Cash machines to dispense more £5 notes

Posted on March 27th, 2011 | Categories - News

Small denomination notes are to become more available in cash machines.

Many £5 notes have become tatty and old.

More £5 notes will be injected in UK cash machines as part of the Bank of England’s bid to improve the quality of British fivers.

A selection of cash machine operators have agreed to make the note more available to consumers – between 10% to 15% of their devices will be altered so they can dispense £5 notes at a more frequent rate.  Currently fewer than 3% of machines provide the small note.

Victoria Cleland, head of the Bank of England’s notes division, said that £5 notes have become torn and grubby because they do not return to be sorted as much as higher denomination notes. They also exchange hands more frequently and are therefore in worse condition than £10 and £20 notes.

Ms Cleland said: “In time, we hope a virtuous circle will develop. As more £5 notes are acquired by the public, those in circulation should be fitness-sorted more frequently. As the poor-quality £5s are removed, the average quality of the £5s in people’s wallet or purse should improve”.

She added: “There is no doubt that the public welcome the changes that have taken place so far and over the coming months, the fiver should start to look as familiar – and as smart – as our other denominations”.