It’s been four months since the plastic five pound notes began circulating and you now have less than four months to spend your old, paper ones.

On May 5 2017, the paper note will cease to be legal tender, meaning you will not be able to spend it.

The number of old £5 notes has already halved, according to the Bank of England – but that still leaves 165 million of them out there.

What happens if you still have paper £5 notes after May 5?

If you still have paper notes left after May 5, then you won’t be able to spend them in shops. But don’t panic – banks, building societies and post offices will still accept them.

Bank of England notes retain their face value for all time, so these places are legally obliged to accept them.

READ MORE: The new £1 coin: Less than a year to spend your old ones

Will paper £5 notes disappear completely?

No. Even though the Bank of England is getting rid of them, banks in Northern Ireland and Scotland have not said they will follow suit. Paper notes issued by banks in Scotland and Northern Ireland will remain legal tender.

What will happen to the paper notes?

The old £5 notes will be recycled.

Will you be getting any new notes soon?

In summer 2017, there will be a new £10 note issued that features Jane Austen. This will be followed by a new £20 note in 2020, featuring JMW Turner.

And in March, the new £1 coin will be issued by the Royal Mint.