The new £5 note went in to circulation on the 13th of September 2016, featuring Sir Winston Churchill on the back, and updated £10 and £20 banknotes are scheduled for release in 2017 and by 2020 (consecutively).
What you need to know
The new notes are smaller than their predecessors, printed on polymer, and have all undergone considerable redesigns. While Churchill is on the Five Pound Note, Jane Austen will feature on the upcoming Ten, and J.M.W. Turner on the Twenty. The new Fiver measures 125mm by 65mm, while the old Fiver (featuring Elizabeth Fry) came in at 135mm by 70mm.
The Bank of England has advised business owners prepare for the change in currency, and follow the following steps:
• Make your staff aware of the changes, and train them to recognise the new notes – the Bank of England has further resources to help you do this
• Think about any automated cash handling machines currently operating as part of your business
• Contact the suppliers of your automated cash handling machines to discuss any adaptations or updates which may be required, and when they might become available – software is likely to require updating
• Aim to update machines before notes are released where possible.
How do I authenticate the new Fiver?
There are a number of visual cues incorporated into the design of the new Fiver, check out the Bank of England leaflet (PDF) to find out more about these.
Your Sekura Money Detector will help you authenticate all the new Five Pound Notes – as well as all the other notes – without requiring any update or modification, using the notes’ infrared anti-counterfeit feature.
Em at The Till Roll Company Ltd. had this to say when their first new Fiver arrived: “So we have got a new £5 note! We have tested it on the Sekura Money Detector machine and they do work. On the £10 and £20 they have the invisible £10/£20 signs, which only show up under UV light, and that’s exactly the same as the £5 – even with the new plastic coating on!”