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Britain’s got a new polymer £5 note – but is it a UK first?
On 13 September, the Bank of England will issue a new £5. It will be the first-ever polymer (or “plastic”) banknote that they have issued.
But is it the UK’s first?
The new Bank of England £5 Polymer note enters circulation on 13 September.
Well it is certainly not the first polymer banknote issued in the UK.
Last year Clydesdale Bank issued Scotland’s first polymer banknote to mark the 125th Anniversary of the Forth Roadbridge.
But it was Northern Ireland that beat everyone else to it with a commemorative polymer banknote in 1999 issued to mark the millennium.
So the new Bank of England £5 note is certainly not the first polymer note to be issued IN the UK but perhaps it is still the first UK-wide polymer banknote…
The murky question of legal tender
So this might surprise you. No Scottish or Northern Irish banknotes are legal tender.
Bank of England banknotes are – but only in England and Wales.
But don’t panic – if you live in Scotland or Northern Ireland – your money’s not worthless! Legal tender does not mean quite what you think. It has a very narrow technical definition which relates to your ability to pay a debt into a court.
In fact all Scottish and Northern Irish notes are considered “legal currency” across the whole of the UK. But that does not mean that they have to be accepted and it’s not unusual for English or Welsh shop owners to be reluctant to accept non-Bank of England notes.
So where does this all leave us?
The Northern Irish and Scottish polymer banknotes clearly beat the new fiver. But they were special commemorative issues with limited circulation and little recognition outside of their issuing nation.
The new polymer £5 note is certainly the first “legal tender” note issued in the UK but that’s not as important as it first seems.
It is, however, the first polymer banknote issued for ongoing circulation (rather than as a commemorative issue) which is generally accepted across the whole of the United Kingdom.
Mark the moment the UK £5 banknote changed forever…
Just 5,000 new UK Polymer £5 Notes have been reserved for a Limited Edition DateStamp™ release.
This is the VERY FIRST time that a DateStamp™ banknote has been released.
Precious paper – the first and last £5 paper banknote…
Later this year, a brand new banknote will enter circulation, but this banknote will be unlike any other seen before…
It wasn’t until 1793 that the first five pound note came into existence. The £5 denomination, known as the ‘white fiver’ lasted with relatively few changes until 1956 when it was last issued and replaced a year later with a new blue five pound note.
A ‘white fiver’ recovered from the depths of the sea following Operation Bernard
The banknote was changed primarily to combat forgery following ‘Operation Bernhard‘ – a huge German war effort which took place during the Second World War and saw around 9 million fake notes printed.
Of course, there have been numerous changes to the £5 banknote since then, from different designs, sizes, colourings and security features.
In 1970 a new series of notes were designed, each featuring an historical figure on the back. Portraits and highly detailed machine engraving blended into historical scenes making the new notes more difficult to copy.
The 1971 £5 Banknote. Designed by Harry Eccelston OBE, the Bank of England’s first full time Artist-Designer.
But perhaps the biggest change of all is yet to come…
On 13th September 2016 a brand new banknote will enter circulation featuring the portrait of much-loved Prime Minster, Sir Winston Churchill . However, this new fiver is unlike any we have ever seen before – it’s printed on polymer.
The New Sir Winston Churchill Polymer £5 Note © Bank of England [2015]
The new note has a number of security features including a see-through window and foil Elizabeth Tower – which is gold on the front and silver on the back. It also features multiple holograms and micro-lettering under the Queen’s portrait – which can only be viewed under a microscope.
You have until May 2017 to spend your current £5 notes, after that they will cease to be legal tender – but will still be exchangeable at the Bank of England.
What do you think about the new era of plastic banknotes? Let us know in the comments below.
You can own Britain’s most famous banknote… in silver!
In a remarkable feat of craftmanship the White Fiver banknote has been re-isued in fine silver – and you can add one to your collection today.
£500,000 raised for The Royal British Legion
The Westminster Collection has reached an incredible fundraising milestone having raised £500,000 for The Royal British Legion.
Stephen Allen presents the ‘Battle of the Somme Centenary Proof £5 Coin’ to Ian Jarvis, Community Fundraiser for The Royal British Legion. (L-R: Stephen Allen, Chairman, The Westminster Collection; Ian Jarvis, Community Fundraiser for The Royal British Legion Dorset; Max Allen, Stephen’s eldest son.)
The Westminster Collection has raised the staggering amount since 2008 through the sale of commemorative remembrance-themed coins, honouring the lives of those who made the ultimate sacrifice in service to their country.
This year a special limited edition centenary £5 proof coin has been issued to commemorate the 100th anniversary of the Battle of the Somme
The Battle of the Somme Centenary Proof Coin is the only Proof £5 Coin commemorating the Battle of the Somme issued in support of the Legion available anywhere in the world,
The Battle of the Somme £5 Proof Coin
Stephen Allen, The Westminster Collection’s Chairman, said
“My own family has a close personal history with World War One and we wanted to create unique products which could be passed on to children or grandchildren, to make sure this terrible conflict is never forgotten.”
And the partnership between The Westminster Collection and the Legion is to continue with the announcement of a new three-year partnership.
Stephen added: “Though we have been working in partnership with The Royal British Legion since 2004, the first Poppy Coin came about in 2008 as a way to commemorate the 90th anniversary of the end of the First World War.
“We are delighted that the partnership has continued to grow.”
Claire Rowcliffe, Head of Regional Fundraising at The Royal British Legion, said: “We are extremely proud of our long-term partnership with The Westminster Collection.
Thanks to @WestminsterGB who raised an amazing £500K for our Armed Forces community with their Poppy Coin collection! pic.twitter.com/YCBkxsienQ
— Royal British Legion (@PoppyLegion) October 18, 2016
“The Westminster Collection is a family business which shares our commitment to supporting the entire Service community; whether it’s helping veterans to remain independent in their homes, offering dementia support and employment or compensation advice, or ensuring people have access to the benefits they deserve.
“Raising £500,000 for the Legion is a truly incredible fundraising milestone. The funds have enabled us to support the memory of the fallen, as well as the future of the living.”
Own the Battle of the Somme Centenary Proof Coin for just £25…
The Battle of the Somme coin has been issued to pay tribute to the 100th Anniversary of the Somme. Designed with the Somme battlefields in mind, the reverse features a masterfully printed and haunting poppy field with an engraved scene depicting soldiers going ‘over the top’ into battle.
Click here to secure your coin for just £25 (+p&p) – with a donation going directly to the Legion’s work.
Some examples of how The Royal British Legion supports the Armed Services community:
Care Homes – The Legion has six care homes to provide short and long term care for serving and ex-Service people and their dependants. Situated around the country, they offer a wide range of services including four with specialist dementia care. Care home communities include men and women of varied ages and abilities, and because these homes are exclusive to ex-Service people and their dependants, there is a unique camaraderie.
Break Centres – they offer much-needed breaks to ex-Service and serving personnel and their families, who may be recovering from an illness, bereavement or other life-affecting event. The Legion have four Break Centres located in prime locations around the country.
Handy Van Service – they provide essential and critical support to ex-service people who are unable to carry out household repairs or small jobs, helping them to remain independent in their own homes. The team of trusted handy people are also fully trained caseworkers enabling them to look out for other issues and people at risk in order to flag to the wider welfare team.
Benefits and Money Advice – they offer a confidential, face-to-face Benefits and Money Advice Service to help people manage their finances, including assisting them with making claims for state benefits and also dealing with money problems including debt.
Civvy Street – This service provides a range of information and advice on resettlement, learning and work. Civvy Street is designed to assist in-Service families, armed forces leavers and the veterans’ community adjust to civilian life and kick-start a new career.