The Plastic Fiver

[GrimsbyPacer]

Hi everyone, this thread relates to the new polymer Bank of England £5 note, not the Scottish ones etc.

I've seen many of them now, I miss Fry's image who's been ditched for Churchill on the reverse side. Also the silver strip missing was surprising. The 'I got nothing to offer but blood, toil, sweat and tears' quote does not seem approtiate. The Queen having two different looking heads is weird, and the sticking together, & shrinking with heat problems are annoying.

I don't get why they are made smaller, and shopkeepers don't appear to trust them when I buy things.

Anyway, what's your experience of them?
Wonderful or monopoly money?
Thanks

 

[Clip]

Ive not seen anhy of our new ones but theyre the same as they use down under and are so much better when you put them through the wash accidently rather than our cotton paper ons

 

[me123]

Not seen them yet, and only have limited experience with the Scottish polymer £5 note that has been in circulation to date (although all Scottish note issuing banks will be issuing polymer notes in due course - see here).

There are huge advantages with the notes - harder to counterfeit and more durable (although the limited edition Scottish notes being somewhat of a curiosity, they probably don't change hands as much as their paper counterparts). This makes it much harder to counterfeit the notes - fivers must be relatively easy to fake because of low suspicion and general poor quality of notes in circulation. The clear window is an excellent security feature that people really will struggle to fake.

The small size will be commonplace in a few weeks, and I think it reduces the cost of manufacture. It's certainly an oddity at the moment with the small number of Clydesdale polymer £5s in circulation, but within a year everything will be the same size. I didn't find sticking to be an issue any more than you get with new paper notes. They seem to work well in Australia and Canada as just two examples of countries that have had polymer notes for a long time.

Shopkeepers will just need to get used to them - it is up to them to keep up to date with things like this; it's not that hard in England and Wales when you've only really got five notes to think about! If they start to refuse money, they'll very quickly go out of business. There's been a very good publicity campaign surrounding their introduction.

 

[Trog]

The smaller size is one of the few honest parts of government policy over the last few decades, in that our money shrinks, as its value falls.

 

[Howardh]

The smaller size is one of the few honest parts of government policy over the last few decades, in that our money shrinks, as its value falls.

I'm surprised they've gone for this rather than phase the fiver out in favour of a coin.
We surely can't be far away from dropping the 1 and 2p coins, which of course would leave no bronze coins, I suppose the 5p would become the solitary bronze?

 

[TheKnightWho]

I'm surprised they've gone for this rather than phase the fiver out in favour of a coin.
We surely can't be far away from dropping the 1 and 2p coins, which of course would leave no bronze coins, I suppose the 5p would become the solitary bronze?

Frankly I hate coins, so I've got no issue with it.

 

[me123]

£5 coins would be much bulkier - I don't think that would be an ideal switch,

Sensible idea to lose 1p and 2p coins (which are now made of copper, not bronze), and I believe it's quite commonplace - the RoI being the closest example to home.

For non-cash transactions - nothing would change. For cash transactions, your shopping is rounded up or down to the nearest 5p - in theory you shouldn't lose or gain much in the long term because there's a 50% chance of your shopping being rounded either way.

Interesting you should bring this up, given a recent suggestion for the change by Mark Carney (documented on the Daily Heil with a predictable reaction from the commentards).

To get back onto the topic - in the article above there is a video where one of their "journalists" tries the new £5 note with a 100% success rate (in just three shops, and one oyster machine). Of note, in the last shop the attendant tests the polymer £5 note with a "counterfeit detection pen". These are useless anyway - they use an iodine based ink that reacts with any starch in the paper to leave a black mark, so only pick up counterfeits that are manufactured on starchy paper. Starch free paper is, however, widely available so lots of fakes will be manufactured on them (particularly if the criminal involved has thought about this test) and will pass. Similarly, contaminated pens and legitimate notes may leave a black mark on genuine currency - in other words, they're useless. But they are about to become even more useless - since there is no starch in any polymer material all polymer notes (legitimate and otherwise) will pass the test. Of course, someone may try and manufacture a counterfeit polymer fiver on starchy paper - I sincerely hope no-one needs a pen to be able to detect this.

 

[J-2739]

Had an old style £5 note, but spent it before I read the news :cry:
Could have been worth alot in the auction as well!

 

[me123]

Had an old style £5 note, but spent it before I read the news :cry:
Could have been worth alot in the auction as well!

Don't worry, you'll still get plenty of them for a good few months yet, but it will be many many years before they'll be worth anything significant at auction. And even then, it'll need to be in mint condition.

 

[GB]

Are the polymer 10s and 20s planned to be the same size as the 5s?

 

[me123]

The BoE has details on the size of the new polymer notes. In all cases, the sizes will be smaller than their current counterparts, but the practice of each denomination having a different size will continue.

The new £5 note measures 125x65mm, compared to the old note measuring 135x70mm.
The new £10 note will measure 132x69mm (about the size of the current paper fiver), compared to the old note at 142x75mm.
The next £20 note (to be issued in 2020) will be 139x73mm (again, not far off the current tenner) compared to 149x80mm with the current note.
There are no plans released regarding the £50 note - it has only recently been redesigned.

 

[ilkestonian]

Are the polymer 10s and 20s planned to be the same size as the 5s?

The general rule has been that the higher the denomination, the larger the note, so I would expect the new £10 to be a little larger than the new £5, and the new £20 to be slightly larger than the new £10 will be.

Edit: Beaten to it!

 

[SpacePhoenix]

Have all TVMs been updated to handle the new notes?

 

[GB]

Thanks

 

[Darandio]

Have all TVMs been updated to handle the new notes?

I doubt it to be honest. My local branch of Halifax won't accept them in the deposit machines, i'd imagine if banks aren't up to speed, TVM's aren't.

Happy to be proven wrong though.

 

[GrimsbyPacer]

Regarding the coin comments:
1, a £5 coin does exist already, I saw one a few years ago. But fivers are best as notes.
2, the 1 penny coin is essential, if I'd purchased £10.01 how would I not get ripped off? Also Charities rely on them as they are often the only coin people will spare to donate.

I don't think the £50 note is needed, no one ever uses them, they are too high a value for anyone but criminals and the stinking rich most of the time anyway, I haven't seen one in ages.

 

[Darandio]

I don't think the £50 note is needed, no one ever uses them, they are too high a value for anyone but criminals and the stinking rich most of the time anyway, I haven't seen one in ages.

What a load of rubbish.

I've generally paid cash for my cars in £50 notes. So that means I'm either a criminal or stinking rich?

 

[telstarbox]

As above, you'd save money on a purchase of £10.01 as it would be rounded down to £10.00.

 

[me123]

2, the 1 penny coin is essential, if I'd purchased £10.01 how would I not get ripped off? Also Charities rely on them as they are often the only coin people will spare to donate.

See above. You'd round down to £10.00. For £10.03 pence, you'd round up. Overall, there would be little overall change in how much money you actually spend. In theory 50% of affected transactions will be rounded up, whilst 50% will be rounded down. Of course, in reality the prevalence of £x.99p deals probably moves things slightly in the favour of the shops, but on the other hand petrol stations will lose out a little bit.

I don't think the £50 note is needed, no one ever uses them, they are too high a value for anyone but criminals and the stinking rich most of the time anyway, I haven't seen one in ages.

Completely disagree. Most places have notes that are higher in value and are used much more readily. The US and Canada both use $50 and $100 bills more commonly, the €urozone uses €50 notes without question. £50 isn't that much when you think of the cost of a weekly shop, or filling your car with petrol, or buying a weekly season ticket for your commute... And it's not so high valued that it makes life markedly easier for criminals (compare to the absurd €500 note that has very few legal practical purposes and allows very large sums of money to change hands undetected). Plenty of people use them (I get them from time to time, and I'm neither a criminal nor stinking rich). £20 notes are quite impractical for larger sums of money over a few hundred pounds.

I don't really get why they're not used more commonly. Probably it's simply because you'll rarely (if ever) get them from ATMs and there is a weird myth that they're not accepted (they are in the vast majority of places). The rise of cashless payments has probably limited things significantly as well.

 

[cjmillsnun]

I don't think the £50 note is needed, no one ever uses them, they are too high a value for anyone but criminals and the stinking rich most of the time anyway, I haven't seen one in ages.

As someone else says, complete bollocks.

Personally as someone who used to work in retail, for high value items I preferred £50 notes. They have more security features and are generally harder to counterfeit than lower value notes. As the value of the pound in our pocket decreases I suspect their use will become more common and the BoE may have to introduce a £100 note.

 

[Calthrop]

Plenty of people use them (I get them from time to time, and I'm neither a criminal nor stinking rich). £20 notes are quite impractical for larger sums of money over a few hundred pounds.

I don't really get why they're not used more commonly. Probably it's simply because you'll rarely (if ever) get them from ATMs and there is a weird myth that they're not accepted (they are in the vast majority of places). The rise of cashless payments has probably limited things significantly as well.

A friend of mine has a collector's interest in banknotes, which causes him often to have £50 notes in his possession. He makes something of a game of using them to pay for purchases (costing more than just a very few pounds), largely in pubs / restaurants. On the great majority of occasions, they're accepted without demur; occasionally it's intimated that use of a "fifty" is found not very convenient, so not really appreciated.

 

[Butts]

Hi everyone, this thread relates to the new polymer Bank of England £5 note, not the Scottish ones etc.

Thanks

I'm sick to death of hearing reports about "The First British Polymer Note" :roll:

Been around up here for 18 months plus from Clydesdale Bank.

Having said that I have not yet come across one !!

 

[Darandio]

Having said that I have not yet come across one !!

I wouldn't worry if you did, they appear to be easily washable.

 

[DarloRich]

Does it still buy beers? If so it is fine by me.

EDIT - obviously £5 only gets you a half in London
--- old post above --- --- new post below ---

Regarding the coin comments:
1, a £5 coin does exist already, I saw one a few years ago. But fivers are best as notes.
2, the 1 penny coin is essential, if I'd purchased £10.01 how would I not get ripped off? Also Charities rely on them as they are often the only coin people will spare to donate.

I don't think the £50 note is needed, no one ever uses them, they are too high a value for anyone but criminals and the stinking rich most of the time anyway, I haven't seen one in ages.

I saw a Japanese tourist pay for an Oyster card with one just this morning!

 

[trainmania100]

They have recently come to some sainsbuys stores, will check my local store monday as that dishes out fivers, They look quite nice but I don't thi k everyone is aware of their presence. If I were to spend one I'm sure I'll be questioned bout the validity

 

[me123]

I'm sick to death of hearing reports about "The First British Polymer Note" :roll:

Been around up here for 18 months plus from Clydesdale Bank.

Having said that I have not yet come across one !!

And even your Clydesdale Bank answer would technically be wrong. The first polymer note in the United Kingdom of Great Britain and Northern Ireland actually came from NI all the way back in 1999, albeit it was issued only once and as a commemorative note. The Northern Bank polymer £5 note bizarrely features an image of the space shuttle. It is the only £5 note issued by the bank apparently, and it appears to have been broadly withdrawn from circulation (although still is legal currency).

The Clydesdale polymer £5 notes were also a limited issue (2 million produced IIRC), and I think some people were keeping a hold of them for the novelty value. That will undoubtedly change in the next few months.

 

[Butts]

And even your Clydesdale Bank answer would technically be wrong. The first polymer note in the United Kingdom of Great Britain and Northern Ireland actually came from NI all the way back in 1999, albeit it was issued only once and as a commemorative note. The Northern Bank polymer £5 note bizarrely features an image of the space shuttle. It is the only £5 note issued by the bank apparently, and it appears to have been broadly withdrawn from circulation (although still is legal currency).

The Clydesdale polymer £5 notes were also a limited issue (2 million produced IIRC), and I think some people were keeping a hold of them for the novelty value. That will undoubtedly change in the next few months.

Precisely why I said Britain and not United Kingdom
--- old post above --- --- new post below ---

I wouldn't worry if you did, they appear to be easily washable.

Ho Ho theres a comedian in the house

 

[cjp]

I don't think the £50 note is needed, no one ever uses them, they are too high a value for anyone but criminals and the stinking rich most of the time anyway, I haven't seen one in ages.

I use them regularly as I prefer cash to plastic. When the money has gone stop spending
I would much sooner carry some larger notes than a wad of twenties

The Scottish £100 notes are handy as well.

That said I usually carry a number of £5 notes as well

 

[zuriblue]

I wouldn't worry if you did, they appear to be easily washable.

Yes but Money Laundering is illegal.

 

[SpacePhoenix]

Once stuff I'm buying gets towards £50 in value I prefer to always pay by card, i never keep much money on me. I wish that cash machines could dish out all tenners when getting anything £50 or less out. Maybe even a couple of fivers instead of one of the tenners.

Anyone work in any TOC's ticket office? Do you see many passengers paying for tickets with fifties?