£690m in unusable paper fivers are still out there, says Bank

 More than £690million worth of outdated five pound notes were never handed back to the Bank of England in the eight months since their polymer replacements were introduced, it emerged yesterday.

The Bank has revealed that 138.2million notes remain unaccounted for. While the majority of the notes have now been exchanged, the Bank is now calling on the public to return the rest as they are no longer valid legal tender.

The figures were obtained under a freedom of information request by Sky News, revealing that millions of unusable notes may be sitting in old coat pockets or hiding down the backs of sofas.

While the old fivers can no longer be used, they can still be exchanged for the updated £5 over the counter or by post. The Bank of England said: “All genuine Bank of England notes that have been withdrawn from circulation retain their face value for all time and can still be exchanged over the counter. There is no fee and there is no expiry on the period in which we will exchange old notes.”

The polymer Winston Churchill fiver entered circulation in September, with retailers no longer accepting old paper notes featuring a portrait of social reformer Elizabeth Fry from May 6 onwards. The paper £10 notes are also being phased out for the polymer upgrade, while a 12-sided £1 coin is also being circulated.

The Royal Mint said yesterday that £1.42billion in pound coins have been returned so far, adding that it would encourage people to either return them or donate them to charity.