There’s been plenty of talk in the news lately about the banknotes issued by the United Kingdom What’s on them and the materials they’re made of.
It was fascinating to discover the details regarding an upcoming change to the fabric that the banknotes issued by the UK are made, and to learn that it was reported that the Bank of England is running an open consultation to determine how the UK should switch from the cotton paper of banknotes to the polymer.
This is a follow-up to the controversy that was raging at the beginning of the year, when it was revealed that the image of socialist Elizabeth Fry was to be removed from the PS5 note. There was no disagreement regarding the selection of her successor, Sir Winston Churchill – only that after the demise of Elizabeth Fry there would be no female on the UK banknote.
In the part of a protest spearheaded by Caroline Criado Perez from Rutland and that resulted in protests and an online petition that was which was signed by 35,000 people it was announced that the Bank of England has announced that the PS10 note will bear the image of the author Jane Austen, a decision which was praised by The Chancellor George Osborne as showing “sense and sensibility”.
Mark Carney, Governor of the Bank of England, has reiterated that it was not their intention to ban the women who appear on notes but they’ll review the process of selection.
Concerning the possible modification of the material and there is a possibility that polymer banknotes could be redesigned. Bank of England says that banknotes made of polymer are impervious to moisture and dirt, therefore they will remain cleaner and will last longer with a lifespan of as long as 2.5 time longer than banknotes made of paper. They are also, according to reports, eco-friendly and a less expensive alternative, and are also capable of incorporating advanced security features that prevent counterfeiting.
It is the Bank’s hope to make Polymer notes will be less hefty and more accordance to the size of notes from other countries, but the they will be based on the denomination. The higher in denomination the greater the note.
Consultation sessions will be held in various locations throughout the country to 15 November 2013, when the Bank’s decision on the change being announced in December.
So, does the general public opt for a change or to remain loyal to the past? A recent report by the Payments Council talks about us as ‘creatures from habit when it comes to personal finance and banking are concerned . They highlight for instance the fact that nearly 27 per cent of the current customers across the UK are using the same bank as either one or both of their parents. Perhaps the price and green credentials could influence the opinion of people.
If the bank decides to switch to banknotes made of polymer, the Bank states that they will begin to be released one at a beginning by introducing the Churchill PS5 in 2016 at the first. If the UK would decide to adopt polymer, it wouldn’t be the first to do so. More than 20 countries have banknotes made of polymer which include Australia (since the year 1988), New Zealand, Mexico, Singapore, and Canada.
It will be fascinating to hear the public’s opinion on this change “given how banknotes are an important part in our everyday lives” as The Bank of England says and whether it is true that the American journalist Cliff Bradshaw in the 1960s musical Cabaret was correct in his statement that “Money is the reason that is the reason why the world revolves Banknotes, whether polymer or cotton paper as well as their digital representation, definitely keep the world of business moving.
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