The new £5 note comes into circulation today featuring one of Kent’s most iconic figures.
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“The Bank of England’s main role is making sure we’ve got enough of the notes and then working with the wholesale cash industry to make sure they spread the notes around the country”, explains Ms Cleland.
Like the Churchill fiver, the new £10 and £20 notes will also be printed on polymer.
The new £5 note lasts around five years longer than the old notes.
“We expect polymer notes to last at least two and-a-half times longer than the current generation of fivers and therefore reduce future costs of production”.
The new note also has security features meant to make it harder to counterfeit.
Carney said that the polymer banknotes can even withstand a trip into the washing machine-a claim substantiated by rigorous testing of this very scenario.
There are now no plans to replace the 50-pound note with a polymer version, the Bank of England said.
Like paper notes, they can stick together when brand new.
The plucky fivers aren’t invincible, though, so it’s best to keep them away from the ironing board.
Initially only cashpoints in London, Manchester, Birmingham, Leeds, Hull and Cardiff will stock the fiver, but there are only a limited number that distribute £5 notes anyway.
Not all cash machines will be ready immediately.
The Bank previously announced artist JMW Turner will appear on the next £20 banknote, due to be issued by 2020. The paper notes will be gradually withdrawn from circulation and will cease to be legal tender in May 2017.
They feature new anti-counterfeiting features and are partly transparent. The New Fiver is smaller and lighter than its predecessor, but the most notable difference is that the Queen will now share the note with Sir Winston Churchill. However, we may have to wait a little longer before getting our hands on one, as the banks will need to process them before they reach counters.
The plastic fiver was the only type of note not replaced. When they’re too old to be used, they can be recycled.
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The note it the first of its kind for England and Wales, and will be made of a plastic polymer in an attempt to make them more durable.
