Currency of the future hits UK streets, and it will survive a dunking
LONDON -- It's 2016: if we can have waterproof smartphones, we should have money that can withstand the occasional unintended spin through the washing machine.
Now, we do.
The Bank of England has finally embraced the future and released its first plastic note, joining Scotland, which issued 2 million polymer fivers last year, and Australia, which has been issuing liquid resistant banknotes for decades.
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The newly released fiver is made from a thin, flexible plastic material that is resistant to dirt and moisture, making it much more durable than traditional paper notes. Additionally, the security features enabled by the polymer note's new composition will make it much more difficult to counterfeit.
"We expect polymer notes to last at least two-and-a-half times longer than the current generation of fivers and therefore reduce future costs of production,” Bank of England Governor Mark Carney said in a press release.
The old paper £5 notes will no longer be considered legal tender from 5 May 2017, after which they can still be exchanged for the new plastic notes at the Bank of England. Beginning the following summer, a new polymer tenner featuring Jane Austen will be introduced, preceding the release of a new J.M.W. Turner £20 note to enter circulation by 2020.
Keen to check out the new fiver for yourself? The Bank has printed 440 million notes, which will be available from several cash machines and bank counters beginning Tuesday, so members of the public can expect to come across the notes sometime in the coming days.
