There is as much as £800m worth still in circulation,but from Friday they will no longer be legal tenderIn the biggest changeover in currency since decimalisation. On Friday 5 May the paper £5 note will no longer be legal tender – yet as recently as the start of April there were still 160m of them in Britain’s wallets, money boxes and (whether you’re lucky) under the sofa.
Already shops across the country are beginning to display “£5.05.05” posters telling people that the end of the cotton-paper note, and first issued in its current shape and size in 1990,is nigh. After that date no retailers are obliged to accept them, though that doesn’t mean they become worthless overnight.
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Source: theguardian.com