Frequently Asked Questions
Here are some of the most frequently asked questions about Bank of England banknotes.
- Are old Bank of England notes worthless?
- What is the Bank’s “Promise to Pay”?
- What type of UV lamp should I use to check that a banknote is genuine?
- Can I use a “detector pen” to check that banknotes are genuine?
- Has the Bank considered producing a plastic banknote?
- How do I check whether a note is genuine or not?
- What should I do if I think I have been given a counterfeit note?
- What can I do if I have a note that has been damaged in some way?
- What is on a banknote to help blind and partially sighted people identify the different denominations?
- Has the Bank considered using braille on banknotes to help blind people identify the different denominations?
- Who decides who the historical figure should be on the back of a new note?
- What happens to the old style notes when a new design is introduced?
- How much notice is given before a banknote is to be withdrawn?
- How is this advertised?
- What information is there available about banknotes and in particular the dates when certain notes were first issued?
- Are Scottish & Northern Irish notes legal tender?
- I need to reproduce a banknote for a legitimate reason but how do I do this?
- When will the new £50 note be launched?
Are old Bank of England notes worthless?
No; all Bank of England notes retain
their face value for all time. If your local bank, building
society or Post Office is not willing to accept these notes
then they can be exchanged with the Bank of England in London.
Contact the Bank of England for details.
What is the Bank’s “Promise to Pay”?
The words "I promise to pay the bearer on demand the sum of five [ten/twenty/fifty] pounds" date from long ago when our notes represented deposits of gold. At that time, a member of the public could exchange one of our banknotes for gold to the same value. For example, a £5 note could be exchanged for five gold coins, called sovereigns.
But the value of the pound has not been linked to gold for many years, so the meaning of the promise to pay has changed. Exchange into gold is no longer possible and Bank of England notes can only be exchanged for other Bank of England notes of the same face value.
Public trust in the pound is now maintained by the operation of monetary policy, the objective of which is price stability.
What type of UV lamp should I use to check that a banknote
is genuine?
A good quality ultra violet (UV) lamp that emits light at around
365 nanometres is best for checking the fluorescent feature
on the £5, £10 and £20 notes (the £50
note does not have the fluorescent feature). The use of LED
(Light Emitting Diode) devices (such as key fob type detectors)
is not recommended as the majority of these emit light at greater
than 365 nanometres.
Retailers are reminded not to just check one security feature
but to check a few such as the feel of the paper and the raised
print, the watermark and metallic thread. Details on the checks
to make can be found in the leaflet “Take a Closer Look”
which is available free from the Bank of England.
Can I use a “detector pen” to check that
banknotes are genuine?
Simple tests reveal that some (but not all) counterfeit notes
can be detected using such pens. The pens work by a chemical
reaction between the pen ink and the paper. Using such pens
is not a foolproof method of checking that a banknote is genuine
because some counterfeits may be configured to react in the
same way as genuine banknotes. Unreliability can also occur
if pens are old or dirty. To check banknote authenticity retailers
are reminded to check several of the security features on banknotes
such as the feel of the paper and the raised print, the watermark
and metallic thread. Details on the checks to make can be found
in the leaflet “take a closer look” which is available
free from the Bank of England.
Has the Bank considered producing a plastic banknote?
The Bank continually looks at the security features of the notes
and at methods of production and printing, including the use
of plastic. We currently consider paper notes as good as any
other type of banknote for use in the UK. The feel of the paper
is one of the ways of checking whether a note is genuine or
not.
How do I check whether a note is genuine or not?
Take your time to check your notes, particularly if light conditions
are poor or you are handling a large number of notes.
Never rely on just one security feature; no counterfeit notes
successfully copy all of the security features included in
Bank of England notes. To read about how to check your banknotes
see the security
features page.
What should I do if I think I have been given a counterfeit
note?
If you think a note that you have is a counterfeit you must
take it to the police as soon as you can. They will provide
you with a receipt and send the counterfeit to the Bank of England
for analysis. If the note is genuine reimbursement will be made
in full.
A counterfeit note is completely worthless and it is a criminal
offence to hold or to pass on a note which you know to be counterfeit.
Don’t get caught out by the counterfeiter; always check
your banknotes.
What can I do if I have a note that has been damaged
in some way?
Banknotes get damaged or contaminated in a number of different
ways; this doesn’t render the note worthless and the Bank
has a small dedicated team based at its cash centre in Leeds
that deals with all manner of mutilated notes. Full details
of how claims can be made are contained in the Mutilated Notes
section of this site accessible by clicking here.
If you require further information or advice please contact
the Bank’s cash centre in Leeds on 0113 2441711.
What is on a banknote to help blind and partially sighted
people identify the different denominations?
Each denomination is a different size; the greater the value
the larger the note. So a £10 is larger than a £5
note and so on.
There is a densely coloured shape on the front of the note that
is unique to each denomination – a turquoise circle on
the £5, an orange diamond on the £10, a purple square
on the old-style £20 and a red triangle on the £50 –
and the £5, £10 and old-style £20 notes have large denomination
numerals on the front of the note. The new-style £20 note does not require a separate recognition symbol because the denomination numeral is prominently displayed in the clear white area.
Has the Bank considered using braille on banknotes
to help blind people identify the different denominations?
Yes but on the advice of The Royal Institute for the Blind the Bank has not included this because very few blind people now read braille;
it is also regarded as a feature that may well wear out over
the life of a banknote and therefore only serve to mislead if
a tactile feature of this type became incomplete.
Who decides who the historical figure should be on
the back of a new note?
It is the Governor of the Bank of England who makes the final decision. The Bank have
celebrated the lives of eminent British personalities on the
back of their notes since 1970. It is usual practice to consider
a number of probable candidates all of whom have been selected
because of their indisputable contribution to their particular
field of work and about whom there exists sufficient material
on which to base a banknote design.
What happens to the old style notes when a new design
is introduced?
Both old and new notes usually circulate together for a while.
The old style notes are then withdrawn from circulation as they
became unfit to be re-issued. At a point in time – dependent
on the life of the denomination in question – the decision
is made to withdraw all of the old design and at this point
legal tender status is withdrawn.
How much notice is given before a banknote is to be
withdrawn?
Legally the Bank is required to give one months notice of an
intention to withdraw legal tender status. In practice every
effort is given to provide as much notice as possible and, when
withdrawing the old style £5 and £10 notes in 2003,
three months’ notice was given.
How is this advertised?
The Bank provides leaflets and posters for banks, building societies,
Post Offices, shops and the like that gives the relevant
details about the withdrawal of the note in question including
how and where notes can be exchanged. Information also appears
on the Bank’s web site and adverts are taken out in the
national and local press.
What information is there available about banknotes
and in particular the dates when certain notes were first issued?
In addition to the information about the key recognition and
secuity features on the Banknote pages you can also find a list
of other sources of information under the ‘more
about banknotes’ main menu heading. A reference guide
about banknotes is available from the Bank and this includes
the dates certain notes were issued.
Are Scottish & Northern Irish notes legal tender?
In short ‘No’ these notes are not legal tender;
only Bank of England notes are legal tender but only in England
and Wales.
The term legal tender does not in itself govern the acceptability
of banknotes in transactions. Whether or not notes have legal
tender status, their acceptability as a means of payment is
essentially a matter for agreement between the parties involved.
Legal tender has a very narrow technical meaning in relation
to the settlement of debt. If a debtor pays in legal tender
the exact amount he owes under the terms of a contract, he has
good defence in law if he is subsequently sued for non-payment
of the debt. In ordinary everyday transactions, the term ‘legal
tender’ has very little practical application.
I need to reproduce a banknote for a legitimate reason
but how do I do this?
It is possible to reproduce images of banknotes but there are
specific guidelines under which this can be done. It is best
to refer directly to the Reproduction guidelines that explains
the procedure in more detail.
When will the new £50 note be launched?
The Boulton and Watt £50 banknote, will be launched in the winter of 2010/11. It will be the second note in the Series F 'family' which began with the introduction of the Adam Smith £20 note in 2007. Therefore its overall appearance will be similar. But for the first time two portraits will appear together on the reverse of the note, those of Boulton and Watt, along with the image of a steam engine and the Soho (Birmingham) Manufactory. As with the Adam Smith £20 banknote however, continuity is provided with the current protrait of Her Majesty The Queen, which was first used in 1990 and which will be retained on the front of the note. Further details of the design and the range of security features to be included on the new note will be revealed when the new note is launched, within a full promotion and awareness campaign.
If you require further information or advice please contact the Bank at banknote.reproductions@bankofengland.co.uk or on +44(0)20 7601 4028.
