The polymer banknotes countdown has begun…
The Bank of England has spent the last 2 years prepping the UK economy for the launch of polymer banknotes. Working with the relevant industry bodies, we are now only months away before the new £5 is launched in September.
Details for the new note are imminent and whilst this change will affect the retail and payments industry as a whole, the thought process behind the polymer banknote comes from sound consideration.
With over £5 million, in value, of counterfeit notes being removed from circulation last year, the introduction of polymer banknotes will provide enhanced counterfeit resilience, and increase the quality of banknotes in circulation. Also polymer banknotes are cleaner and more durable than paper banknotes.
The current understanding for the launch is that the new fiver will be issued in September 2016, with the £10 note being issued in 2017 and the £20 note by 2020. Around three months before each launch, the full details of the design and security features will be available and a range of training materials for retailers and businesses will be released.
The Bank of England are updating their website regularly and you can download the most recent fact sheets on the new polymer banknotes at http://www.bankofengland.co.uk/banknotes/polymer/Pages/factsheets.aspx