General info
Change Checkers are not ready to say farewell to the British Penny…
Last week, we asked Change Checkers if it was time to scrap the British penny.
The penny has been in existence for 1,200 years!
The majority of you said no!
Although it’s fair to say that pennies are rarely used to buy anything anymore, it looks like the sentimental value of the penny is important to us Brits.
53% of Change Checker want to keep the penny.
53% of Change Checkers are in favour of keeping the penny and there are a host of economic, pragmatic, charitable and nostalgic reasons in defence of the penny.
In 1992, all 1p and 2p coins intended for circulation changed from bronze to copper plated steel as a result of the rising price of base metals. Although the Royal Mint does not disclose how much it costs to produce pennies, it is thought that it costs significantly less than face value to produce. The changes to the metal content in 1992 has been key to the future of the penny and allowed it to live on.
Coins are tangible and people do enjoy using them. Most transactions below £10 are still done in cash and it’s likely that it will be a while before it is common for small transactions to be done digitally.
Britain’s traditions run deep and the 1 penny coin is an expression of this tradition. It will be a very sad day if and when they British penny ceases to exist.
Everything you need to know about the new polymer £5 note
Which banknotes are changing, and when? 
The Bank of England is issuing a new Polymer (or plastic) £5 note which will enter circulation on 13 September, 2016. You’ll start to see the notes in the following days and weeks. Around 5,200 ATM’s dispense £5 notes and most are expected to switch to dispensing the new notes within the first month.
There will also be a new £10 note in Summer 2017, and a new £20 note by 2020. The current £50 note was issued in 2011 and there are currently no plans to replace it in the near future.
How will the new banknotes change?
The new £5, £10 and £20 notes will be printed on Polymer – a thin and flexible plastic material. This means that the new notes will be cleaner, safer and stronger than paper notes.
They will also feature added security features. The five pound note will feature:
- A large see-through window containing an image of the queen and a foil Elizabeth Tower.
- The Elizabeth Tower (Big Ben) is gold on the front and silver on the back.
- The silver foil patch at the bottom of the tower has a hologram of the word ‘Five’ changing to the word ‘Pounds’.
- The silver foil patch at the top of the tower has an image of the coronation crown which appears 3D.
- Under ultra-violet light, the number 5 appears in bright red and green.
What size will the new banknotes be?
The new notes will be around 15% smaller than the current paper notes but will retain the traditional look of the existing notes, with a portrait of Her Majesty the Queen on the front, and a historic character on the back. The existing format of tiered sizing will be maintained, i.e. the higher the denomination, the longer the height and the length of the note.
Which historic characters will appear on the new banknotes?
The Polymer five pound note will feature Sir Winston Churchill, the ten pound note will feature Jane Austen and the twenty pound note will feature J.M.W. Turner.
What will happen to my old paper banknotes?
The paper notes will start to be withdrawn from circulation as the polymer notes are introduced. It is expected that by January 2017 more than half the £5 notes in circulation will have been switched for polymer notes.
You can continue to use the paper £5 note until legal tender status is withdrawn in May 2017.
What happens if I still have old notes after legal tender status has been withdrawn?
All Bank of England notes retain their face value for all time. If your bank, building society or Post Office is not willing to accept these notes then they can be exchanged with the Bank of England in London by post or in person.
Will I be able to use the polymer banknotes in the same way as paper?
Yes. Polymer notes can be used in the same way as paper notes. For example, they will be available from ATM’s and can be folded in a wallet. Brand new polymer notes can sometimes stick together, but this effect is short-lived once in use.
Why bother changing them?
The new notes are expected to last at least 2.5 times longer than the current paper notes. In 2015 21,835 notes were replaced due to damage from being torn, washed, contaminated, damaged and even chewed and eaten!
The new polymer material is resistant to dirt and moisture which means they will stay in a better condition for longer. Plus, when a polymer note reaches the end of its life, it will be recycled.
Will they be collectable?
Like any new issues, collectors will be keen to own the very first notes. Early serial numbers are likely to be more sought after – especially on good condition or uncirculated notes.
Mark the moment the £5 banknote changed forever…
Just 5,000 new UK Polymer £5 Notes have been reserved for a Limited Edition DateStamp™ release.
Click here to add one to your collection.
The Beatrix Potter 50p coins are the clear favourites among Change Checkers
We recently asked you to pick your favourite 2016 Coin design and there is a clear winner…
The Beatrix Potter 50p Series was the clear winner of our poll
Nearly 45% of you have voted for The Beatrix Potter 50p Series as your favourite.
Beatrix Potter wrote and illustrated more than 20 children’s books starring characters such as Peter Rabbit, Jemima Puddle-Duck and Benjamin Bunny. Her charming stories have captured the imagination of children for generations and earned her status as a national treasure.
We can see why they’re so popular
The Beatrix Potter 50p Series: Beatrix Potter, Peter Rabbit, Jemima Puddle-Duck, Mrs Tiggy-Winkle and Squirrel Nutkin
Never has a female literary figure been commemorated on a UK coin, so all five Beatrix Potter 50ps are sure to be in high demand once they finally make it into circulation.
When you do find a Beatrix Potter 50p…
Why not put it in a special Coin Collecting Pack made just for this series of coins? Click here for details…