News Release
New £20 Banknote Design
22 December 1998
As part of a continuing programme to maintain the integrity of the note issue, a new version of the Bank of England £20 banknote with enhanced security features will be issued in mid-1999. The front of the note will retain broadly the existing design including the existing portrait of the Queen. The reverse will feature a portrait of the composer, Sir Edward Elgar, replacing the current design featuring Michael Faraday.
Full details of the new £20 banknote will be announced closer to the issue date next year.
Notes to Editors
In style and theme, the new note maintains continuity with the current series and will be the same size as the existing £20 note. There will be new design and security features to allow the public to differentiate clearly between the new and the old £20 designs.
This announcement is being made well in advance of issue because it is important that manufacturers of note handling, sorting and dispensing machinery as well as banks, building societies and retailers, are aware that a change is imminent. Machine manufacturers will be given the necessary technical details to enable them to make changes to their systems in good time.
At present there are approximately 600 million £20 notes in circulation. The Bank issues some 300 million £20 notes each year and the notes have an average life of about 2 years.
The Bank of England keeps the security and design features in its notes under continuous review, to ensure that they remain as secure as possible against counterfeiting. To this end, it is desirable to make changes to the notes from time to time to upgrade their security. The present £20 note has been in issue since 1991. The number of counterfeit banknotes that get into circulation in this country is very small - only a tiny fraction of a percent of the notes in issue.
