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On May 5, *paper* £5 (5 pound) notes will no longer be legal tender in the UK

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article: 
"Time to cash in: spend your paper £5 notes now
From May, your old money won’t be legal tender and may not be accepted in shops."
https://www.theguardian.com/global/shortcuts/2017/jan/17/time-to-cash-in-spend-your-paper-5-notes-now

excerpts:

"On Friday 5 May, your fiver collection won’t be worth the paper it is printed on, as the notes will cease to be legal tender.
From then on, retailers and banks need only accept or Swap old notes at their potentially sarcasm-heavy discretion."

"But don’t panic if you... find a wad of old fivers down the back of the sofa next year because,
according to the Bank of England, all withdrawn banknotes “remain payable at face value for all time”.

To get your hands on a replacement, you can either pop into the mother of all bank branches on Threadneedle Street, in the City of London...
or post them back
."

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Note that the old-for-new 'exchange' situation is different for the 1-pound coins they are replacing: 
Unlike the old £5 paper notes, the old £1 coins will NOT remain payable at face value for all time -- even from the Bank of England on Threadneedle Street -- and will only be legal tender until October.

"Treasury warns £1 coins will have to be returned and exchanged by October 2017....
The government is launching a campaign to encourage the public to return the round coins....
They must be exchanged before 15 October when they will cease to be legal tender.
David Gauke, the chief secretary to the Treasury, said: “...Our message is clear: if you have a round £1 coin you need to spend it or return it to your bank before 15 October.”
https://www.theguardian.com/money/2017/jan/01/new-12-sided-pound-coins-royal-mint-currency

====
By the way, the new polymer £10 note will be issued in September of this year, and the new polymer £20 note will be issued in 2020.

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Can you only exchange the £5 notes at the one branch in London or can they be exchanged at any UK bank? 

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Damn.........there goes my 5 pounds.

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NoMoneyInMyWallet said:   Can you only exchange the £5 notes at the one branch in London or can they be exchanged at any UK bank? This is what I found:

What happens if I still have paper £5 notes after 5 May 2017?
All Bank of England notes retain their face value for all time.  If your bank, building society or Post Office is not willing to accept these notes they can be exchanged with the Bank of England in London by post or in person.  

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Collectables - sell on eBay in a few years!

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Between this and the ceasing of GBP pound coins, I need to cash in some GBP. Do most retail US banks (eg. PNC Bank) accept foreign currency deposits/exchanges at a reasonable exchange rate/fees?

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ArmchairArchitect said:   Between this and the ceasing of GBP pound coins, I need to cash in some GBP. Do most retail US banks (eg. PNC Bank) accept foreign currency deposits/exchanges at a reasonable exchange rate/fees?

----  
When you asked a similar question in early January (in the thread:  https://www.fatwallet.com/forums/finance/1549805 ): 
ArmchairArchitect said:   Will retail banks (eg. PNC Bank) allow depositing of foreign currency? What's their typical exchange fee for doing so?
Or what is the best place to deposit/exchange foreign currency you physically possess? I have quite a bit of UK and Euro notes from past trips/vacations.

This was my reply:
oppidum said:   For paper notes, most US banks should be able to do that -- you can call your local bank(s) to ask.  (They might have information on their websites also, perhaps even a chart of the exchange rates they are offering at that moment.)
If you live in a larger city or near an international airport, there probably would be specialized currency-exchange counters that you could go to, but their rates probably would not be as good as a major banks' rates.

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NoMoneyInMyWallet said:   NoMoneyInMyWallet said:   Can you only exchange the £5 notes at the one branch in London or can they be exchanged at any UK bank? This is what I found:

What happens if I still have paper £5 notes after 5 May 2017?
All Bank of England notes retain their face value for all time.  If your bank, building society or Post Office is not willing to accept these notes they can be exchanged with the Bank of England in London by post or in person.  
Being proactive, I exchanged my four current £10 notes for eight new polymer £5 (Bank of England) notes at a bank in Northern Ireland.
  

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I'm guilty of having a stash of old British notes and other currencies. Whenever my next trip is I'll bring them and figure out a place to exchange them.

Selling old paper currency as a collectible on eBay will probably not make you rich. Value is determined by how rare notes are. Collectors also like uncirculated or lightly used notes, not bills left in your pants pocket and gone through the washing machine. Britain has printed zillions of these old notes. Even if they disappear from circulation, there's always zillions more sitting unused in all sorts of places around the world.

I found this website to redeem old currency, if you're confident in sending the money to them: https://www.leftovercurrency.com/

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