In mid-September 2016, a new 5-pound banknote entered circulation in the United Kingdom. The key feature of the new bill is its material. The new fiver is printed on polymer.
It is the latest innovation in money issuing. The banknote is one of the most wide-spread in the UK and therefore damages quickly. New banknotes are highly resilient. Now people who forget cash in pockets and wash it with clothes can relax as the new fiver can survive a spin in the washing machine. Besides, polymer makes the note even harder to counterfeit. The banknote depicts its value clearer and has tactile marks, thus easing its use for partially sighted people. The note also features the portrait of Sir Winston Churchill, legendary British statesman.
The new note marks the beginning of updated currency printing in the UK. The Bank of England plans to withdraw paper money in the near future. The process will be gradual. Old money is still valid now. The first print-run of new fivers makes up 440 million notes.
