Last day to use old £5 notes in shops

Five pound notes out of circulation

PA TENDER The old fivers go out of circulation from tomorrow

What if my bank won't take my old fiver?

What happens on 5 May?

The Bank of England will continue to exchange the old £5 notes for all time, as it would for any other bank note which no longer has legal tender status. However from Friday you shouldn't accept them in your shop or indeed any sort of business.

A number of different versions of the blue paper notes were issued, with the latest featuring prison reformer Elizabeth Fry. If you're a customer and a business tries to give you an old fiver, you're well within your rights to ask for a new fiver or coins instead. "Non-customers will be directed to their own bank". As a result 99% of United Kingdom bank account holders can undertake deposits, withdrawals and balance enquiry services in any of the Post Office's 11,600 branches.

In future, banks and building societies may eventually stop accepting old £5 banknotes.

But if local banks and building societies will not accept the notes, the Bank of England will.

The Bank of England will, however, exchange any of the old notes.

However, this service isn't compulsory and is at the institution's discretion so you could be turned away or there may be a deadline or limit to how much you can exchange.

Artist Aiden Saunders has produced a collection, including prints inspired by the old note, which will be for sale at the fair from 11-14 May in Hampstead - for just £5.

If you can't make it to the counter in person, you can swap your cash with the Bank of England via mail.

And what about the old £1 coin?

. You can choose to have the Bank of England mail you updated banknotes (to the value of £50), deposit the money in your account or send you a cheque.

Dorset Police issued the first warning over the alleged counterfeit and the Bank of England confirmed they were investigating.

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