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The pound sterling passing to plastic

England has chosen to withdraw paper money by polymer

Libras esterlinas de plastico

There are already several countries that have chosen to withdraw the paper note to manufacture polymer banknotes: New Zealand, Mexico, Singapore and Canada. The last to join in this trend has been England. The reasons being that in these countries they are able to save in the long term as there is no need to keep renewing notes, as they are more durable. They are resistant to dirt and moisture and it lasts up to 2.5 more times than the paper banknotes confirmed the vice president of the Bank of England, Charlie Bean.

However, although a change in the material, the design and the size of the notes will remain the same: "it will remain the same size scale, by which the higher denominations are larger, and will continue to show the effigy of the Queen of England and universally recognized personalities" stated C. Bean.

It is anticipated that the first note to be issued will be the 5 pounds note in the year 2016, which will be represented by the well-known face of Winston Churchill, the second polymer note will be the 10 pounds with the image of Jane Austen in the year 2017. Although to accomplish the change the citizens must be in favor (the Bank of England has organized several presentations during the next few months to collect views and opinions and run only in the event that the citizens agree).

Source of the news : graffica

Pound Sterling

Information Pound Sterling

Pound Sterling

The pound sterling (symbol: £; ISO code: GBP), commonly known simply as the pound, is the official currency of the United Kingdom (England, Scotland, Wales and Northern Ireland), Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence (singular: penny). A number of nations that do not use sterling also have currencies called the pound.

Sterling is the fourth most traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. Together with those three currencies it forms the basket of currencies which calculate the value of IMF special drawing rights, with an 11.3% weighting as of 2011 (USD 41.9%, Euro 37.4%, Yen 9.4%). Sterling is also the third most held reserve currency in global reserves (about 4%).

Source: Pound sterling

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Houblon £50 pound note to be withdrawn

Information Houblon £50 pound note

Bank of England advises people to spend bank notes bearing portrait of first governor of Bank of England by 30 April (click here to see the information Bank of England

Houblon 50 note to be withdrawn

Around 63m £50 banknotes bearing the portrait of the first governor of the Bank of England, Sir John Houblon are to be withdrawn from circulation in 15 weeks' time.

£50 banknote featuring Matthew Boulton and James Watt

From April 30, only the £50 note which celebrates the 18th century business partnership of entrepreneur Matthew Boulton and engineer James Watt, who helped forge the Industrial Revolution, will hold legal tender status, the Bank of England said.

Around 224m £50 notes worth £11.2bn are in circulation, of which the Bank estimates 63m with a total value of £3.2bn are Houblon notes.

From May onwards retailers are unlikely to accept the Houblon notes as payment, but most banks and building societies will still allow customers to deposit them into their accounts. However, agreeing to exchange the notes after 30 April will be at the discretion of individual institutions.

Barclays, NatWest, Royal Bank of Scotland (RBS), Ulster Bank and the Post Office have agreed to exchange the older-style £50 notes for both customers and non-customers up to the value of £200 until 30 October.

In a video placed on YouTube, Victoria Cleland, head of notes division at the Bank, advises people: "If you have any Houblon £50 notes, it's best to spend, deposit or exchange them before 30 April": What to do with old 'Houblon' £50 notes

*Source: The guardian

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