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21/08/2003
Stephenson 'fivers' to be withdrawn
Old-style £5 notes featuring the image of George Stephenson are to be withdrawn from circulation, the Bank of England announced today.
The Bank says that the notes can continue to be used up to 21 November 2003 after which they will no longer be legal tender.
The change means that the notes will not be widely accepted in retail outlets after this date. However, most banks, building societies, and Post Offices will continue to accept the Stephenson £5 notes for several months after 21 November – but that will be at the discretion of the individual institution.
As with all old Bank of England notes, the Stephenson £5 notes will remain payable forever at the Bank of England.
The new style £5 note with a portrait of Quaker prison reformer Elizabeth Fry and enhanced security features will remain in circulation.
The new design Fry £5 banknote was first issued on 21 May 2002. It incorporates three new security features first introduced on the new style £20 note (featuring Sir Edward Elgar) - a foil hologram, an ultraviolet feature and micro-lettering.
There are over 211 million £5 notes in circulation of which around 54 million are Stephenson notes. The Stephenson £5 note was first issued on 7 June 1990.
(gmcg)
The Bank says that the notes can continue to be used up to 21 November 2003 after which they will no longer be legal tender.
The change means that the notes will not be widely accepted in retail outlets after this date. However, most banks, building societies, and Post Offices will continue to accept the Stephenson £5 notes for several months after 21 November – but that will be at the discretion of the individual institution.
As with all old Bank of England notes, the Stephenson £5 notes will remain payable forever at the Bank of England.
The new style £5 note with a portrait of Quaker prison reformer Elizabeth Fry and enhanced security features will remain in circulation.
The new design Fry £5 banknote was first issued on 21 May 2002. It incorporates three new security features first introduced on the new style £20 note (featuring Sir Edward Elgar) - a foil hologram, an ultraviolet feature and micro-lettering.
There are over 211 million £5 notes in circulation of which around 54 million are Stephenson notes. The Stephenson £5 note was first issued on 7 June 1990.
(gmcg)
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