NEW banknotes will be placed into circulation today. 

The "new fiver", which is being issued today (September 13) marks a break from the current paper notes because it is printed on polymer, a thin flexible plastic film, which is seen as more durable and secure.

It is slightly smaller than the note it is replacing, can be wiped clean, and is tear-resistant.

Winston Churchill will feature on the new money as as the Governor of the Bank of England, Mark Carney, paid tribute to the wartime prime minister's "bulldog spirit" and his part in British history.

In April, the Bank announced that artist JMW Turner will appear on the next £20 banknote, due to be issued by 2020.

Australia introduced the world's first plastic bank notes in 1988 and more than 30 countries have since followed suit.

The previously printed £5 will still be good to use until May 2017, after that it can only be exchanged at the Bank of England.