Piers tears into the new £5 note

The new five pound note featuring Winston Churchill is now in circulation. It’s the Bank of England's first polymer banknote and includes a number of design and security features to make it cleaner, safer and stronger.

But is it any better than the old version? Piers took no time at all to test its durability.

Don’t panic if you’ve still got plenty of old paper fivers in your purse – they’re legal tender until 5th May 2017.

The new polymer £10 featuring Jane Austen will enter circulation in summer 2017 followed by the J.M.W. Turner £20 note by 2020.

Here are five facts about the new fiver:

• The new polymer note is expected to last around 2.5 times longer - around 5 years.

• The new banknote is resistant to dirt and moisture

• The new fiver's security features include a see-through window featuring the Queen's portrait; a hologram which contains the word "five" and changes to "pounds" when the note is tilted; and a hologram of the Coronation crown which appears 3D and multi-coloured when the note is tilted.

• Only a tiny proportion of existing banknotes are counterfeit according to the Bank of England's figures - 0.0075% in 2015.

• Beneath Sir Winston's portrait reads his declaration in his first speech as Prime Minister: "I have nothing to offer but blood, toil, tears and sweat."

It's old v new in the washing machine test. Warning: Piers might take a second bite at the new one...