From March 1st onwards, £5 and £10 Scotish paper notes will cease to be legal tender. People are being asked to spend them or exchange them before the deadline.
New polymer £5 and £10 notes were introduced in 2015 to reduce counterfeiting activities. The issuing banks have already started replacing the older paper notes with the new polymer version. Experts believe that the new notes are more secure and environment-friendly. Due to these efforts by issuing banks most old £5 and £10 paper notes have been replaced.
Older versions will still be accepted for exchange at banks even after the deadline. Customers also have the option of depositing the old notes into their accounts. Even post offices might offer these exchange services after the deadline.
Image Courtesy Bank of Scotland