Does Iphone 5 take new sim card?

Im about to trade my iphone 5 and i use verizon. The guy im giving it to has at&t. Does the iphone 5 take new sim?

You are on Verizon. Verizon is a CDMA network, meaning you don't use a SIM card. Consequently, AT&T customers cannot use a CDMA iPhone as AT&T is a GSM network. So you would not be able to trade phones with him unless he was to take up a contract with Verizon. CDMA isn't as good because only very few countries actually use CDMA networks. GSM is more flexible and more widely used.

Yes, the iPhone 5 uses a new nano-SIM card, which is smaller than the micro or standard SIM cards

EDIT: British's answer is wrong, all the new LTE CDMA phones do take SIM cards, and the Verizon iPhone 5 is a dual-mode phone, capable of being used with CDMA or GSM networks. Finally most of the world supports BOTH CDMA and GSM services, the major exception being the UK, which is GSM only.