More than 30 countries issue polymer notes, including Australia, New Zealand, Mexico, Singapore and Canada.
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It can survive a splash of Claret, a flick of cigar ash, the nip of a bulldog, and even a spin in the washing machine – Britain’s first plastic currency goes into circulation from Tuesday in the hope that it is cleaner, safer and stronger than the current cotton-paper generation of banknotes.
Here are the 10 facts you need to know about the “plastic fiver”. It also means they can feature new characters.
The days of paper fivers are nearly behind us – bring on the polymer. Well polymer to be exact, a thin and flexible plastic.
– There are now around 329million £5 paper notes in circulation, so it will take time for the existing notes to be replaced.
The new five pound note featuring Winston Churchill comes into circulation tomorrow.
Fraud. The redesigned fiver has a range of extra ways to prevent counterfeiting.
They include a see-through window featuring the Queen’s portrait as well as Big Ben shown in gold foil on the front of the note and silver on the back.
Aussies, Kiwis and Canadians won’t notice the difference. When a polymer note has reached the end of its life it will be recycled.
Will the ten and twenty pound notes change? .
While the Bank of England’s head office in London doesn’t have a cash machine attached – it does have a bank note exchange desk.
They feature prison reformer Elizabeth Fry and can be used in shops until it is withdrawn from circulation in May 2017.
Bank of England Governor Mark Carney said: “The new fiver commemorates one of the greatest statesmen of all time, Winston Churchill, who remarked that “a nation that forgets its past has no future”. Like Churchill, the new polymer note will also stand the test of time”.
When will they be in my wallet? It is resistant to dirt and moisture, so the note won’t wear out as quickly as the current fivers but will stay in good condition for longer.
If, after then, you still have some knocking around you can transfer them at the Bank of England.
It might actually take up to a week or two before the notes become a more frequent sight. It was subsequently announced that novelist Jane Austen would be the face of the new £10 note from summer 2017.
The twenty will feature 19th-century painter J.M.W Turner and will be released in 2020.
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Like the Churchill fiver, the new £10 and £20 notes will also be printed on polymer.
