The increasingly rare fiver is due for an overhaul with the release of details of the final design for a brand new polymer-based £5 note set for release this September
Unveiled at Blenheim Palace, Winston Churchill features on the note that will begin circulation on 13 September 2016. The launch was held at Churchill’s ancestral home and showcased the new design.
The bank note is made up of a thin, see-through polymer composition rather than cotton paper. This new plastic like material was chosen for its durability (lasts for five years), environmental friendliness and counterfeit-resistant qualities.
The Bank of England has invested £70m in the project and it comes as a first for England. Currently, Scotland, Northern Ireland, Australia and Canada all use plastic banknotes.
The notes will be up to 15% smaller than the current £5 notes and advice on how to handle the notes will be released to businesses.
A downside of the new notes is that they could be prone to sticking together.
Brendan Doyle, CEO of CMS Payments Intelligence, said: ‘Retailers and banks are going to have to invest over £200m to change ATMs, self-service checkouts and other equipment.’
There are over 300m £5 notes currently in circulation, so it will take up to a year for the Churchill note to replace the current note.
