FX.co ★ UK to put plastic notes into circulation in 2016

The first plastic banknotes that can survive a spin in the washing machine and could be tested by time are to be brought into circulation by the Bank of England in 2016. The Bank claims that the polymer notes stay “cleaner and are more secure than cotton paper notes, which have been used for more than 100 years.” The five pound note featuring Sir Winston Churchill will be the first plastic banknote in the history of the United Kingdom. The Bank says that it is a very serious and up-to-date step, the polymer notes will be brought into circulation, it is better to start earlier than others. More than 20 countries around the world use polymer banknotes. Australia was the first one to adopt such notes in 1988. The Royal mint plans to make new banknotes from a thin, transparent and flexible film made of polypropylene. It says the notes will not differ from usual ones. The regulator said that these notes last for 2.5 times longer than paper banknotes, the number of counterfeits should decline and the prime cost will be cheaper. Before the decision was taken, the poll was conducted, nearly 13,000 people took part in it. 87% of those who responded were in favour of polymer, only 6% were opposed and 7% were neutral. New banknotes will not be like plastic cards, they will be made of thin, transparent and flexible film made of polypropylene. The material allows the mint to perform new printing possibilities, and they are more secure from counterfeiting.