Introduction of Polymer Bank Notes

Wednesday 10 January 2024

(Updated  7/03/2025)

Polymer Bank Notes

Since 2017 the UK has transitioned to polymer banknotes with the latest £50 introduced in June 2021. The  Royal Bank of Scotland £50 note was  released 28th August 2021 (more details here).

Polymer £50 Note

  • The Bank of England introduced the £50 new polymer note June 23rd 2021 which features Alan Turing. More information can be found on the Bank of England’s Website.
  • The paper £50 note was withdrawn September 2022.

Polymer twenty pound note

  • The new £20 note entered circulation from 20 February 2020.
  • The paper £20 note was withdrawn on 30 September 2022.
  • All three Scottish polymer notes (Clydesdale, Bank of Scotland, Royal Bank of Scotland)  entered into circulation in February 2020.
  • The Scottish paper £20 was withdrawn on 1 October 2022
  • The £20 note is the most forged note in the UK.

Please see the new £20 resources and things to consider below.

Polymer ten pound note

  • The new £10 note has been in circulation since 14 September 2017.
  • In Scotland, Clydesdales’ £10 note has been in circulation since 21 September 2017, and the Royal  Bank of Scotland’s and the Bank of Scotland’s versions since 10 October 2017.

Paper notes were withdrawn from circulation from 1 March 2018. The Bank of England will accept old paper £10 notes indefinitely, whilst issuing banks in Scotland will continue to accept old notes subject to limits on non-customer deposits (more information available under ‘withdrawn notes’ below).

Polymer Five pound note

The £5 polymer note entered into circulation September 2016 and the paper version was withdrawn in May 2017. Scottish polymer £5 notes followed from Clydesdale, Bank of Scotland, and Royal Bank of Scotland in November 2016 and Scottish paper notes withdrawn in March 2018.

If you have any questions or comments on this information guide please contact your Member Relationship Manager by emailing them direct, on info@abcul.org or by dialling 0161 832 3694.

Resources

All Bank of England Note Resources

£50 Note Resources

£20 Note Resources

£10 Note Resources

Scottish Note Resources:

Scottish £50 Note Resources:

Scottish £20 Note Resources:

Scottish £10 Note Resources:

£5 Note Resources:

Scottish £5 Note Resources:

Withdrawn Notes

Things to consider

  • Transitioning between bank notes: Credit unions need to consider how they deal payments made in paper notes once these cease to be legal tender.
  • Member Awareness: Members, particular those which are vulnerable may not be aware of the new polymer notes in circulation and may need help to understand that the new notes are real.
  • Training: Staff need to know how to recognise the security features of the new polymer notes, and how to handle them. It is understood that the new notes may stick together when brand new, although this effect is apparently short-lived.
  • Increased counterfeit and money laundering risk: Criminals will need to find a way to offload counterfeit paper notes and proceeds of crime as the paper £20 note is now obsolete, so could attempt to deposit this money into credit unions.

12-Sided Pound Coin

The Royal Mint estimated that roughly one in every thirty £1 coins were counterfeit and replaced the coin which was first issued in 1983. The new £1 entered circulation on 28 March 2017 whilst the old £1 coin was removed over the following 6 months and ceased to be legal tender in 15 October 2017.

The Royal mint intends to produce 1.4 billion of the new 12-sided coins which resemble the old three penny bit. As with banknotes, this will have an effect on any machines used to count, sort, weigh, dispense or accept pound coins. Staff need to know how to recognise the new coin and consider how to deal with the old pound coin after it ceased to be legal tender.

 £1 Coin Resources

Royal Mint Pound Coin

Note on old pounds:

Old pound coins are no longer legal tender in the UK. The Post Office will allow anyone to deposit old coins into their high-street bank account until further notice.

Unlike banknotes, which are exchangeable for face value with the Bank of England for all time, there is no equivalent exchange service for coinage therefore credit unions have limited time to trade in their stock of round pound coins.

  • Member Awareness: Members, particular those which are vulnerable may not be aware of the new coins in circulation and may need help to understand that the new coins are genuine.
  • Training: Staff need to know how to recognise the security features of the new one pound coins.
  • Increased counterfeit and money laundering risk: Criminals will need to find a way to offload counterfeit pound coins and proceeds of crime as the coin became obsolete in October 2017, so may still attempt to deposit this money into credit unions.

ABCUL – June 2016