Bank Of England Set To Release New Banknote

The Bank of England’s Chief Cashier, Victoria Cleland announced they will be releasing a new five pound banknote on June 2. This change is being made as an effort to transition their banknotes from paper to polymer.

The new five pound banknote will begin circulating in September 2016. It will feature Sir Winston Churchill and will be 125mm x 65mm. The paper £5 banknote will be removed from circulation slowly from that time forward. Also the polymer £10 banknote featuring Jane Austen will enter circulation in 2017 and a new polymer £20 banknote will be introduced by 2020.

In a recent press release, Victoria Cleland stated “On Thursday 2 June we will unveil the full design of the new fiver – the Bank of England’s first polymer banknote. The new fiver will bring a step change in counterfeit resilience and quality. This is an exciting time for banknotes and we are grateful to the cash industry for helping us introduce polymer banknotes.”

Now polymer is manufactured from a transparent plastic film, which enhances protection against counterfeits. They are also resistant to dirt and moisture, allowing the banknote to stay cleaner, more durable and more secure than paper banknotes.

And in case you were wondering, modern polymer banknotes were first developed by the Reserve Bank of Australia, Commonwealth Scientific and Industrial Research Organisation and The University of Melbourne. It was first issued as a currency in Australia in 1988 and in 1996 they completely changed all banknotes to polymer.

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