The new note, that is smaller and more durable than the old fiver, will begin to be available from cash machines and bank counters today but it will take a few weeks for them to spread across the country.

The Bank of England have printed 440 million of the new fivers (a value of £2.2bn), with ATMs in London, Manchester, Birmingham, Leeds, Hull and Cardiff being among the first to stock them.

However, only 7% of cash machines dispense £5 notes therefore, it would be quicker to receive one via a bank.

In May 2017 paper £5 notes will cease to be a legal tender and will no longer be accepted by shops. Old notes can be exchanged at the Bank of England.

Mark Carney, governor of the Bank of England, said: ‘The New Fiver will be cleaner, safer and stronger. Resistant to dirt and moisture, it will stay in good condition for longer. The new security features make it harder to counterfeit. While the use of polymer means it can better withstand being repeatedly folded into wallets or scrunched up inside pockets and can also survive a spin in the washing machine.

‘We expect polymer notes to last at least two-and-a-half times longer than the current generation of fivers and therefore reduce future costs of production.’

The Bank of England will also introduce polymer-based £10 and £20 notes but there is currently no plans to replace £50 notes.

The new £10 will feature Jane Austen and enters circulation in summer 2017. The plastic £20 note features JMW Turners and will be I circulation by 2020.

The polymer notes will still have tiered sizing, bold numerals and a similar colours to the current notes to help blind and visually impaired people tell the difference between them.

Polymer £10 and £20 notes will also have a feature created by a series of raised dots. People with visual impairments will be able to tell the £5 note apart because it does not have this feature.

The Royal Mint is also producing a new £1 coin which will enter circulation in March 2017.