The Bank of England announced today that all 10s notes of the old series, printed in mauve or brown on white paper and without a portrait of the Queen, are to be called in on October 29. These notes were issued between 1928 and 1961.
The bank also announced that they propose to issue early next year a new £5 note bearing, like other notes of the present series, a portrait of the Queen. This note will be slightly smaller than the current £5 note.
The announcement said that the old series 10s notes would remain legal tender and might be used in the ordinary way until October 29. The public were, however, advised to pay into their banking accounts without delay any of these notes in their possession.
The notes would not be legal tender after October 29 but would be exchangeable indefinitely at the head office of the Bank of England.
All details of the new fivers, apart from the size, are being kept secret until shortly before the note is issued.
The new notes will be more difficult to forge. One of the most difficult things for a would-be forger to reproduce is a portrait.
Calling in the old 10s notes means some £17,500,000 worth have to be exchanged within the next 34 days.