winston Churchill.
The New Fiver is cleaner, safer and stronger than paper notes. The introduction of polymer banknotes allows for a new generation of security features which make it even harder to counterfeit. The note is also resistant to dirt and moisture and so remains in much better condition for longer. The strength of the polymer material means that The New Fiver is expected to last at least 2.5 times longer than the current paper £5 notes - around 5 years.
The New Fiver will be issued on 13 September. After this date paper £5 notes will be gradually withdrawn from circulation as they are banked by retailers and businesses. Paper £5 notes can be spent as usual until May 2017, after which they will cease to be legal tender. Following this, paper £5 notes can still be exchanged at the Bank of England.
Further details about The New Fiver can be found on www.thenewfiver.co.uk.