when did the old £5 note come out
Bank of England £5 note The Bank of England Â£5 note, also known as a fiver, is a banknote of the pound sterling. It is the smallest denomination of banknote issued by the Bank of England. In September 2016, a new polymer note was introduced, featuring the image of Queen Elizabeth II on the obverse and a portrait of Winston Churchill on the reverse. The old paper note, first issued in 2002 and bearing the image of prison reformer Elizabeth Fry on the reverse, was phased out and ceased to be legal tender after 5 May 2017.[1]
Bank of England £1 note A new design for one pound notes was introduced in 1960, with the old notes ceasing to be legal tender in 1962. These new series C notes were slightly narrower, and were the first one-pound notes to feature a portrait of Queen Elizabeth II on the front. The reverse design incorporated the logo of the Bank of England. Series C notes were replaced by the series D notes from 1978 onward. These slightly smaller notes featured an entirely new design with Queen Elizabeth II on the front and scientist Isaac Newton on the back. The note was redesigned slightly in 1981 to feature brighter background colours.[2] Following a consultation with retailers and other groups it was announced on 31 July 1981 that the one pound note would be replaced by a one pound coin. Part of the reason for this change was that notes, on average, lasted only nine months in general circulation, while coins could last forty years or more. The government also believed that the growing vending industry would benefit from the introduction of a one-pound coin. The new cupro-nickel coin was introduced on 21 April 1983 and the one pound note ceased to be legal tender on 11 March 1988.[2][3] Bank of England £1 notes are still occasionally found in circulation in Scotland, alongside Royal Bank of Scotland £1 notes. This is because Scotland has no concept of Legal Tender, and any Sterling bank note, of any age, may be used provided the trader is content to accept it. The Bank of England will exchange old £1 notes for their face value in perpetuity.