We are not amused by the lack of £5 notes.

You approach the till nervously, trying subtly to assess the mood of the checkout assistant. You need your daily dose of gossip but you don’t want a fight today. You place your magazine on the counter and wait for the moment you have been dreading.

“That’ll be 70p then” she chirps.

*Awkward Silence*

“Sorry I’ve only got a tenner” you mumble.

You hold your breath, waiting for the mood to change… and here it comes. With an almighty sigh and a rolling of the eyes she takes your note, noisily slams the till and hands you back a mountain of change.

As you dash quickly from the confrontation you curse yourself for not thinking ahead, bemoaning your lack of preparation - why didn’t you think ahead at save one of those five pound notes to pay with?

Well, you will be lucky if you can find a fiver these days. These mysterious, allusive notes are becoming a very rare breed indeed!

Last year Mervyn King, the Governor of the Bank of England criticised high-street banks for not doing enough to ensure there are sufficient £5 notes in circulation. He noted that whilst over the last decade the total value of Bank of England notes in circulation has doubled, to £40 billion, the total value of £5 notes has remained at a steady £1 billion.

Indeed, the condition of these £5 notes that are in circulation is deteriorating rapidly, many notes are dog-eared and tatty and the average lifetime of each note is now twice what it was ten years ago.

The high-street banks hit back at this criticism, claiming that consumers didn’t really want £5 notes and that it would be too much effort and too costly to fill their cash machines with this contentious green denomination.

A battle of words, nothing really came from this debate… that is, until now!

Last week, cash point operators Bank Machine launched their “Fight for Fivers” campaign to get five pound notes back into circulation. They are hoping to install their own £5 dispensing cash machines in high-profile locations and are calling on owners of suitable sites to come forward.

Ron Delnevo, Managing Director of Bank Machine, says:

“We believe getting fivers back into circulation will be of huge benefit to both consumers and retail businesses alike. No one likes having to pay for a low-cost product with a £10 or even £20 note and no one wants too many heavy £1 coins”

Indeed, consumers will benefit from added control over their money, and businesses will benefit because they will not have to shell out for quite so many bags of change.

Delnevo goes on:

“Our campaign is particularly timely given the current credit crunch, as many people feel more able to manage their finances by spending cash - £5 notes will allow them to be even more careful in keeping their spending down.”

People are less likely to spend more when they are paying with cash rather than a credit card. Credit cards offer the pleasure of purchasing without the immediate financial pain – you don’t feel like you’re spending real money. Many people feel they are more able to manage their finances and limit their spending when they pay by cash. Hooray for £5 cash dispensers!

Bank machine’s first “£5 note only” cash machine will be located in Tower Hamlets, East London, and the company hope to install many more machines around Key Locations in the UK.

Hassle free shopping ahoy…

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