The old-style £5 paper notes were withdrawn from circulation in May 2017 and were replaced by a durable and highly secure polymer version, claimed to also be environmentally friendly.

But just why was this change made? We explain all.

1 The Bank of England released a new plastic £5 note to replace these old style paper ones Credit: Alamy

When did the old £5 note go out of circulation?

The old £5 paper notes were gradually taken out of circulation after the new polymer version came into play in September 2016.

Shops stopped accepting old notes as payment on May 5 2017.

Commercial banks, building societies and post offices continued to exchange them for a short time after, but now the only way to replace your old notes with new ones is via the Bank of England.

What's so special about these new fivers?

The new note was introduced as a cleaner, safer, stronger and more environmentally friendly version.

Polymer notes last for longer - with the new fiver expected to last 2.5 times longer than the old one. This means the Bank has to print fewer of them over the long-term.

When a new fiver does reach the end of its life, it will be recycled into new plastic products.

The new note is also much harder to counterfeit than the old paper version.

Some of its security features include a see-through window and a foil Elizabeth Tower which is gold on the front and silver on the back.

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What was the controversy surrounding the new polymer note?

Last year vegans and vegetarians voiced outrage after it emerged that the new notes contain tallow.

Tallow is a substance made from animal fat, often beef or mutton, and is often used in the making of soap and candles.

Despite protests and a petition which gained in excess of 135,00 signatures, the Bank decided not to withdraw the new notes from circulation, claiming it would have "significant implications for the Bank’s anti-counterfeiting strategy”.

Which other notes have been replaced with polymer versions?

The Bank of England has already issued £10 polymer notes - a new £20 polymer note is expected by 2020.

The current £50 paper note was only issued in 2011 and according to the Bank of England, there are no immediate plans to replace it any time soon.

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