The New Polymer £5 Note
The Bank of England has revealed its design for its first polymer bank note, a £5 that features former Prime Minister Sir Winston Churchill. With more polymer notes to follow in the coming years, this could mean worrying times ahead for pulp and paper recruitment.
Mark Carney, the Governor of the Bank of England, has stated that the new design includes a variety of distinctive features and, as such, makes full use of the possibilities that polymers hold.
Polymer Notes and Why They Are Innovative
Polymer notes were first developed in Australia by their national science agency as a reaction to the rapidly increasing counterfeiting operations that were taking place in the latter half of the 1960s.
The United States does not currently use polymer technology, instead using a combination of linen and cotton fibres. This makes US banknotes very hard-wearing, but polymer notes have their own very unique benefits, which is why the Bank of England has chosen to introduce them.
Polymer notes are resilient. They are moisture- and dirt-resistant, which makes them markedly more hygienic than other notes. Tests have shown that they last far longer than their paper counterparts. They are able to withstand being repeatedly folded in wallets, scrunched up in pockets or splashed with a cup of tea, and they can even survive a soaking in a washing machine if accidentally left inside clothing.
Lasting for approximately five years and fully recyclable once they do demonstrate irreparable wear and tear, this means that fewer notes will be needed, and this will prove to be a cost saving over time.
Polymer Note Security
Polymer notes are also much more secure. Not only is the material itself difficult to produce, but it is also able to contain many multifaceted security features. The new £5 note has many security features, including a transparent window with a colour-changing outline, gold and silver foiled images of the Elizabeth Tower, raised text and a hologram revealing the words ‘five’ and ‘pounds’ when tilted in a particular direction. They have even included text that can only be deciphered when looked at through a magnifying tool, and further features are only revealed when looked at under a specific light.
Polymer notes used in other countries over the world also make use of concealed features that only ATM companies and banks are aware of. It is extremely likely that the Bank of England’s new note will incorporate similar characteristics.
Importantly, future £10 and £20 polymer notes will feature raised dots to aid individuals with visual impairments, and as such the £5 will be discernible by not incorporating this feature.
The new £5 note, featuring Sir Winston Churchill, will be issued in September, with paper £5 notes being progressively removed from circulation shortly after. With technology advancing and polymer notes becoming more abundant, executive search within pulp and paper recruitment may be suppressed. However, polymer chemistry recruitment will certainly be buoyed as demand expands. The polymer £10 note, which will feature Jane Austen, will be introduced in the summer of 2017, with the £20 note following at some point by 2020.