Brits have just one month to spend their old paper bills of £20 and £50 before they run out of business. We’re actually on the cusp of that “revolution” to switch to plastic cash, made of polymers, that the Bank of England did in 2016. The UK is one of the first countries in the world to have this kind of shift that started with 5 pounds being cut and stretched for all others. From October 1, only plastic banknotes will be used while banknotes will have to be spent or exchanged at the bank and at some authorized post offices. However, there is still a lot in circulation for 20 and 50 pounds: its value is estimated at around 13-14 billion pounds.
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New banknotes are safer than counterfeit coins and are machine washable. The new type of polymer is designed to be stronger than paper and harder to counterfeit. Plastic materials also have other advantages: new banknotes will be cleaner, more durable and environmentally friendly than paper notes; They’ll also be waterproof so you’re not afraid to wash in the washing machine, which is the norm when you forget banknotes in jeans pockets. The United Kingdom is not the first country to use plastic for its currency, but it follows the example of Australia, which began printing its dollars on plastic in 1988, followed by 30 other countries including Canada, Fiji, Mauritius, New Zealand and Papua New Guinea. Romania, Poland and Vietnam.
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In September 2016, the £5 note featuring Winston Churchill came into circulation. The following year came the £10 plastic sheet featuring English writer Jane Austen. The new £20 banknote will feature artist JMW Turner’s portrait. The decision to introduce plastic banknotes was made after six years of research and public advice by the Bank of England in the fall of 2013: officials demonstrated prototypes of the new banknotes in shopping malls and financial groups across the country. country, and 87 percent of the 13,000 respondents said they would support its introduction.
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Polymer banknotes weigh less than paper banknotes, so transporting and distributing them is also easier for the environment. At the end of their lives, banknotes are usually shredded and sent to landfills. But the polymer banknotes that are removed from circulation are shredded, pelleted, and used to make everyday plastic items such as garden furniture.
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