Issued By The Bank of England, 13 December
Introducing polymer banknotes
Following overwhelmingly positive results to its public consultation programme, the Bank of England announced on 18 December 2013 that the next £5 note (featuring Sir Winston Churchill) and the next £10 note (featuring Jane Austen) will be printed on polymer. Polymer is a thin and flexible plastic material. The current plan is to introduce the £5 note during 2016 and the £10 note around a year later.
The Bank has concluded that polymer notes are cleaner, more secure, and more durable than paper notes. They will provide enhanced counterfeit resilience, and increase the quality of notes in circulation. Polymer notes are also more environmentally friendly and, because they last longer are, over time, cheaper than paper notes
Durable
Last at least 2.5 times longer than paper banknotes improving the quality of notes in circulation
Clean
Resistant to dirt and moisture so stay cleaner than paper banknotes
Secure
Incorporate advanced security features making them difficult to counterfeit
FAQs
What was the result of the consultation programme?
The consultation programme was held between 10 September and 15 November 2013 to seek the views of the public. During the consultation, the Bank conducted an online survey and attended nearly 50 events around the UK, as well as commissioning independent focus groups and surveys. The results were overwhelmingly positive; 87% of those who responded were in favour of printing the next notes on polymer, with only 6% opposed. The Bank also consulted with retailers, businesses and the cash industry.
Can polymer notes be folded?
Yes. Polymer notes are made of a thin, flexible plastic film which can be easily folded.
Are polymer notes slippery?
Polymer notes feel different from paper and can feel slippery when new, although this tends to decline over time once the notes are in circulation. Polymer notes will also have areas of raised print which will give them a tactile quality and reduce the slippery feel.
Do polymer notes stick together?
Brand new polymer notes can sometimes stick together, but this effect is short-lived once in use.
Where will the polymer notes be printed?
They will be printed at the Bank’s print works in Essex.
Will I be able to use polymer notes in the same way as paper notes?
Yes. Polymer notes can be used in the same way as paper notes. For example, polymer notes will be available from ATMs and will be accepted by retailers and businesses.
Will there be a smooth transition to the introduction of polymer notes?
Yes. The Bank will carry out a full education and publicity programme to ensure that retailers, businesses and the public are fully aware of what the new notes look like and how to authenticate them. The Bank will also work closely with the manufacturers of machines that accept and dispense notes to ensure there is a smooth transition to polymer.
When will the paper notes be withdrawn?
The current paper £5 and £10 notes will be withdrawn from circulation as the polymer notes are introduced.
Will the £20 and £50 notes be printed on polymer as well?
A decision on whether to print the £20 and £50 notes on polymer will be made in due course.
Which other countries use polymer notes? Over 25 countries currently issue polymer notes. These include Australia (who introduced them in 1988), New Zealand, Mexico, Singapore, Canada and Fiji.
Or, for further information, call 020 7601 4878
