ACS (the Association of Convenience Stores) is urging retailers to ensure that they are prepared for the introduction of the new polymer £20 and are aware of its security features.
From 20th February 2020 the new polymer £20 will enter circulation and begin appearing in ATMs across the UK.
The £20 polymer note has been designed to be the most secure banknote yet, incorporating sophisticated security features which are difficult to counterfeit but are simple for retailers to check.
The two main security features to look out for are:
- See through windows - Look at the metallic image over the main window. Margate Lighthouse appears in gold foil with the Turner Contemporary gallery in blue and the foils are silver on the back. There is another small see-through window in the bottom corner of the note.
- Hologram image - The metallic patch under the main window contains the word ‘Twenty’. This changes to ‘Pounds’ when the note is tilted from side to side.
Paper £20 notes will remain legal tender and should be spent and accepted as usual. These notes will be gradually withdrawn as they are banked. Notice will be given six months ahead of legal tender status being withdrawn.
Checklist for Retailers
- Make sure that you know which cash handling machines are being operated by your business. These machines include: self-service check-outs, ATMs, desktop counters, ticket machines and any other machines that weigh, count, sort, accept, dispense or recycle banknotes.
- Contact the manufacturer or supplier of your machines to discuss what adaptations will be required for issuance of the new £20 note, and when they will be available. For most machines, a software update will be needed.
- Aim to implement adaptations to your machines before any new note is issued.
- Train your staff on the new features of the polymer £20 note
The full list of security features and more information about the new polymer banknote are available here: https://www.bankofengland.co.uk/banknotes/polymer-20-pound-note
