With changes being introduced to both coins and banknotes in 2017, what do you need to know to ensure you don’t lose out?

The £5 note ceased to be legal tender on 5 May 2017, with retailers no longer permitted to accept them. As always the Bank of England website provides some useful information and resources both for retailers and the general public about how you or your customers can exchange paper notes at the bank. The good news is that genuine Bank of England banknotes retain their face value and can be exchanged by post or in person at any time.

The same is not true of the old style £1 coin which will be withdrawn later this year. Following the introduction in March of the new-look £1, hailed as ‘the most secure in the world’, its predecessor will be cease to be legal tender on October 15. There will be a ‘co-circulation’ period until October, during which time the old coins can be exchanged for notes at banks as long as they are presented in bags of 20, but unlike banknotes this is not a long-term option. Shopkeepers and consumers are encouraged to change them as soon as possible to avoid missing the deadline.

The Bank of England will be issuing a new polymer £10 note in September 2017 with the £20 following in 2020.