While many of us spend using debit or credit cards, there’s always a place for cash.
It’s a good idea to check your money stash, too, as any old £20 and £50 notes made of paper soon won’t be valid to use in shops – so you’ve only got a small window of time to get them spent.
They’ve been replaced by newer notes, that have been circulating for some time now. Interestingly, they’re not made of the same paper, but a different material entirely.
So, what are they made of now, and why the change?
Here’s all you need to know.
What are the new bank notes made of?
New notes are now made of polymer (a type of thin, very flexible plastic).
Previously, the Bank of England – which makes all the notes for England and Wales – made them out of paper.
The two paper notes still in circulation, £20 and £50, are soon to be invalid for use in shops, pubs and restaurants. In fact, the last day you can use them is today (Friday, September 30 2022).
That said, you can still deposit them at your bank, so you won’t lose out.
The first polymer note to be introduced to the UK was the new £5 in September 2016, followed by the £10 in September 2017 and the £20 note a few years later in February 2020.
£50 notes were the last to undergo the material change, entering circulation in June 2021.
Of course, we are sure to see a change to bank notes in future years, too, as Queen Elizabeth II’s picture will eventually be replaced with the image of King Charles III.
By the way, UK coins are made separately by the Royal Mint.
Why has the material changed?
In January 2020, the bank explained in a blog post a few reasons for the switch.
One such reason was security – discussing ‘enhanced’ features such as a see-through window, and hologram images – making it much trickier for fraudsters to create fakes.
The Bank of England added: ‘A polymer fiver is expected to last two-and-a-half times longer than the old paper £5 note’ – though you probably shouldn’t try to test that theory.
As they last longer, they are believed to be more ‘environmentally friendly’.
It says: ‘The Carbon Trust has certified that the carbon footprint of a polymer fiver is 16% lower than its paper predecessor.’
And, finally, the polymer notes are supposed to be cleaner, or easier to remain clean, as its typically ‘smoother surfaces’ apparently resist dirt and moisture more easily.
So, there you have it!
MORE : Can plastic banknotes be recycled and does the Royal Mint do it?
MORE : What to do with expired bank notes as old £20 and £50 go out of circulation?
Follow Metro across our social channels, on Facebook, Twitter and Instagram
Share your views in the comments below
source https://metro.co.uk/2022/09/30/what-are-the-new-bank-notes-made-of-and-why-has-the-material-changed-17476010/
0 Comments