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Polymer fivers to enter circulation on Tuesday Polymer £5 notes to enter circulation today
(about 17 hours later)
People around Britain will get their hands on the first polymer £5 notes issued by the Bank of England on Tuesday as the smaller, plastic money featuring Sir Winston Churchill goes into circulation.People around Britain will get their hands on the first polymer £5 notes issued by the Bank of England on Tuesday as the smaller, plastic money featuring Sir Winston Churchill goes into circulation.
It is a cash revolution six years in the making. Discussions at the central bank over whether to replace the tatty paper fiver with a tougher polymer version started in 2010.It is a cash revolution six years in the making. Discussions at the central bank over whether to replace the tatty paper fiver with a tougher polymer version started in 2010.
Now, following roadshows to gauge public opinion and consultations with cash machine operators and vending machine makers, the Bank of England has printed 440m of the new, shiny notes and they will be available from cash machines and bank counters on Tuesday.Now, following roadshows to gauge public opinion and consultations with cash machine operators and vending machine makers, the Bank of England has printed 440m of the new, shiny notes and they will be available from cash machines and bank counters on Tuesday.
For Victoria Cleland, the Bank’s chief cashier whose name is on every one of those notes, it is a momentous day.For Victoria Cleland, the Bank’s chief cashier whose name is on every one of those notes, it is a momentous day.
“It is really, really exciting and it’s been an incredible journey ... from the very idea of ‘Ooh, shall we move to polymer?’ to tomorrow morning, I will be out there spending the notes,” says Cleland, who plans to use her first polymer fiver to buy an ice-cream.“It is really, really exciting and it’s been an incredible journey ... from the very idea of ‘Ooh, shall we move to polymer?’ to tomorrow morning, I will be out there spending the notes,” says Cleland, who plans to use her first polymer fiver to buy an ice-cream.
The Bank spent around £70m on the research, development and printing of the new banknotes and Cleland’s team of 140 staff have been working for years to develop its cutting edge security features, which include a see-through window.The Bank spent around £70m on the research, development and printing of the new banknotes and Cleland’s team of 140 staff have been working for years to develop its cutting edge security features, which include a see-through window.
Bank scientists have made counterfeit versions to assess how easily the fivers could be copied, and have tested how the notes react in washing machines and in machines full of grit. One of the main reasons for the move to polymer is to improve bank note durability.Bank scientists have made counterfeit versions to assess how easily the fivers could be copied, and have tested how the notes react in washing machines and in machines full of grit. One of the main reasons for the move to polymer is to improve bank note durability.
The fivers have also had to pass health and safety tests, just in case they should fall into the paws of peckish toddlers and pets. Last year, 21,835 notes were replaced due to damage – 5,364 of those were chewed or eaten, the Bank says. “It’s mainly dogs, and I have heard of a parrot,” explains Cleland.The fivers have also had to pass health and safety tests, just in case they should fall into the paws of peckish toddlers and pets. Last year, 21,835 notes were replaced due to damage – 5,364 of those were chewed or eaten, the Bank says. “It’s mainly dogs, and I have heard of a parrot,” explains Cleland.
The new design should last around five years, two and half times longer than the outgoing fiver.The new design should last around five years, two and half times longer than the outgoing fiver.
The Bank’s governor, Mark Carney, announced the move to polymer notes in 2013, shortly after he arrived in the UK from his native Canada, where polymer bank notes were already in use. His decision followed a public consultation in which 87% of the 13,000 respondents backed the new notes.The Bank’s governor, Mark Carney, announced the move to polymer notes in 2013, shortly after he arrived in the UK from his native Canada, where polymer bank notes were already in use. His decision followed a public consultation in which 87% of the 13,000 respondents backed the new notes.
As Cleland sits in her Threadneedle Street office holding a new fiver, she beams with pride and declares the polymer note has been thoroughly proven to be popular with the public and safer, cleaner and more resilient.As Cleland sits in her Threadneedle Street office holding a new fiver, she beams with pride and declares the polymer note has been thoroughly proven to be popular with the public and safer, cleaner and more resilient.
“Bank notes are just really important to everybody, they are in everyone’s pockets and wallets, so we wanted to be sure that the people in the UK would be happy with the move.”“Bank notes are just really important to everybody, they are in everyone’s pockets and wallets, so we wanted to be sure that the people in the UK would be happy with the move.”
Out on the streets around the Bank, reactions to the new note are overwhelmingly positive when we take some out – under Bank supervision – to give people a preview.Out on the streets around the Bank, reactions to the new note are overwhelmingly positive when we take some out – under Bank supervision – to give people a preview.
“They are a rather attractive design. I quite like this gold Big Ben. I imagine their longevity is better than the standard ones,” says Jack Saltman, 80, a retired TV producer.“They are a rather attractive design. I quite like this gold Big Ben. I imagine their longevity is better than the standard ones,” says Jack Saltman, 80, a retired TV producer.
Saltman also likes the choice of Churchill. “If any one personifies the British spirit, it’s Churchill.”Saltman also likes the choice of Churchill. “If any one personifies the British spirit, it’s Churchill.”
Maria Koumenta, a 36-year-old economist from Greece, is also keen to handle the new, smooth fiver. “I like the fact it won’t get messy, it will remain nice and neat,” she says. She runs her finger around the firm edges. “But I’m a bit concerned about paper cuts.”Maria Koumenta, a 36-year-old economist from Greece, is also keen to handle the new, smooth fiver. “I like the fact it won’t get messy, it will remain nice and neat,” she says. She runs her finger around the firm edges. “But I’m a bit concerned about paper cuts.”
Mike Sharpe, a 45-year-old working in IT, describes the new note as “cool”. “It’s better than those grubby paper notes.” But he wants to know how businesses will adapt, and whether they will work in ATMs.Mike Sharpe, a 45-year-old working in IT, describes the new note as “cool”. “It’s better than those grubby paper notes.” But he wants to know how businesses will adapt, and whether they will work in ATMs.
Cleland is not worried about this. All the signals from businesses are that they are ready, having had the chance to test protoypes. Her bigger concern is that after months of publicity for the new note, people could end up frustrated if they have to wait to handle one. But as the the Bank gradually withdraws the old fivers, it expects that by early January half of £5 notes in circulation will be polymer.Cleland is not worried about this. All the signals from businesses are that they are ready, having had the chance to test protoypes. Her bigger concern is that after months of publicity for the new note, people could end up frustrated if they have to wait to handle one. But as the the Bank gradually withdraws the old fivers, it expects that by early January half of £5 notes in circulation will be polymer.
“The main message is we have produced plenty for everybody. We have got 440m of them so be patient, you’ll get one in the next week or so,” says Cleland.“The main message is we have produced plenty for everybody. We have got 440m of them so be patient, you’ll get one in the next week or so,” says Cleland.
The fiver will be followed by a polymer Jane Austen £10 note next summer and a plastic JMW Turner £20 note by 2020. A decision has yet to be made on the £50 note but Cleland says that is because the last version was only released in 2011, not because the Bank wants to ditch the high denomination notes altogether.The fiver will be followed by a polymer Jane Austen £10 note next summer and a plastic JMW Turner £20 note by 2020. A decision has yet to be made on the £50 note but Cleland says that is because the last version was only released in 2011, not because the Bank wants to ditch the high denomination notes altogether.
Aside from the new notes, her team is also working on other ways of paying, such as digital currencies. Does that mean the Bank is expecting physical money to die out? Not for now, says Cleland.Aside from the new notes, her team is also working on other ways of paying, such as digital currencies. Does that mean the Bank is expecting physical money to die out? Not for now, says Cleland.
“Although there are lots of alternative ways to pay out there we are still seeing strong demand for cash and so that’s why we think it’s really important to make sure it’s fit for the modern age,” she adds.“Although there are lots of alternative ways to pay out there we are still seeing strong demand for cash and so that’s why we think it’s really important to make sure it’s fit for the modern age,” she adds.
The future of cash is a question that also comes up among our panel of bank note previewers. Tanja Fidan, a 30-year-old German who works at the Hermès fashion store opposite the Bank, loves the new note but says she rarely carries cash.The future of cash is a question that also comes up among our panel of bank note previewers. Tanja Fidan, a 30-year-old German who works at the Hermès fashion store opposite the Bank, loves the new note but says she rarely carries cash.
“I don’t even carry cards now, I use Apple Pay,” she says.“I don’t even carry cards now, I use Apple Pay,” she says.