Author: JP / / Latest News
The Bank of England has published guidance for retailers to help them prepare for the introduction of the new £5 bank notes, which entered circulation on 13 September 2016.
By January 2017 almost half of the £5 paper notes currently in circulation will be replaced by polymer notes, meaning that retailers need to be prepared for their introduction, as paper notes will be fully withdrawn from circulation in May 2017.
The new £5 notes will be printed on polymer, which is a thin flexible plastic material, and will be smaller than the current £5. Polymer notes last longer and stays cleaner than traditional notes. The notes also have advanced security features that makes them more difficult to counterfeit. New polymer £10 notes will be introduced from summer 2017 and £20 notes by 2020.
Cash machines will also have to be updated and staff will need to be trained to recognise the new notes, however the Bank of England has provided free training materials to assist with this.
Retailers have been advised to identify and check the new security features such as:
- Check the see-through window
- Check the Big Ben is gold on the front and silver on the back
- Check the foil patch changes from ‘Five’ to ‘Pounds’
- Check the coronation crown appears 3D
- Check the ultra-violet feature
For more information please follow the link: https://www.acs.org.uk/information-for-retailers-on-new-polymer-banknotes/