Polymer £5 Bank Notes Enter Circulation Today

All retailers that handle cash need to be prepared for the introduction of the new £5 polymer note, which enters circulation today.

The new bank note is printed on polymer, which is a thin flexible plastic material. Polymer notes last longer, stay cleaner and are harder to counterfeit than paper notes.

Retailers who handle cash need to be able to recognise and authenticate the new notes and some cash handling practice may need to be adapted. Retailers should discuss with their cash handling machine suppliers what adaptions are needed, and often a software update is required.

The Bank of England has provided a range of training materials to help retailers transition to polymer, which can be found here: http://www.bankofengland.co.uk/banknotes/Pages/educational.aspx

The biggest change for retailers and their staff will be how to authenticate polymer notes. There are a number of new security features on the new £5 note. Retailers are being advised to:

  • Check the see-through window
  • Check the Elizabeth Tower (Big Ben) is gold on the front and silver on the back
  • Check the foil patch changes from ‘Five’ to ‘Pounds’
  • Check the coronation crown appears 3D
  • Check the ultra-violet feature

The Bank of England have released a short video which explains how to spot the security features here: https://www.youtube.com/watch?v=1kOF6p21BzE

ACS chief executive James Lowman said: “Any retailer that handles cash needs to be prepared for the transition from paper to polymer bank notes. As well as a design change, there are a number of new security features that retailers and their staff will have to familiarise themselves with. Retailers also need to plan how they will adapt their cash handling practices, as cash handling machines need to be adapted to check and count polymer notes. We urge retailers to use the various materials that Bank of England have provided for retailers to help with the transition.”

Bank of England Chief Cashier, Victoria Cleland, said: “Today is an exciting time for banknotes as we launch the new polymer £5 note. The feedback we’ve received from our Regional Roadshows demonstrates that the public are keen to use the cleaner, safer, stronger notes. From today it’s important that retailers are able to authenticate and accept the new notes ensuring they understand how to use the sophisticated new security features that deliver a leap forward in counterfeit resilience.”

The new £5 note is the first banknote to transition to polymer. This will be followed by a new £10 polymer note that will be issued in summer 2017, followed by the new £20 polymer note by 2020.

The paper £5 note will be withdrawn from circulation in May 2017.

For more information, visit www.thenewfiver.co.uk

This entry was posted by Leah on Tue, 13/09/2016 - 11:18