The old £10 notes are going out of circulation on March 1.

The old paper fivers went out of circulation on May 5 last year to be replaced with the new polymer note from March.

What happens after March 1?

Once the deadline passes you won't be able to spend your notes in shops or restaurants.

If you want to swap the old notes over for new tender you will have to make the trip into a bank, building society or Post Office.

It is possible that a high street bank will stop exchanging them after the cut-off date but The Bank of England is legally obliged to.

You can either do this in person or via post. Although if you post it to The Bank of England, you do so at the “sender’s risk”.

Why are notes being made out of polymer?

The Royal Mint says that polymer makes them cleaner as they are more resistant to dirt and moisture, safer as they have enhanced security features and stronger as they are harder to destroy.

Polymer banknotes also last longer, so they are more environmentally friendly than paper banknotes.

Why do they have Jane Austen on them?

Famous English author Jane Austen has been chosen to be on the new £10 notes.

She is the only woman - apart from the Queen - to feature on UK currency.

The notes also feature a quote from her novel Pride and Prejudice that reads: “I declare after all there is no enjoyment like reading".

Bank of England Governor Mark Carney explained: "Jane Austen certainly merits a place in the select group of historical figures to appear on our banknotes.

"Her novels have an enduring and universal appeal and she is recognised as one of the greatest writers in English literature.

“As Austen joins Adam Smith, Boulton and Watt, and in future, Churchill, our notes will celebrate a diverse range of individuals who have contributed in a wide range of fields.”

Are there any rare or valuable £10 notes?

Oh yes - in January, one sold for £3,600 on ebay as it has a serial number that combines the rare AH prefix with 1775 - the year Jane Austen was born.

Notes with serial numbers starting AH are generally considered to be more valuable, as this is the first serial number which will be publicly available. They have been sold online for as much as £250 each.

What about a new £20 note?

The Royal Mint has announced that this will begin circulation in 2020 and will feature British painter JMW Turner.

Are the new notes made from animal products?

The Royal Mint has admitted that the new notes do contain traces of tallow from the production process.

Following an outcry from some of the public, the Mint held a consultation but ultimately concluded that they will continue to be made from polymer manufactured using trace amounts, typically less than 0.05%, of chemicals ultimately derived from animal products.