Omar Khalid
The United Kingdom began the process of replacing paper money with plastic, or polymer, currency in 2016, with the introduction of a £5 note featuring Winston Churchill. This marked the end of 320 years of paper money in the UK. The switch to polymer banknotes was driven by the need to enhance security features, increase durability, and reduce counterfeiting. Polymer banknotes are more secure and resistant to damage, making them difficult to counterfeit. They also incorporate innovative security features, such as metameric inks and see-through windows. The UK followed in the footsteps of countries like Australia, Canada, and Romania, which had previously adopted polymer currency and successfully curbed counterfeiting. The Bank of England's decision was supported by 87% of the 13,000 respondents during a public consultation.
| Characteristics | Values |
|---|---|
| First polymer banknote in the UK | Issued by the Northern Bank in Northern Ireland in 2000 |
| First polymer banknote in general circulation in the UK | Issued by the Clydesdale Bank in Scotland in March 2015 |
| First Bank of England polymer banknote | Issued in September 2016 |
| Bank of England announcement date | 2013 |
| Bank of England announcement made by | Mark Carney, governor of the Bank of England |
| Percentage of people supporting the move in the public consultation | 87% |
| First polymer note | £5 note featuring Winston Churchill |
| Polymer £10 note | Featuring Jane Austen, released in 2017 |
| Polymer £20 note | Featuring J.M.W. Turner, released in 2020 |
| Polymer £50 note | Featuring Alan Turing, released in 2021 |
| Polymer banknotes issued by the Royal Bank of Scotland | £5 notes issued in 2016, featuring Nan Shepherd |
| Polymer banknotes issued by the Bank of Mauritius | Rs 100, Rs 200, and Rs 1000 banknotes |
| Polymer banknotes issued by the Republic of Mauritius | ₨ 25, ₨ 50, ₨ 500 and ₨ 2,000 |
| First country to issue polymer banknotes | Isle of Man in 1983 |
| First major economy to switch completely from paper to polymer currency | Australia in 1996 |
| First European country to issue a polymer banknote | Romania in 1999 |
| Third country to fully convert to polymer currency | Romania in 2003 |
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The first polymer banknote
The United Kingdom's first polymer banknote was issued by the Northern Bank in Northern Ireland in 2000. This was a special commemorative issue featuring an image of the Space Shuttle. These £5 notes were issued in an unconventional portrait orientation to mark the new millennium. They were in general circulation, with normal serial numbers, but the commemorative version had serial numbers beginning with "Y2K".
The first polymer notes to enter general circulation in the UK were issued by the Clydesdale Bank in Scotland in March 2015. These £5 notes marked the 125th anniversary of the building of the Forth Bridge.
The Royal Bank of Scotland followed in 2016 with a new issue of plastic £5 notes, this time featuring a picture of author Nan Shepherd.
In September 2016, the Bank of England began to issue £5 polymer notes with a picture of Winston Churchill. This was the first polymer banknote issued by the Bank of England, which is responsible for producing and issuing banknotes in England and Wales.
Polymer banknotes are made from a synthetic polymer such as biaxially oriented polypropylene (BOPP). They include security features not available in paper banknotes, such as the use of metameric inks. Polymer notes are also more durable and flexible than paper notes, and they are much harder to counterfeit.
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Counterfeit-proofing
The UK began transitioning from paper to polymer banknotes in 2016, with the introduction of a £5 note. The Bank of England has stated that the switch to polymer is an important development because it makes the notes more durable and harder to counterfeit.
Polymer notes are made from a polymer substrate that gives them a unique feel that is hard to replicate. If a genuine polymer note is crumpled up, it should return to its original shape. Polymer is also a suitable material for printing optical variable devices—images that appear to move or change colour when viewed from different angles. These are extremely difficult to reproduce and allow the legitimate printers of money to stay one step ahead of counterfeiters.
Polymer notes also include a see-through window, which should be built into the note, and intricate 3D images that are surrounded by a colourful border and can be either elevated or sunken. The numbers and portraits on the note should also have a raised texture that can be felt by running your fingers across the surface.
While polymer notes are much harder to counterfeit, they are not completely forgery-proof. In June 2020, a Romanian man was arrested while in possession of fake polymer notes of spectacular quality. However, countries that have adopted polymer currency have reported a noticeable decrease in counterfeiting attempts.
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Durability
The UK's transition from paper to polymer currency began in 2016 with the introduction of a £5 note featuring Winston Churchill. This marked the end of 320 years of paper money in the country. The Bank of England's decision to adopt polymer banknotes was influenced by several factors, with durability being a key consideration.
Polymer banknotes are known for their durability, lasting significantly longer than their paper counterparts. This extended lifespan results in a reduced need for replacement, decreasing both the environmental impact and the cost of production. Laboratory tests conducted by the Bank of England revealed that polymer banknotes only begin to shrink and melt at temperatures of 120°C, making them more resistant to damage from everyday use, including washing machines.
The durability of polymer banknotes also enhances their security features, making them more challenging to counterfeit. Polymer allows for the incorporation of advanced security elements, such as metameric inks and optical variable devices, which are extremely difficult for counterfeiters to replicate. This added durability and security have been well-received by the public, with 87% of respondents in a public consultation supporting the transition to polymer currency.
The durability advantage of polymer currency has been recognised internationally, with countries like Australia, Canada, and Romania successfully adopting polymer banknotes. Australia, in particular, has perfected the process of printing on polymer, leading the way for other countries to follow suit. The durability, coupled with the security benefits of polymer currency, has contributed to its growing adoption worldwide.
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Cost impact
The UK began transitioning from paper to plastic banknotes in 2016, with the introduction of a £5 polymer note. The Bank of England has stated that the new notes are more durable, harder to counterfeit, and more hygienic than their paper counterparts.
Polymer banknotes are more expensive to produce than traditional cotton paper notes. Polymer substrates are resistant to tearing and soiling, which are the reasons for around 80% of cotton fibre notes being withdrawn from circulation. Polymer notes can be kept in circulation 2.5 to 4 times longer, and require fewer replacements. This results in a reduced overall cost of production and replacement. Data from Australia suggests that the number of replacement notes required may be as low as a fifth of that for paper notes.
The Bank of England has also stated that the carbon footprint of the £5 polymer note is 16% lower than its paper equivalent, and the £10 polymer note will be 8% lower. This reduction in environmental impact may also lead to a reduction in costs.
However, some businesses in the UK cash industry have opposed the switch to polymer, citing a lack of research into the cost impact. There has also been criticism of the use of tallow, an animal product, in the production of the notes. The Bank of England declined to make changes, citing the high cost of switching to alternative sources of oil.
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Design
The UK started transitioning from paper to polymer banknotes in 2016 with the introduction of a £5 note. This was the first polymer note to enter general circulation in the UK, although the first polymer banknotes were issued by the Northern Bank in Northern Ireland in 2000. These were a special commemorative issue bearing an image of the Space Shuttle.
Polymer banknotes are made from a synthetic polymer such as biaxially oriented polypropylene (BOPP). They are known for their flexibility and security features, which make them much more difficult to counterfeit. Polymer notes incorporate security features not available in paper notes, including the use of metameric inks and polymer is a suitable material for printing optical variable devices—images that appear to move or change colour when viewed from different angles. Polymer notes are also more durable than paper notes, lasting significantly longer and reducing the cost of production and replacement. They can withstand temperatures as low as -103°F (-75°C) and only start to shrink and melt at 120°C.
The design of the new polymer notes in the UK combines "the best of progress and tradition", according to Mark Carney, the governor of the Bank of England. The notes feature a see-through window and other new security features, as well as portraits of historical figures such as Winston Churchill, Jane Austen, Nan Shepherd, and J.M.W. Turner. The polymer £5 note is 15% smaller than the previous paper note, bringing it in line with the size of notes in other countries.
In December 2022, following the death of Queen Elizabeth II, the Bank of England unveiled the design of a new series of banknotes featuring King Charles III. The rest of the design remains unchanged, except for a slight alteration in colour.
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Frequently asked questions
The UK started to circulate polymer bills in 2016 with a five-pound note.
Polymer notes are more secure from counterfeiting and are more resistant to damage. They are also more flexible and include security features that make them much more difficult to replicate.
Australia was the first major economy to completely switch from paper to polymer currency in 1996. Romania was the first European country to switch in 1999, and other countries that have adopted plastic currency include Canada, New Zealand, Brunei, Papua New Guinea, and the Philippines.
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