The New Fiver: The Bank of England unveils its first polymer note

On June 2, Bank of England Governor Mark Carney unveiled the design of The New Fiver which will be issued on 13 September 2016. The New Fiver is the first Bank of England note to be printed on polymerA substrate used in the printing of banknotes, made of biaxially oriented polypropylene (BOPP) polymer. Polymer banknotes were first introduced in Australia and are widely used around the world. More, a thin flexible plastic, and will feature Sir Winston Churchill.

The New Fiver is cleaner, safer and stronger. The introduction of polymer banknotes allows for a new generation of security features which make it even harder to counterfeitThe reproduction or alteration of a document or security element with the intent to deceive the public. A counterfeit banknote looks authentic and has been manufactured or altered fraudulently. In most countries, currency counterfeiting is a criminal offence under the criminal code. More, details of which are set out below. The note is also resistant to dirt and moisture and so remains in much better condition for longer. The strength of the polymer material means that The New Fiver is expected to last at least 2.5 times longer – around 5 years – even after being folded into wallets and scrunched up in pockets.

Speaking at Blenheim Palace, Churchill’s place of birth, the Governor said:

“The New Fiver will commemorate the achievements of the only Prime Minister to win the Nobel Prize for literature and one of the greatest statesmen of all time – Sir Winston Churchill. As he himself said, ‘a nation that forgets its past has no future’. Our banknotes are repositories of the United Kingdom’s collective memory and like Churchill, our new polymer notes will stand the test of time. The New Fiver, the first of the Bank’s polymer notes, is cleaner, safer and stronger. It incorporates advanced security features making the notes even harder to counterfeit. The polymer is also harder wearing, as well as resistant to dirt and moisture, so we expect it to last for at least 2.5 times longer.”

The New Fiver’s security features include:

• A see-through window featuring the Queen’s portrait. The border of the window changes from purple to green.
• The Elizabeth Tower (or Big Ben) shown in gold foil on the frontFacade, face. See Obverse. More of the note and silverWhite, shiny, and soft metal used to mint coins or medals. More on the back.
• A hologramA thin microscopic diffraction structure, that transmits or reflects light so a three-dimensional image can be seen. This image appears to move as the viewing orientation is changed. More which contains the word ‘Five’ and changes to ‘Pounds’ when the note is tilted.
• A hologram of the coronation crown which appears 3D and multi-coloured when the note is tilted.
• A green foil hologram of the maze at Blenheim Palace, Churchill’s birthplace and ancestral home.
• Micro-lettering beneath the Queen’s portrait with tiny letters and numbers that are visible under a microscope.
• The words ‘Bank of England’ printed in intaglio (or raised ink) along the top of the note.

As announced in April 2013, the note will celebrate the achievements of statesman, Sir Winston Churchill. As revealed at the time the design includes:

• A portrait of Winston Churchill from a photograph taken by Yousuf Karsh on 30 December 1941.
• A view of Westminster and the Elizabeth Tower from the South Bank looking across Westminster Bridge.
• The image of the Elizabeth Tower with the hands of the Great Clock at 3 o’clock – the approximate time on 13 May 1940 when Sir Winston Churchill declared in his first speech as Prime Minister: “I have nothing to offer but blood, toil, tears and sweat”. This declaration is quoted beneath the portrait.
• A background image of the Nobel Prize medalTraditionally, a coin-shaped artistic piece with no face value, made for religious, honorary and other commemorative purposes. More which he was awarded in 1953 for literature, together with the wording of the prize citation.

To help vision impaired people distinguish between denominations the notes retain tiered sizing and include bold numerals and similar colour palettes to the current notes. In addition, polymer £10 and £20 notes will each have a tactile feature created by a series of raised dots, and the £5 note will be distinguishable by the absence of a feature.

The New Fiver will be issued on 13 September after which point paperSee Banknote paper. More £5 notes will be gradually withdrawn from circulation as they are banked by retailers and businesses. The public can continue to spend paper £5 notes as usual until May 2017 after which they will cease to be legal tenderMoney that is legally valid for the payment of debts and must be accepted for that purpose when offered. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered (“tendered”) in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt. More. Following this, paper £5 notes will still be exchanged at the Bank of England. The new polymer £10 featuring Jane Austen will enter circulation in summer 2017 followed by the J.M.W. Turner £20 note by 2020.

The decision to move to polymer followed an extensive research programme and public consultation. Of the public who responded to the consultation 87% were in favour of the changeThis is the action by which certain banknotes and/or coins are exchanged for the same amount in banknotes/coins of a different face value, or unit value. See Exchange. More.

Further details about The New Fiver can be found on www.thenewfiver.co.uk