Polymer Fiver Begins Circulation Today
Today, Tuesday the 13th of September, marks a new era for Bank of England bank notes. A brand new five pound note is being released but this time it is being printed on a brand new material; polymer.
Previously, all bank notes were printed on paper leading to many having to be replaced due to damage. In 2015, 21,835 notes were replaced due to some form of damage such as teared notes, chewed notes, washed notes, or fire damaged notes. This has led the Bank of England to search for a more durable material to make new notes out of going forwards. This is where polymer comes into it. This plastic material is cleaner, safer and stronger giving it a much longer life expectancy than the previous note. The Bank of England are also hopeful that the new £5 note will reduce the chances of forgery with its difficult to copy design and see through window featuring the Queen’s portrait.
What You Need To Know
Circulation – The new £5 notes have begun dual circulation with the old notes today. The dual circulation will continue until May 2017 when the old notes will be taken out of circulation and will no longer be seen as legal tender for trading.
Size – The new fiver will be 15% smaller than its predecessor.
Design – Former UK prime minister and Nobel Prize winner, Winston Churchill will feature on the banknote for the first time. His Nobel prize will also be featured in the note’s design alongside images of Westminster and Big Ben.
How many? – 440 million new fivers will be released today and gradually throughout the next few months.
Why are they being released? – The Bank of England regularly change their note designs but following a look into the number of notes that were being damaged, a change of material was needed in order to save money and be more environmentally friendly.
What other benefits will they bring? – These environmentally friendly notes can also be recycled when they reach the end of their lives. As well as this, they have been specially designed to be harder to counterfeit due to its hologram and see through window features. They have also been adapted to help visually impaired people identify them with raised text and braille features.
The Future of Banknotes
The release of the new fiver is just the beginning, both the ten and twenty pound notes are also going to be redesigned and printed on polymer. The ten pound note, featuring the portrait of Jane Austin, will begin circulation in summer next year while the new twenty pound note, featuring JMW Turner, will be released by 2020.
What Does The New Fiver Mean For Businesses Managing Cash?
While the release of the new fiver could be exciting for the general public, it could prove slightly tricky for businesses who use machines to recognise deposited notes. Luckily, many cash management products simply need the software updating to recognise the new note.
For those that don’t have a software upgrading option, Associated Security can help. We offer a range of polymer ready cash management solutions which make the deposit and management of cash quick, easy, and stress free. To discuss your requirements with our sales team please call 0161 832 2777.
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