Polyester bill of GBP 5 launched in Great Britain
It is resistant to dirt and moisture and can even survive a spin in the washing machine. Featuring ‘one of the greatest statesmen of all time,’ the new plastic five pound note entered circulation for the first time on September 13, 2016
The polymer note, commemorating Sir Winston Churchill, is ‘cleaner, safer and stronger’ with security features that make it even harder to counterfeit, according to the Bank of England.
440 million new five pound notes ready for issue and available from cash machines and bank counters across the UK from September 13, 2016.
Paper GBP 5 notes will continue to be legal tender until May 5, 2017 after which time they can be exchanged at the Bank of England.
“The use of polymer means it can better withstand being repeatedly folded into wallets or scrunched up inside pockets and can also survive a spin in the washing machine,” stated the Bank of England.
The new polymer GBP10 note featuring Jane Austen will enter circulation in the summer of 2017 followed by the JMW Turner GBP 20 note by 2020, the Bank of England said.
What Are Polymer Banknotes?
• Polymer banknotes are made from a transparent plastic film that has been coated with an ink layer.
• They are around 15 % smaller than the current notes and lighter – the polymer GBP 5 note weighs around 0.7 gramme versus the 0.9 gramme paper note.
• The Bank of England says the material allows the inclusion of “windows” – which are clear parts of the design that allow extra protection against counterfeits.
• They are more durable than paper notes – with the BOE estimating polymer will last at least 2.5 times longer than paper notes, making them more environmentally friendly.
• Over 30 countries currently issue polymer notes, including Australia, which introduced them in 1988, New Zealand, Mexico and Canada.