In just a few months your old £5 notes will be worthless

It's been four months since the new polymer £5 note was introduced but it's understood that around 50% of the old notes are still in circulation.

If that estimate is correct that leaves a massive 165 million old £5 notes according to the Manchester Evening News.

Check your wallet, pockets and behind your sofa because, you have just less than four months to spend your notes, with the cut off date of the 5th May.

© Bank of EnglandDon't worry though, if you find yourself with some old fivers after that date you can still swap them at the Bank of England (in London), or if that's too far away you can send them. They'll still be worth a fiver.

Later this year we can also expect to see a new £1 coin and a new polymer £10 note featuring author Jane Austen as announced in 2013 by Bank of England governor Mark Carney.

At present there are no women featured on the back of English bank notes and as Mark Carney said,

"Jane Austen certainly merits a place in the select group of historical figures to appear on our banknotes.

"Her novels have an enduring and universal appeal and she is recognised as one of the greatest writers in English literature."

We should also expect a new £20 note in 2020, however there are no plans to replace the paper £50 note.

• £5
• New Fiver
• Bank of England