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Bank of England warns there are still 165m old £5 notes in circulation that will cease to be legal tender in May - that's £825m worth of fivers
The Bank of England has warned British households and businesses that they need to spend or exchange old style £5 notes before they become worthless in a few months' time. It estimates there are around 165million old cotton paper notes still in circulation – or nearly three for every Briton – and from 5 May 2017 they will no longer be legal tender and cannot be spent. Four months ago, the polymer £5 notes entered circulation featuring the face of former Prime Minister Winston Churchill. The Bank of England estimates that the number of old notes in circulation has already halved, but that still means there are ... (full story)