Polymer banknotes were first introduced in Australia in 1988, and proved so popular that more than 30 countries across the world have switched to polymer currency, including Canada, New Zealand, Chile, Vietnam, and as of last week – the United Kingdom. The beloved British ‘fiver’ is being replaced by a brand new polymer banknote, but what exactly is the difference between our current paper notes and these new plastic replacements?
Polymer notes are much more durable than paper notes and, on average, will last at least two and a half times longer than their paper counterparts. The use of resistant material also presents environmental benefits – firstly, polymer can be recycled; secondly, the longer circulation period means that fewer notes are required to be produced. Polymer notes also boast an increased resistance to heat, approximately up to 120C, which will prevent the notes being damaged by an iron.
Security is also one of the major issues that polymer notes improve upon from their predecessors. The design of these new notes allows for the introduction of a number of new and innovative security features. There are typically three levels of security devices, the first being visible features such as metallic strips; the second being non-visible features only visible within certain spectrums of light; and finally, the third level of features that can only be seen by the issuing authority. Furthermore, traditional printed security marks can also be represented on the new generation of banknotes.
Perhaps slightly less important than the durability and security enhancements, is the polymer’s ability to repel dirt and moisture – resulting in a cleaner banknote. This ensures that the note remains in top quality condition for longer, enabling the security features to be more easily identified and raising the public’s satisfaction levels.
The incoming £5 polymer note incorporates all of the aforementioned features, and will be rolled out across the UK in the coming months having entered circulation on Tuesday 13th September. As you may be aware, Winston Churchill will be featured on the new note, replacing the prison reformer Elizabeth Fry. The launch of the new note is the culmination of an intensive implementation process that included a lengthy public consultation phase to truly understand the public’s needs and we should begin to see the new polymer fiver in our change soon.