By Raakhi Odedra and Stuart Cooper (Notes Directorate).footnote [1]
- Our first polymer banknote series is now complete.
- We moved to polymer to make banknotes cleaner, safer and stronger. Early indications are that these objectives are being met already. In particular, because the new banknotes are much more difficult to copy, counterfeiting levels have already fallen significantly.
- Innovations in the manufacturing process have also helped to improve efficiency, reduce waste and reduce our carbon footprint.
- Despite changes in the way people shop, and the increased use of digital payments, cash remains an important payment option for many people. The Bank of England will continue to produce banknotes to meet demand from the public and has an ongoing research programme to support this.
Overview
The Bank of England is responsible for producing and issuing banknotes in England and Wales.footnote [2] Our most recent series of Bank of England banknotes, technically known as Series G, was launched over a five-year period between 2016 and 2021.footnote [3] This series is the first that we have printed on polymer.
This article provides historical background on the evolution of banknote design and security features and explains how our new banknotes are cleaner, safer and stronger. It also outlines the key stages of issuing the latest series, from design to launch, which is followed by the withdrawal of legal tender status of the old paper series banknotes.
Figure 1: Banknote launch timeline
Introduction: the rationale for a new banknote series
Banknote design through the ages
Money has a long and fascinating history. Early units of exchange included seashells, livestock, precious metals and commodities. Paper money was first introduced in China in the 7th century. In Europe, Sweden was the first country to issue banknotes in 1661 and the Bank of England started issuing banknotes that were ‘payable to bearer’ soon after it was established in 1694.
It was – and remains – our job to ensure banknotes are secure and that people can trust them as a means of payment. Since their initial introduction, our banknotes have changed significantly in terms of size, design and security features.footnote [4]
You can see how the overall appearance of banknotes has evolved in Figure 2. Early banknotes were monochrome…they were also very large! For, example, the £50 issued in 1943 was more than twice the size of our latest £50 issued in 2021.footnote [5]
Gradually banknotes have become more sophisticated, incorporating more colour, more complex designs and security technology. They also became smaller, to make them more convenient to use.