Posts Tagged ‘Churchill’
Will next year’s new £10 note be vegan?
It came to light earlier this week that the new plastic fivers that entered circulation to much fanfare in September, are actually made using tallow, a substance produced from animal fat.
The news sparked an online petition calling for the production process behind the notes to be changed and so far it has attracted more than 116,000 signatures.
The Bank of England has also received angry calls from vegans and vegetarians to cease the use of these banknotes immediately and change the substance used in the production of currency that they have to use in everyday life.
The petition was started by Doug Maw who states that the animal fat contained in the £5 notes is unacceptable to millions of vegans, vegetarians, Hindus, Sikhs, Jains and many others in the UK.
The new £5 notes were released into circulation in September and caused a collecting frenzy!
This news has also been taken extremely seriously by a Hindu temple in Leicester who have urged worshippers not to give new five pound notes in donations.
So how many cows will actually need to be sacrificed to make all these new fivers?
VICE have put together a ‘very precise calculation’ of how many animals will be slaughtered in order to make the 329 million banknotes likely to be in circulation by the time the paper banknotes have been phased out!
Any guesses?
The answer: Just over half of one cow.
So will next year’s new £10 note be vegan?
Most likely.
Mark Carney, Governor of the Bank of England has stated that they are treating concerns about traces of tallow in the new polymer banknote with the utmost seriousness but also that the bank did not know about the issue when the it signed the contract for the notes.
Innovia, the company who make the polymer are already working towards potential solutions for the tallow substance which is also used in household items such as candles and soap.
Check your FIVER now – it could be worth £100+
Last week the Bank of England launched its first ever plastic banknote. And they are already fetching HUNDREDS of pounds online.
An Ebay listing of an AA Serial number Banknote with bids in excess of £100
The notes have already proved popular with the public, but now they might even be worth a LOT more than £5.
The new £5 notes are printed on Polymer – a thin and flexible plastic material. This means that these new notes are cleaner, safer and stronger than paper notes and feature added security features.
Polymer £5 Banknotes were released into circulation last week
Now’s the time to check your fiver to see if you have one of the first notes to be printed!
The first banknotes to be printed will carry a serial number starting with AA01 and will then be followed by a six-digit number.
The serial number of the first note printed is AA01 000001 which was given as a gift to the Queen.
440million of the notes have been printed and distribution into banks and cash machines is expected to be completed by the end of next week. There are 999,999 new fivers with the AA01 prefix, so you never know, there’s still a chance to find one with a special serial number.
On 3rd October, the Bank of England is auctioning off a batch of low serial number banknotes. The lowest number Bank of England polymer £5 available to the public is expected to fetch a staggering £800 – £1200 at the charity event.
This banknote is expected to fetch between £800 and £1200 for charity
So dig out that brand new fiver you’ve been keeping safe and see if you’ve won the low serial number lottery! You could be carrying a fortune around in your wallet!
Everything you need to know about the new polymer £5 note
Which banknotes are changing, and when? 
The Bank of England is issuing a new Polymer (or plastic) £5 note which will enter circulation on 13 September, 2016. You’ll start to see the notes in the following days and weeks. Around 5,200 ATM’s dispense £5 notes and most are expected to switch to dispensing the new notes within the first month.
There will also be a new £10 note in Summer 2017, and a new £20 note by 2020. The current £50 note was issued in 2011 and there are currently no plans to replace it in the near future.
How will the new banknotes change?
The new £5, £10 and £20 notes will be printed on Polymer – a thin and flexible plastic material. This means that the new notes will be cleaner, safer and stronger than paper notes.
They will also feature added security features. The five pound note will feature:
- A large see-through window containing an image of the queen and a foil Elizabeth Tower.
- The Elizabeth Tower (Big Ben) is gold on the front and silver on the back.
- The silver foil patch at the bottom of the tower has a hologram of the word ‘Five’ changing to the word ‘Pounds’.
- The silver foil patch at the top of the tower has an image of the coronation crown which appears 3D.
- Under ultra-violet light, the number 5 appears in bright red and green.
What size will the new banknotes be?
The new notes will be around 15% smaller than the current paper notes but will retain the traditional look of the existing notes, with a portrait of Her Majesty the Queen on the front, and a historic character on the back. The existing format of tiered sizing will be maintained, i.e. the higher the denomination, the longer the height and the length of the note.
Which historic characters will appear on the new banknotes?
The Polymer five pound note will feature Sir Winston Churchill, the ten pound note will feature Jane Austen and the twenty pound note will feature J.M.W. Turner.
What will happen to my old paper banknotes?
The paper notes will start to be withdrawn from circulation as the polymer notes are introduced. It is expected that by January 2017 more than half the £5 notes in circulation will have been switched for polymer notes.
You can continue to use the paper £5 note until legal tender status is withdrawn in May 2017.
What happens if I still have old notes after legal tender status has been withdrawn?
All Bank of England notes retain their face value for all time. If your bank, building society or Post Office is not willing to accept these notes then they can be exchanged with the Bank of England in London by post or in person.
Will I be able to use the polymer banknotes in the same way as paper?
Yes. Polymer notes can be used in the same way as paper notes. For example, they will be available from ATM’s and can be folded in a wallet. Brand new polymer notes can sometimes stick together, but this effect is short-lived once in use.
Why bother changing them?
The new notes are expected to last at least 2.5 times longer than the current paper notes. In 2015 21,835 notes were replaced due to damage from being torn, washed, contaminated, damaged and even chewed and eaten!
The new polymer material is resistant to dirt and moisture which means they will stay in a better condition for longer. Plus, when a polymer note reaches the end of its life, it will be recycled.
Will they be collectable?
Like any new issues, collectors will be keen to own the very first notes. Early serial numbers are likely to be more sought after – especially on good condition or uncirculated notes.
Mark the moment the £5 banknote changed forever…
Just 5,000 new UK Polymer £5 Notes have been reserved for a Limited Edition DateStamp™ release.
Click here to add one to your collection.