Explainer: what's all the fuss about polymer banknotes?
As the UK rolls out a new £5 note we ask what are the advantages of ditching the old paper fiver?
The new £5 note has just gone into circulation across the UK today. The Bank of England has arranged for 440 million £5 notes to enter circulation with a value of £2.2 billion, with the old note being phased out by May 2017. The new note, which will feature a portrait of Winston Churchill, is part of a roll out that will see the £10 note replaced in 2017 and the £20 note replaced by 2020. The note is being printed by De La Rue, which also produces currency for countries such as Fiji, Mauritius and Guyana, as well as the UK passport and Microsoft’s certificate of authenticity.