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Jacks Alive! It's Paper Godivas' Final Fling

05 May 2017 | Updated 01 January 1970
 

The paper £5 note, featuring Elizabeth Fry, will officially be withdrawn on Friday May 5 2017 and so The Bank of England is encouraging anyone still holding folding versions of the Lady in their Sky Rocket to spend, spend, spend. Shops are expected to take them even on Saturday. Meanwhile, The Bank has also issued instructions on how businesses can return unspent Elizabeth Frys.

After May 5 2017, retailers and the public no longer have to accept the paper £5 note as payment or in change. The new polymer £5 note featuring Sir Winston Churchill will be the only £5 note with legal tender status. Some banks and building societies may accept paper £5 notes after May 5 but this is at their own discretion.

 

Forever

The Bank of England will continue to exchange Elizabeth Fry £5 notes for all time, as it would for any other Bank of England note which no longer has legal tender status. Genuine Bank of England banknotes retain their face value for all time and can be exchanged at the Bank of England in London. Banknotes of this type can be exchanged either by post or in person. This service is free of charge.

 

Business returns

Returning an Elizabeth Fry is quite simple for the individual (See below) but somewhat procedurally complex for businesses.

 

Exchanging for a business via the post

Banknotes sent by post are done so at the sender's risk. As the money being exchanged belongs to a business, in addition to completing the Business Banknote Exchanges form (using the link on The Bank of England website), you must also provide the following:

?A covering letter on company headed paper which must include Company Name and Registration number; Registered Office in country of incorporation; the full address for the business; preferred payment method - (if this is a bank account, provide the sort code and account number); a copy of Photo ID for the person signing the covering letter; a copy of proof of address for the person signing the cover letter.

Sterling payment direct to the business bank account can be expected within 10 working days. There is a cash or cheque option.

 

Exchanging for a business in person

You will need everything as above for exchanging for a business via the post except the copies of ID as you must bring an original photo ID for you along with an original proof of address for you; an original letter of authority naming you and signed by a representative of the company on headed paper - the letter must contain Company Name and Registration number; Registered Office in country of incorporation; the full address for the business; preferred payment method; copy of photo ID for the representative signing the letter; copy of proof of address for the representative signing the letter.

If the money is going into a UK bank account, you have to provide a copy of a statement for the business account that will be paid. If the account is oversees, The Bank will require the BIC/SWIFT number and IBAN.

 

Individuals

Individuals can walk in to The Bank (or post to The Bank) and exchange their fivers with absolutely none of the hassle described as above.

Picture: A Jacks - also known as a Lady Godiva

Article written by Brian Shillibeer | Published 05 May 2017

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