News Release
New Design £20 Notes
22 June 1999
As announced earlier this month, the Bank of England's new design £20 banknotes, which carry a portrait of the composer, Sir Edward Elgar, will be introduced into circulation on Tuesday 22 June.
Commenting on the design, Merlyn Lowther, the Bank's Chief Cashier whose signature appears on the notes said, "This £20 note design features several enhancements and we're very pleased with the outcome.
"The Bank is continually assessing developments in printing and anti-counterfeiting technology. New advances in these fields which improve both the cost-effectiveness and security of our banknotes are incorporated into our ongoing programme of new banknote design.
"As with all our new notes, the introduction of this latest design has been accompanied by a comprehensive publicity programme. Posters and leaflets have been distributed widely, particularly to banks, building societies and post offices, to ensure as far as possible that the public will recognise the new banknote," she added.
While the portrait of Sir Edward Elgar and other symbols and designs relating to his life and work, are obvious design changes, the new security features are also a key element of the changes to the note.
The front of the note carries a foil hologram which switches from an image of Britannia to the figure 20. There is also a red and green fluorescent number 20 clearly visible under ultraviolet light below and to the left of the hologram. In addition some micro-lettering is included under the portrait of HM The Queen. It appears as a single line to the naked eye but under a magnifying glass the word and numeral twenty can be seen.
One other difference between this new design and all other current Bank of England banknotes is that the windowed metallic thread, visible on the front of those notes, is instead visible on the back of the new notes. As with all the notes, the thread appears as a bold, continuous line when held up to the light.
The new banknote is the same size (80mm x 149mm) and retains the same broad colour scheme as the current £20 which features Sir Michael Faraday. The 'Faraday £20' was first issued on 5 June 1991, but was revised on 27 September 1993.
The average life of a £20 note is approximately 2 years. Until it is replaced through normal wastage the 'Faraday £20' will circulate alongside the new 'Elgar £20'. At the end of February 1999 there were some 571 million £20 notes in circulation, compared with 222 million £5 notes, 597 million £10 notes, and 79 million £50 notes.
The 'Faraday £20' will remain legal tender for some time after it ceases to be in active circulation. However, regardless of their legal tender status all banknotes issued by the Bank of England always remain payable i.e. can be exchanged for their face value, at the Bank of England.
NOTES
- The actual banknotes carry the international copyright symbol (on both the back and front of the notes) which explicitly records the copyright which the Bank enjoys in the design of all its notes, and completes the Bank's protection of the copyright in all countries party to the Universal Copyright Convention.
- Copies of the full-colour leaflet and an accompanying poster, describing the new note are available, on request, from the Bank of England (+44(0) 171 601 3223). Some specialised material for the blind and partially sighted will be available - again contact the Bank of England.
- Details of the issue are also being carried on the Bank's web site.
