The Bank of England recently released figures on replacing its new Guardian banknotes due to everyday wear and damage, revealing:
Under 3% of the polymer £5 notes in circulation were replaced in 2019 (to end September), compared to around 60% of the paper £5 series V notes in 2015 (the last full calendar year before the polymer £5 was issued)
Under 2% of the polymer £10 notes in circulation were replaced in 2019 (to end September), compared to around 53% of the paper £10 series V notes in 2016 (the last full calendar year before the polymer £10 was issued)
Looking at the previous paper notes, 190 million paper £5 notes and 410 million paper £10 notes were returned to the bank in 2015 and 2016 respectively.
The improved durability of Guardian polymer notes over paper notes was one of the reasons the Bank of England decided to transition its full family of denominations on polymer. In addition, there are security, cleanliness and environmental advantages.
In the latest Bank of England annual report, Governor Mark Carney said: "Polymer notes are safer than paper notes, and last more than twice as long.
“They are also better for the environment due to both their longevity and recyclability."
Having launched the £5 polymer note in September 2016, approximately 20 million have been replaced due to everyday wear and damage. Year on year, this has represented a very small fraction of the £5 polymer notes in circulation.
Source: Bank of England
For the £10, approximately 26 million polymer notes have been replaced since launching in September 2017, again representing a minute percentage of the £10 polymer notes in circulation.
Source: Bank of England
The bank said it is too early in the lifecycle to yet understand the rate of replacement of polymer notes.
More information is available on the Bank of England website.