Tuesday, September 10, 2013

Bank of England comtemplates on issuing polymer banknotes by 2016

Here is what the new notes will look like:

The Bank of England could introduce new plastic banknotes from 2016 onwards.

The smaller, wipe-clean plastic banknotes would match currency across the world.

The Bank, which has spent three years studying the impacts of a change from cotton paper, says that the new polymer notes stay cleaner, are more secure and should even survive a spell in the washing machine.

The switch could start with the new £5 note, featuring Sir Winston Churchill, with the £10 note to follow.

The Bank has organized a roadshow to gauge public opinion across the UK over the next two months before coming to a final decision in December.

The Bank believes the new notes would be:

- Cleaner, as they resist dirt and moisture. For example, red wine can be wiped off but would stain the current paper notes.

- More durable, as they last for 2.5 times longer than paper banknotes. However, they would still shrink under extreme heat - such as being put under an iron.

- Secure, because they could include more sophisticated anti-counterfeiting techniques. New Zealand reported a big fall in reported counterfeits after introducing polymer notes.

Sunday, September 8, 2013

The "SEX" note of Seychelles

This Seychelles 50 Rupees 1968 note is famously known as the "SEX" note. The leaves of the palm trees appear unintentionally spelling the word "SEX". This note was sold for $1400 at Lyn Knight auction in Memphis on June 13, 2013.