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| New Sir Winston Churchill £5 note design is unveiled | |
| (35 minutes later) | |
| The final design for the new Bank of England £5 note entering circulation on 13 September has been revealed. | |
| The note will feature the image of Sir Winston Churchill and will be made of plastic rather than cotton paper. | The note will feature the image of Sir Winston Churchill and will be made of plastic rather than cotton paper. |
| The Bank says the thin and flexible plastic banknotes will be cleaner, more durable - as they will last for five years - and harder to counterfeit than the current paper notes. | |
| It admits that they may initially be prone to sticking together. | It admits that they may initially be prone to sticking together. |
| The use of thin, see-through polymer is a first for the Bank of England, which invested £70m in the project. Plastic banknotes are already in use in Scotland as well as other countries including Australia and Canada. They have also been used in Northern Ireland. | |
| At an event at Churchill's birthplace of Blenheim Palace in Oxfordshire, the Bank is also releasing advice to businesses about dealing with the new polymer notes, which are 15% smaller than the current notes. | |
| Brendan Doyle, of CMS Payments Intelligence, said: "Retailers and banks are going to have to invest over £200m to change ATMs, self-service checkouts and other equipment." | Brendan Doyle, of CMS Payments Intelligence, said: "Retailers and banks are going to have to invest over £200m to change ATMs, self-service checkouts and other equipment." |
| Churchill | Churchill |
| The decision to feature Churchill on the new banknote was made three years ago. | |
| Bank governor Mark Carney said: "Our banknotes are repositories of the United Kingdom's collective memory and like Churchill, our new polymer notes will stand the test of time." | Bank governor Mark Carney said: "Our banknotes are repositories of the United Kingdom's collective memory and like Churchill, our new polymer notes will stand the test of time." |
| The new design includes a see-through plastic window featuring the Queen's portrait. The new notes will also feature holograms - such as one showing the maze at Blenheim Palace - and micro-lettering beneath the Queen's portrait with letters and numbers that are visible under a microscope. | The new design includes a see-through plastic window featuring the Queen's portrait. The new notes will also feature holograms - such as one showing the maze at Blenheim Palace - and micro-lettering beneath the Queen's portrait with letters and numbers that are visible under a microscope. |
| Various elements such as size and colours are aimed to assist people who are visually impaired. | Various elements such as size and colours are aimed to assist people who are visually impaired. |
| The artwork on the banknote will also include: | The artwork on the banknote will also include: |
| The image of Churchill has featured on currency before. He was the first commoner to be shown on a British coin when he appeared on the 1965 crown, or five shilling piece. | The image of Churchill has featured on currency before. He was the first commoner to be shown on a British coin when he appeared on the 1965 crown, or five shilling piece. |
| Banknote characters | Banknote characters |
| There are more than 329 million £5 notes in circulation, so it will take a year for the Churchill note to fully replace the current one featuring the social reformer, Elizabeth Fry. | There are more than 329 million £5 notes in circulation, so it will take a year for the Churchill note to fully replace the current one featuring the social reformer, Elizabeth Fry. |
| She is the only woman, apart from the Queen, currently appearing on Bank of England notes, although Jane Austen will feature on the new £10 note issued next year. | She is the only woman, apart from the Queen, currently appearing on Bank of England notes, although Jane Austen will feature on the new £10 note issued next year. |
| The new £10 and £20 notes will also be printed on polymer. The Bank recently announced that artist JMW Turner will appear on the next £20 banknote, expected to enter circulation by 2020. | The new £10 and £20 notes will also be printed on polymer. The Bank recently announced that artist JMW Turner will appear on the next £20 banknote, expected to enter circulation by 2020. |
| New polymer banknotes are also being issued in Scotland, although those issued by Clydesdale Bank are already in circulation. | |
| The Bank of Scotland - one of the banking note issuing institutions in Scotland - announced on Thursday that its own polymer £5 banknote will be available in branches from 4 October. | |
| The note is slightly smaller than the existing paper £5 notes in circulation, and the same as the Bank of England fiver. | |
| It reuses the existing Bank of Scotland £5 design, with the front retaining the portrait of Sir Walter Scott and the reverse featuring the Mound in Edinburgh. | |
| Notes are redesigned on a relatively frequent basis, in order to maintain security and prevent forgeries. | Notes are redesigned on a relatively frequent basis, in order to maintain security and prevent forgeries. |