davieG Posted 10 September 2013 Posted 10 September 2013 Smaller, wipe-clean plastic banknotes could be introduced by the Bank of England from 2016, matching currency across the world. The new polymer notes stay cleaner, are more secure and should even survive a spell in the washing machine, the Bank says. It has spent three years studying the impacts of a change from cotton paper. The switch could start with the new £5 note, featuring Sir Winston Churchill, with the £10 note to follow. The Bank has organised a roadshow to gauge public opinion across the UK over the next two months before coming to a final decision in December. Recycling The current Bank of England banknotes are made from cotton fibre and linen rag, with the average fiver only lasting for a year. Unfit notes are shredded and can end up in industrial compost. Continue reading the main story How the notes are madePolymer banknotes are produced from a thin, transparent and flexible film made of polypropylene. This is coated with multiple layers of special ink (usually white) to the front and the back. A portion of the film is typically left clear to form a window or clear portion in the design, to be used for protection against counterfeits. Other security features can be embedded in, or laid onto, the banknote. Once the film has been cut into sheets, they can be printed using standard banknote printing equipment. Why aren't plastic banknotes more popular? The proposed new polymer banknotes would be made from a thin, transparent and flexible film made of polypropylene. This is coated with an ink layer that enables it to carry the printed design features of a banknote. This allows the inclusion of windows or clear portions in the design, used to enhance protection against counterfeits. The Bank believes the new notes would be: Cleaner, as they resist dirt and moisture. For example, red wine can be wiped off but would stain the current paper notes More durable, as they last for 2.5 times longer than paper banknotes. However, they would still shrink under extreme heat - such as being put under an iron Secure, because they could include more sophisticated anti-counterfeiting techniques. New Zealand reported a big fall in reported counterfeits after introducing polymer notes It added that the longer life-cycle meant that they were more environmentally friendly. In Australia, where polymer notes are used, unfit notes are recycled and used for other plastic items, such as plant pots. Continue reading the main story Other countries paying with plastic Australia was the first to issue polymer notes, in 1988 Countries including New Zealand. Mexico, Singapore, Fiji and Canada followed suit Mauritius started issuing the notes in August Follow a fiver - from production to destruction They would be still be thin and flexible enough to fit into purses and wallets, the Bank argues. If they are adopted, then the new notes would be slightly smaller than the existing collection of banknotes and easier to fit in pockets and purses. Public approval The prospect of plastic banknotes has been on the agenda for some time. Bank researchers have been engaged in a project for three years to look at the options. Much of this has focussed on the experience of 20 other countries that have adopted the polymer notes. Of these, only seven have all denominations in plastic. Adopters of the notes include Canada, whose last central bank governor - Mark Carney - is now the governor of the Bank of England. Earlier this year, the Bank of Canada was forced to deny that the notes had any scent added, after authorities were inundated with queries from consumers about why they detected a "hint of maple" when smelling them. Canada has already adopted the polymer banknote The plastic notes are also being used in New Zealand, Mexico and Singapore. More recently, the banknotes were issued in Mauritius in August. Charles Bean, deputy governor of the Bank of England, said that the outcome of 50 public events across the country over the next two months was key to a final decision. "The Bank of England would print notes on polymer only if we were persuaded that the public would continue to have confidence in, and be comfortable with, our notes," he said. Following initial increased costs, the extra durability of the notes would mean they would be cheaper to issue than paper notes, he said. The Bank of England has been busy redesigning banknotes, following the announcement of Churchill's inclusion on the £5 note from 2016 at the earliest. This created controversy over the potential lack of women on Bank of England notes, so in July the Bank said it planned to put Jane Austen on the next version of the £10 note.
Trav Le Bleu Posted 10 September 2013 Posted 10 September 2013 Earlier this year, the Bank of Canada was forced to deny that the notes had any scent added, after authorities were inundated with queries from consumers about why they detected a "hint of maple" when smelling them.
Guest MattP Posted 10 September 2013 Posted 10 September 2013 About time, the Aussie baknotes are superb, can wander in the pool with them in your pocket and they are fine 5 minutes after getting out.
Samilktray Posted 10 September 2013 Posted 10 September 2013 I often have to refrain from jumping in the pool here due to worrying about soggy notes.
21st Century Fox Posted 10 September 2013 Posted 10 September 2013 About time. I managed to put my wallet and £50 through the washing machine on Saturday.
Guest MattP Posted 10 September 2013 Posted 10 September 2013 About time. I managed to put my wallet and £50 through the washing machine on Saturday. Humblebrag.
ousefox Posted 10 September 2013 Posted 10 September 2013 Sounds good to me, as long as they're flexible enough to fold in my wallet. Wonder if the supermarkets that have paid for a shit load of machines that recognise current notes will be pissed off, though they'll still get another few years out of them.
Captain... Posted 10 September 2013 Posted 10 September 2013 Sounds good to me, as long as they're flexible enough to fold in my wallet. Wonder if the supermarkets that have paid for a shit load of machines that recognise current notes will be pissed off, though they'll still get another few years out of them. They would have to update them anyway as they change them regularly.
The God Emperor Posted 10 September 2013 Posted 10 September 2013 I'd prefer we went back to gold coins. like in the old films, people paying for stuff with a little bag of coins with a string tied round the top. and the people behind the counter just take the bag and never check how much is in there! what a bunch of idiots. either that or Quatloos, the currency the gambling addict brains in jars use on that episode of star trek.
Matt Posted 10 September 2013 Posted 10 September 2013 Whey! We're catching up...slowly. Love Aussie plastic money over a tatty English note.
Guest MattP Posted 10 September 2013 Posted 10 September 2013 One of the Aussie notes has a picture of the Warden from the Shawshank Redemption on as well.
Zingari Posted 10 September 2013 Posted 10 September 2013 About time. I managed to put my wallet and £50 through the washing machine on Saturday. Money laundering eh ? Appearing soon in in the convictions thread!
Guest MattP Posted 10 September 2013 Posted 10 September 2013 One of the Aussie notes has a picture of the Warden from the Shawshank Redemption on as well.
purpleronnie Posted 10 September 2013 Posted 10 September 2013 Humblebrag. Not really, most people have washing machines.
The Year Of The Fox Posted 10 September 2013 Posted 10 September 2013 We'll have to go back to using half a McDonald's straw on a saturday night then!
Mike the Metal Ed Posted 10 September 2013 Posted 10 September 2013 Sounds good to me, as long as they're flexible enough to fold in my wallet. Wonder if the supermarkets that have paid for a shit load of machines that recognise current notes will be pissed off, though they'll still get another few years out of them. Notes are easier to update for than coins. It's just a simple software update.
Captain... Posted 10 September 2013 Posted 10 September 2013 Notes are easier to update for than coins. It's just a simple software update. Do you know what it is they recognise, is there a code on the notes they scan, is size involved? it must be a fairly robust algorithm to stop fraud.
ScouseFox Posted 11 September 2013 Posted 11 September 2013 Well I for one am devastated I won't be able to iron these new notes
Mike the Metal Ed Posted 11 September 2013 Posted 11 September 2013 Do you know what it is they recognise, is there a code on the notes they scan, is size involved? it must be a fairly robust algorithm to stop fraud. Not sure. I work in an arcade and that's what the mechanic told me.
Captain... Posted 11 September 2013 Posted 11 September 2013 can you fold these plastic notes? If it's like Australian money they are similar to the plastic on say a plastic sleeve to put papers in, one of the better quality ones. You can fold it, and if you put a proper crease in it it will stay folded, if you just fold it in your wallet then it will come out looking normal with no fold in it. Not only will they be waterproof, but they will also last much longer and not get crumpled or torn. Definitely a superior note.
Guest MattP Posted 11 September 2013 Posted 11 September 2013 If it's like Australian money they are similar to the plastic on say a plastic sleeve to put papers in, one of the better quality ones. You can fold it, and if you put a proper crease in it it will stay folded, if you just fold it in your wallet then it will come out looking normal with no fold in it. Not only will they be waterproof, but they will also last much longer and not get crumpled or torn. Definitely a superior note. You can't tear them either, very impressive.
cambridgefox Posted 11 September 2013 Posted 11 September 2013 One of the Aussie notes has a picture of the Warden from the Shawshank Redemption on as well.Even better if it was a warden from prisoner cell block H.
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