Each year, we publish how many of our banknotes are in circulation and how much they are worth. We say the number of notes we issue and destroy, the number of counterfeits found, and how many claims we get for damaged notes. And we compare the data with previous years.
Use the icon on the top right hand corner of the charts to download data. You can toggle data series on and off.
The total value of our notes in circulation has tended to increase over time with growth driven in recent years by the £20 and £50 note. We measure the value of notes in circulation on the last day in February each year.
| £5 | £10 | £20 | £50 | Total1 | Other notes2 | |
|---|---|---|---|---|---|---|
| 2014 | 1,540 | 7,182 | 36,483 | 11,025 | 56,230 | 3,967 |
| 2015 | 1,601 | 7,371 | 38,912 | 11,788 | 59,671 | 4,118 |
| 2016 | 1,645 | 7,767 | 41,037 | 13,157 | 63,606 | 4,212 |
| 2017 | 1,912 | 8,006 | 43,357 | 15,601 | 68,876 | 4,322 |
| 2018 | 1,910 | 7,789 | 42,692 | 16,508 | 68,899 | 4,351 |
1 Total is the sum of £5, £10, £20 and £50 notes excluding all other notes. See below.
2 Higher value notes used as cover for the note issues of banks in Scotland and Northern Ireland.
The two main ways to measure yearly growth of notes in circulation (NIC) are:
The charts below show how peak-to-peak and average growth have varied for each of our notes, and overall, over the past decade.
Peak-to-peak measures the difference between the peak level of notes in circulation each year (usually in the run up to Christmas).
Average year-on-year measures the difference between the average level of notes in circulation each year.
Each year we issue new banknotes to replace unfit ones and to meet any increases in overall demand. The value of each denomination issued are shown in the table below.
| £5 | £10 | £20 | £50 | Total | |
|---|---|---|---|---|---|
| 2013/14 | 793 | 2,141 | 5,281 | 2,260 | 10,474 |
| 2014/15 | 869 | 2,433 | 6,202 | 2,165 | 11,668 |
| 2015/16 | 977 | 5,683 | 5,056 | 1,831 | 13,547 |
| 2016/17 | 1,643 | 4,008 | 6,382 | 3,188 | 15,220 |
| 2017/18 | 386 | 8,192 | 3,291 | 2,169 | 14,039 |
Each year we destroy banknotes that have become unfit for use. The value of each denomination destroyed are shown in the table below.
| £5 | £10 | £20 | £50 | Total | |
|---|---|---|---|---|---|
| 2013/14 | 927 | 2,811 | 3,821 | 1,874 | 9,432 |
| 2014/15 | 1,001 | 2,351 | 3,848 | 1,739 | 8,939 |
| 2015/16 | 893 | 5,250 | 3,547 | 481 | 10,172 |
| 2016/17 | 1,509 | 4,058 | 3,371 | 484 | 9,422 |
| 2017/18 | 1,192 | 7,785 | 3,474 | 506 | 12,956 |
When one of our banknotes gets damaged we will exchange it, if at least half of it remains. We receive thousands of claims to replace damaged banknotes each year.
The first chart below shows the number of claims we received and why. The second chart shows how much we paid to reimburse customers.
We receive thousands of claims each year from members of the public, banks, businesses and the police. This chart shows the number of claims and what caused the damage.
We exchange millions of pounds worth of banknotes. This chart shows how many British pounds we exchanged for each type of damaged banknote.
Only a small fraction, typically less than 0.05% of banknotes are counterfeit, that is less than 1 in 2,000 banknotes. Counterfeit notes are created illegally and are worthless. You can identify them by following our guide on how to check your banknotes.
Counterfeit notes are removed from circulation by banks and the police and are sent to us for analysis. These charts show the number we receive each year and their notional face value (they are worthless).
This chart shows how many counterfeit notes we receive and their denomination. The figures include both current and old banknotes series. Discoveries of counterfeit £5 and £10 notes in 2017 were almost entirely counterfeits of paper banknotes which are no longer legal tender. We have rounded the numbers to the nearest 1,000.
| Year | £5 | £10 | £20 | £50 | Total | Notional Value (£ millions)* | Number removed before entering circulation (bulk seizures) |
|---|---|---|---|---|---|---|---|
| 2013 | 5,000 | 248,000 | 435,000 | 16,000 | 704,000 | 12.01 | 8,000 |
| 2014 | 2,000 | 96,000 | 327,000 | 15,000 | 440,000 | 8.26 | 0 |
| 2015 | 1,000 | 53,000 | 173,000 | 23,000 | 250,000 | 5.15 | 0 |
| 2016 | 2,000 | 23,000 | 302,000 | 27,000 | 354,000 | 7.63 | 6,000 |
| 2017 | 1,000 | 43,000 | 393,000 | 32,000 | 469,000 | 9.90 | 0 |
This chart shows the total notional face value of notes we have removed and their denomination. The figures are in millions of British pounds. They are rounded to the nearest £1,000. Data includes counterfeits of both current and old series notes. Discoveries of counterfeit £5 and £10 notes in 2017 were almost entirely counterfeits of paper banknotes which are no longer legal tender.
Counterfeit banknotes are worthless. Data includes counterfeits of both current and old series notes.
