Plastic Money: Bank of England Set to Scrap Traditional NotesDecember 19, 2013 9:58 am
Since 1853 Britain’s bank notes have been made from cotton paper but that’s all set to change from 2016!
The Bank of England has announced plans to introduce polymer £5 and £10 notes which are already used in over 20 different countries – although the UK would be the first country in Europe. The first will be a £5 note featuring Winston Churchill in 2016 followed by a £10 note featuring Jane Austen in 2017.
The introduction of “plastic money” will mean a higher quality note that lasts four times longer than a paper note and is more secure against counterfeiting – not to mention the fact they can be wiped clean and survive a 90 degree washing machine cycle!
The Bank has spent three years researching the introduction of the polymer notes and the good news is that the switch is expected to save more than £100 million over a ten year period!
What do you think about the switch to polymer notes? Do you think we should keep the 160 year-old tradition of cotton paper notes?
Categorised in: News
This post was written by Kayleigh Driscoll