The concept designs for the new £5 and £10 notes, which will be slightly smaller than the paper version, were originally unveiled in December 2013.

De La Rue began mass production of the new £5-note, which is printed on polymer supplied by Innovia Films, in September last year.

Speaking at the Retail Business Technology Expo in London, Bank of England chief cashier and director of notes Victoria Cleland said: “The new fiver will bring a step change in counterfeit resilience and quality. We have been working extensively with the cash industry to ensure a smooth transition to polymer.”

Cleland urged businesses to prepare for the new notes with staff training manuals and a public awareness campaign to be launched ahead of the notes entering circulation.

“This is an exciting time for banknotes and we are grateful to the cash industry for helping us introduce polymer banknotes,” she added.

The £5 note will feature Winston Churchill with Jane Austen on the £10 note.

A decision on who will feature on the £20 note is expected in the coming weeks. Members of the public have voted for artists “who have helped shape British thought, innovation, leadership, values and society”.

The £5 notes notes will enter circulation in September, the new £10 note a year later and the £20 note by 2020. The paper versions of each will be gradually removed from circulation once their polymer counterparts have been introduced.