Image Credit: The Guardian
As Britain readies itself for the introduction of the new £1 coin and £5 notes, we bring you all the information you need to know about the new money going into circulation!
The New £1 Coin
After 30 years of being in service, the current circular £1 coin will be retired in March 2017, being replaced by the new design pictured to the left.
The new 12-sided coin is modeled on the iconic threepence piece from before the UK’s currency was decimalised, and is said to be the most secure coin to ever be made. It will be composed of two metals, which have not yet been fully decided upon. It also has brand new anti-counterfeiting technology, which ensures that the coin will be very hard for anyone to fake. Although release dates have been set (March 2017), it has not yet been announced when the old coin will be taken out of circulation and no longer accepted as legal tender.
A 3-D tour of the new coin can be taken below!
The New £5 Bank Note (and more)
Key Dates for new bank notes:
- 2nd June 2016 – New £5 note and specifications announced.
- 13th September 2016 – New £5 notes featuring Winston Churchill will enter circulation.
- May 2017 – Old £5 notes are taken out of circulation and will no longer be excepted in shops. They can be exchanged for new notes at The Bank Of England.
- Summer 2017 – The new £10 note will enter circulation, featuring Jane Austen.
- Before 2020 – The new £20 note will enter circulation, featuring JMW Turner.
- There are no current plans to replace the £50 note.
A 3-D tour of the new £5 can be taken below:
The new note design varies in a variety of ways:
- They are made out of plastic polymers. This will keep them cleaner, stronger, and more water-resistant.
- All new polymer notes will be recycled at the end of it’s life, though they will last around 2.5 times as long as the old notes.
- The new £5 note is 15 times smaller then the current one, and the others are expected follow the same rule.
- There are a variety of new features to ensure that they are even harder to counterfeit than the current notes!
You can take a look at all of the new anti-counterfeiting features in the video below: