360° Coverage : Britain mulls issuing plastic currency notes

Britain mulls issuing plastic currency notes

London, Sep 11 (IANS) The Bank of England may begin to issue plastic banknotes in order to ensure good quality genuine banknotes that the public can use with confidence.

Sep 11 2013, 4:30am CDT | by IANS

Britain mulls issuing plastic currency notes
Photo Credit: , Getty Images

London, Sep 11 — The Bank of England may begin to issue plastic banknotes in order to ensure good quality genuine banknotes that the public can use with confidence.

The British central bank announced Tuesday it was soliciting public opinion for approval of such notes, reports Xinhua.

According to the bank, a three-year research project was undertaken to examine different materials on which banknotes are printed. The bank reviewed the relative merits of printing banknotes on polymer rather than the cotton paper as it is at present.

Understandably, the plastic banknotes will be resistant to dirt and moisture, and are safe and more durable. These will initially be used for the new-style five-pound and 10-pound banknotes, with one denomination at a time.

The five-pound note will feature a picture of Sir Winston Churchill, and is expected to be issued in 2016 at the earliest, with the 10-pound note to follow.

If the decision is made to move to polymer banknotes, the central bank said it would also introduce smaller banknotes so that it is convenient to carry them in purses and wallets.

"Polymer banknotes are cleaner, more secure and more durable than paper notes. They are also cheaper and more environmentally friendly," said Bank of England Deputy Governor Charles Bean.

"However, the Bank of England would print notes on polymer only if we were persuaded that the public would continue to have confidence it in, and are comfortable using it," he said.

"The results of the consultation programme on which we are embarking will, therefore, form a vital part of our assessment of the merits of polymer banknotes," Bean added.

The central bank will announce the decision on whether to move to polymer in December.

Polymer banknotes are manufactured from a transparent plastic film, specially coated with an ink layer that enables it to carry the printed design features of banknotes.

The material allows the inclusion of "windows" or clear portions in the design, which enhance protection against counterfeits.

IANS

Source: IANS

 
 
 

blog comments powered by Disqus

Latest stories

Wearables that go beyond the Apple Watch
Wearables that go beyond the Apple Watch
Apple Watch is going to open a new chapter in wearables, but where is the future?
 
 
Russia allows buffalo meat imports from India
Moscow, Dec 4 (IANS/TASS) Russia has allowed imports of buffalo meat from India, the country's veterinary regulator said Thursday.
 
 
New guidelines for prostate cancer testing
Melbourne, Dec 4 (IANS) Prostate cancer checks in Australia are set to improve after cancer agencies and health experts reached an agreement on new testing guidelines at the World Cancer Congress (WCC) currently being held in Melbourne.
 
 
Australian researcher discovers first artwork by early human
Sydney, Dec 4 (IANS) An Australian researcher has discovered what is believed to be the first artwork created by a human.
 
 
 

Latest from the Network

Australian researcher discovers first artwork by early human
Sydney, Dec 4 (IANS) An Australian researcher has discovered what is believed to be the first artwork created by a human. The simple zigzag pattern found on a fossilized shell from the Indonesian island of Java has...
Read more on Celebrity Balla
 
Insects compete with rats to clear garbage
New York, Dec 4 (IANS) Insects play a very important role in cleaning up cities and they compete with other pests like rats and pigeons in their endeavour, a study has said. Scientists sampled arthropods - such as...
Read more on Business Balla
 
School headmaster shot dead in Pakistan
Islamabad, Dec 4 (IANS) Unidentified gunmen Thursday killed the headmaster of a private school in Pakistan's Balochistan province. Police officials said the armed men opened fire at the vehicle of Zahid Ali,...
Read more on Politics Balla
 
Four more bodies recovered from sunken South Korean ship
Seoul, Dec 4 (IANS) Four more bodies were recovered Thursday from a sunken South Korean fishing ship in the Bering Sea, the foreign ministry here said. This increased the toll to 16, including six South Koreans and 10...
Read more on Politics Balla
 
Lesbian couple asked to desist in London restaurant
London, Dec 4 (IANS) A lesbian couple in a London restaurant was asked to desist by a staff member, who asked them to "stop what you are doing". Lydia Cawson, 29, said that she and her girlfriend were asked by a staff...
Read more on Politics Balla
 
Oxford Dictionaries to add 1,000 new words
London, Dec 4 (IANS) 'Mamil' (middle-aged man in Lycra), 'silvertail' (a person who is socially prominent or who displays social aspirations) and 'crony capitalism' are among the 1,000 new words to be added to...
Read more on Celebrity Balla
 
Oceans play key role in global 'warming hiatus'
London, Dec 4 (IANS) Increased heat uptake across three oceans - North Atlantic, the Southern Ocean and Equatorial Pacific Ocean - is the likely cause of the 'warming hiatus' -- the current decade-long slowdown in...
Read more on Politics Balla
 
Novel imaging to identify if TB drugs are working
Washington, Dec 4 (IANS) Tuberculosis patients who are not cured of the infection can develop multi-drug resistant TB and have to take as many as six drugs for two years. Now, researchers at University of Pittsburgh...
Read more on Business Balla
 
PM makes first appointment to High Court of Australia
Canberra, Dec 4 (IANS) Prime Minister Tony Abbott's government Thursday appointed former Victorian Supreme Court judge Geoffrey Nettle as the next Justice of the High Court of Australia. Attorney General George...
Read more on Politics Balla
 
18 suspected militants killed in Pakistan airstrikes
Islamabad, Dec 4 (IANS) At least 18 suspected militants were killed Thursday in airstrikes conducted by Pakistan Air Force fighter jets in North Waziristan. According to officials, the airstrikes were conducted in...
Read more on Politics Balla