news

New plastic £5 notes are coming in to circulation

Polymer designs to be introduced in Chester and the rest of the UK in September

Chester MP Chris Matheson with the new plastic £5 note which is coming in to circulation in September

The new plastic £5 notes are coming into circulation.

As the face of the new fiver, Winston Churchill will be making himself comfortable in your wallet from Tuesday, September 13.

Promising to be ‘stronger, safer and cleaner’, they are made from a dirt-resistant polymer which is more environmentally friendly.

Bank of England Governor Mark Carney said that, like Churchill, the new notes will ‘stand the test of time’.

He said: “Winston Churchill was one of the greatest statesmen of all time and is the only Prime Minister to win the Nobel Prize for literature.

“As he himself said, a 'nation that forgets its past has no future'.

“Our banknotes are repositories of the United Kingdom’s collective memory and are testaments to the outstanding achievements of the nation’s greatest individuals.

“It is cleaner, being more resistant to dirt and moisture. It is safer, with better security features. And it is stronger, making it longer lasting and more environmentally friendly.”

This thin, flexible plastic is expected to last two-and-a-half times the length of a paper note.

Safety features to tackle counterfeiting include a see-through window and the foil Elizabeth Tower which is gold on the front of the note and silver on the back.

The new five pound notes coming in to circulation across the UK in September(Image: Eddie Garvey)

After they are put in to circulation, the new fivers will slowly replace the paper notes as they are banked by retailers and businesses. Consumers themselves do not have to do anything to get up to speed.

It is the start of the BoE’s rollout of the plastic designs.

Will you still be able to spend current fivers?

Yes, you will be able to spend the current £5 notes until May 2017. After that they will no longer be legal tender. If you still have any left after that date, you can exchange them at the Bank of England.

What about ten and twenty pound notes?

The £10 sheet featuring Jane Austen will come in summer 2017, followed by the £20 with William Turner fittingly in 2020.

Chester MP Chris Matheson joined the Chief Cashier and members of the Bank of England team in Parliament to learn more about the new five pound note.

He was invited to try out the new security features of the money and find out how local businesses and the public in Chester can prepare for the new note.

Why MasterCard might owe us all £300 - everything you should know

Mr Matheson said: “The new fiver is cleaner, safer and stronger than the old paper note so they will remain in good condition for longer.

“The only downside I can see is that with well-paid jobs still scarce under the current government, people in Chester have fewer of them burning a hole in their pockets.”

What do you think of this story? Let us know in the comments below.

 

View full mobile page