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PLASTIC BANK NOTES IN ENGLAND BY 2016

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January 15, 2014 by Aleksandra Łuczak

This post has been prepared by Sylwia Grzegorczyk from Kozminski University

The Bank of England will issue plastic bank notes for the first time when the new 5 pounds featuring Sir Winston Churchill appears in 2016.

A 10 pounds note featuring Jane Austen to follow around a year later will also be three-year research programme concluded plastic notes stay cleaner for longer, are more difficult to centerfeit and are at least 2,5 times longer-lasting.

A public consultation including events at shopping centres accross the UK, giving people the chance the handle to notes, found 87% of 13000 individuals who responded were in favour of polymer.

The new notes will retain their familiar look, the Bank said, including the portrait of the Queen and a historical character.Meanwhile, the Bank announced new guidelines on how it chooses historicals figures to feature on bank notes, which include the aim that they should “reflect the diverse nature of British society”.

It will be the first time plastic notes have been used in the Bank’s 300-year history.

The Bank acknowledged when it launched is consultation in September that plastic banknotes were more expensive to produce but argued that because they are longer-lasting they should prove cheaper in the long run.

It also says that, being thin and flexible, they can fit into wallets as easily as preper banknotes.

But the Bank said it would only proceed with plastic notes if persuaded that the public would have confidence in, and be comfortable with, them.

It said the new notes would be slightly smaller than existing paper equivalents, but the practice of note size increasing with denomination will be maintained.

The Bank said present currency was larger and more unwieldy for cash handling technology and everyday use, and smaller notes would reduce printing and storage costs.

More than 25 countries issue polymer banknotes, including Australia – which began printing them in 1988 – as well as New Zeland, Mexico, Singapore, Canada, and most recenty Fiji and Mauritius.

Would you like to plastic banknotes were put into circulation, also in Poland?

Have your say!


4 comments »

  1. Affek says:

    In my opinion it is a great idea to launch the plastic bank notes. It may be harder to forge, so there will be less counterfeit bank notes in use and the government will loss less money comparing to present time. It is important, that citizens support that idea, because they will use it with pleasure. What more, keeping the tradition of putting historically figures to feature on bank notes. British are attached to monarchy and tradition of theirs country. However, it is more expensive in production, it probably will be cheaper in long perspective. This argument also enforce that idea.

  2. marzena says:

    Plastic banknotes on polymer substrate is thinner and lighter , and waterproof. Do not wear out as quickly as paper . Harder to fake , because logos on them change color . Do not threaten WASH them in the washing machine and are a breeding ground for bacteria.
    In Europe, the polymer – the first plastic banknotes put Romania – pouring it only produced today are of plastic. Polymer money is paid also in several other countries around the world .
    In my opinion, a plastic Polish zloty banknotes would be more difficult to counterfeit , and their falsification would be less profitable. Today , with the development of advanced printing techniques and their increasing availability, increasingly difficult to effectively protect against counterfeiting paper money . The new money will also resistant to high temperatures and contact with water. Poles will not have to fear that by chance them wash the money in the machine , and then will no longer be able to pay them .
    I think that the marketing of plastic banknotes in Poland would be a good idea . On the other hand , as usual for Polish too expensive. Personally, I think it’s a good idea.

  3. Piotr ZzZzZZ... says:

    I think this is a great idea. I support that in 100 % all day long . I would love to see those bank notes in Poland as well. If you look on yours ID or driving licence which is in fact made with polymer, it is almost indestructible, I think the same will go for the new bank notes. The process of creating them is more expensive that is for sure , but because they are much more durable and will last probably longer then an averege mortal will live, that is a very big advantage. Second of all they will much harder to counterfeit because of that as well. I think that the government can take some steps in order to make this an cheaper investment, for example remove some “gold” coins from usage like 1,2 grosze, it is obvious that they are more expensive to manufacture then they are actually worth, and also those two coins are a bit problematic in terms of paying . Including this fact I think that Poland should welcome this change soon, because we have better backgrounds to fund this investment then other countries . However it will go nowhere if the citizens will not support that They are the ones that will actually use those bank notes , so this idea should be presented to the wide range of public and let them decide .

  4. Martyna P. says:

    I completely share the opinion with previous commentators. I am definitely for plastic banknotes. They would last longer than the current ones. They wouldnt tear as easily – we could only cut them with scissors. Importantly, they would go through the wash and be fine to use afterwards. The only negative could be that the plastic would melt in the sunnny/hot places but Im sure theres a way to overcome this difficuty. I dont really see any reason why they should’nt be introduced.

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