Date: 10 September 2020
Disclosure:
Old Bank of England banknotes that are taken out of circulation are destroyed. Since 2011, we have recycled most of our old paper banknotes. They are either used to create a soil improver or processed at a local energy recovery facility to generate electricity.
As composting is not suitable for polymer notes, we commissioned an independent third-party to conduct a lifecycle study assessing the environmental impacts of different waste treatment options. Recycling was the most favourable option. As a result, we have secured a UK-based recycling solution, which turns polymer banknotes into pellets before being transformed into new plastic items such as plant pots. A copy of the lifecycle study is available.