Posts Tagged ‘The Bank of England’
£19bn in old UK banknotes and coins not cashed in!
£18.9bn worth of paper banknotes and round pounds remain in circulation, with over 113 million of these being £5 notes! Despite it being nearly five years since the paper £5 note lost its legal tender status*, it seems people are holding on them.
In fact, you might just have one in your pocket/wallet/down the back of the sofa right now!
Whilst the paper £10 and £5 notes have been withdrawn from circulation, the £20 and £50 paper banknotes will hold their legal tender status until 30 September 2022.
According to the Bank of England, 775 million paper banknotes remain in circulation:
- Paper £5 notes in circulation: 113 million
- Paper £10 notes in circulation: 73 million
- Paper £20 notes in circulation: 360 million
- Paper £50 notes in circulation: 209 million
That’s a lot of banknotes!
*Whilst the paper £5 and £20 notes are no longer legal tender, they will always be exchanged by the Bank of England for their face value.
There are also supposedly £105m of old round pound coins in circulation, according to the Royal Mint.
After more than 30 years in the nation’s pockets, the familiar round £1 coin was replaced with an all new, 12-sided £1 coin in 2017, in a bid to crack down on counterfeiting.
It lost its legal tender status at midnight on 15 October 2017 and the Royal Mint asked the public to return their round pounds as they phased in the new 12-sided coin.
However, out of 1.6 billion round pounds to be returned, about 1.45 million were counterfeits!
The UK’s 12-sided £1 coin is described by the Royal Mint as the ‘most secure in the world’, with a string of anti-counterfeiting details. Find out more about the security details of this coin here!
Round pounds can still be deposited at high street banks – but can no longer be spent in shops.
Have you held on to your round pounds or paper notes? Let us know in the comments below!
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Alan Turing – The Face of the £50 Note!
In 2019, The Bank of England revealed Alan Turing as the new face of the £50 banknote.
In their search to find an eminent British scientist to feature on the £50 note, a total of 227,299 nominations were sent to The Bank of England. 989 eligible characters were narrowed down to a shortlist of just 12 before Turing was finally selected.
Change Checker is so excited to reveal that today the design of this BRAND NEW £50 note has been officially confirmed by The Bank of England.
In keeping with Turing’s code-breaking legacy, this brand new £50 has been declared as the most secure yet.
What features on the new £50 note?
This brand new banknote is FULL of exciting features. Including:
- A photo of Turing from 1951 which is part of the National Portrait Gallery’s collection
- A table and mathematical formulae from Turing’s 1936 paper “On Computable Numbers, with an application to the Entscheidungsproblem”
- A design of Turing’s trial model of his famous Automatic Computing Engine (ACE) Pilot Machine
- Technical drawings for the British Bombe, one of the primary tools used to break Enigma-enciphered messages
- A quote from Turing, from an interview in The Times newspaper (June 1949): “This is only a foretaste of what is to come, and only the shadow of what is going to be”
- His signature from the visitor’s book at Max Newman’s House in 1947 which is on display at Bletchley Park
- Ticker tape depicting Alan Turing’s birth date (23 June 1912) in binary code.
In addition to these amazing design features, there are of course a series of security features, similar to those we’ve seen on our £5, £10, and £20 polymer notes, including holograms and see-through windows.
GCHQ Collaboration
In recognition of Turing’s code-breaking expertise, the Bank of England have collaborated with GCHQ on the intelligence and cyber agency’s toughest puzzle ever – based on the Turing £50 bank note design.
GCHQ’s Turing Challenge is a set of 12 puzzles that have been put together by intelligence staff at GCHQ, where problem solving and a diverse mix of minds are at the heart of its work to help protect the UK from increasingly complex threats
Who was Alan Turing and why is he being featured on a £50 note?
Alan Turing was most famously known for accelerating Allied efforts to read German Naval messages enciphered with the Enigma machine.
His work is said to have been key to shortening World War Two and saving millions of lives.
In addition to his work during World War Two, Turing played a pivotal role in the development of early computers, first at the National Physical Laboratory and later at the University of Manchester.
In 2013, he was given a posthumous royal pardon for his 1952 conviction for gross indecency.
Speaking of the new note, Andrew Bailey, the governor of the Bank of England, said: “Turing was a leading mathematician, developmental biologist, and a pioneer in the field of computer science. By placing him on our new polymer £50 banknote, we are celebrating his achievements, and the values he symbolises.”
Polymer Notes
This brand new £50 note is the last in the Bank of England’s collection to switch from paper to polymer, following the popularity of the polymer £20, £10 and £5 notes.
The banknote will enter circulation on 23 June, which would have been the mathematician’s birthday.
Alan Turing £50 note voted as Change Checker’s favourite polymer note!
As the brand new £50 note is the last in the Bank of England’s collection to switch from paper to polymer, we asked you to vote for your favourite polymer note.
The results are in!
The Alan Turing £50 has been revealed as Change Checkers’ favourite polymer banknote, taking over 40% of the votes!
We’re certain collectors will be eager to add this banknote to their collections when it’s released later in the year. Will you? Let us know in the comments below!
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Here’s where you can find the new JMW Turner Polymer £20 note…
Basingstoke
- NatWest, 3 London Street, Old Market Square, Basingstoke, RG21 7NS
Bath
- HSBC, 41 Southgate, Bath, BA1 1TN
- NatWest, 8-9 Quiet Street, Bath, BA1 2JN
Birmingham
- HSBC, 130 New Street, Birmingham, B2 4JU
- Lloyds Bank, 36-38 New Street, Birmingham, B2 4LP
- NatWest, 144 New Street, Birmingham, B2 4NY
- Santander, Unit 6, Caxton Gate, Corporation Street, Birmingham, B2 4LP
- TSB, 134 New Street, Birmingham, B2 4NS
- Virgin Money, Temple Point, 1 Temple Row, Birmingham, B1 5YB
Bradford
- Santander, 9 Nelson Street, Bradford, BD1 5AN
Bristol
- Eurochange, Cribbs Causeway, Bristol, BS34 5QT
Cwmbran
- NM Money, 15 South Walk, Cwmbran, NP44 1PU
Edinburgh
- TSB, 28 Hanover Street, Edinburgh, EH2 2DS
Leeds
- HSBC, 33 Park Row, Leeds, LS1 1LD
- Santander, PR Work Café, 10-12 Park Row, Leeds, LS1 5HD
- Yorkshire Bank, 94-96 Briggate, Leeds, LS1 6NP
Leicester
- Santander, Carlton Park, King Edward Avenue, Narborough, Leicester, LE19 0AL
Liverpool
- Santander, 45 Lord Street, Liverpool, L2 6PB
- TSB, 81-83 Lord Street, Liverpool, L2 6PG
London
- Barclays, 2 Churchill Place, Canary Wharf, London, E14 5RB
- Barry’s Food & Wine, 149 Hoxton Street, London, N1 6PJ
- HSBC, 165 Fleet Street, London, EC4A 2DY
- Halifax, 118-132 New Oxford Street, London, WC1A 1HL
- NatWest, 1 Princes Street, London, EC2R 8BP
- NatWest, 34 Henrietta Street, London, WC2E 8NL
- NatWest, 10 Southwark Street, London, SE1 1TJ
- Post Office, 52 Blackfriars Road, London, SE1 8NN
- Post Office, 39-41 Farringdon Road, London, EC1M 3JB
- Post Office, 11 White Kennet Street, Houndsditch, London, E1 7BS
- Post Office, 19a Borough High Street, London, SE1 9SF
- Post Office, 125-131 Westminster Bridge Road, London, SE1 7HJ
- Santander, 48-54 Moorgate, London, EC2R 6EJ
- Santander, 164-167 Tottenham Court Road, London, W1T 7JE
- Santander, 2 Triton Square, Regents Place, London, NW1 3AN
- The Cooperative Food, 185 Old Street, Shoreditch, London, EC1V 9NP
- TSB, 55 Bow Bells House, Cheapside, London, EC2V 6AT
- Virgin Money, 154-158 Kensington High Street, London, W8 7RL
Manchester
- Lloyds Bank, 42-46 Market Street, Manchester, M1 1PW
- NatWest, 1 Hardman Blvd, Manchester, M3 3AQ
- TSB, 21 Market Street, Manchester, M1 1WR
Margate
- Santander, 110-112 High Street, Margate, Kent, CT9 1JR
Milton Keynes
- Santander, 201 Grafton Gate East, Milton Keynes, MK9 1AN
Newcastle
- Santander, 112-118 Northumberland Street, Newcastle, NE1 7DG
Salford
- Barclays, Unit 2 Blue, MediaCityUK, Salford, M50 2AD
- Lowry Outlet Mall, The Lowry Designer Outlet, Salford Quays, M50 3AH
Sheffield
- Post Office, 12 Ellesemere Road, Sheffield, S4 7JB
- Yorkshire Bank, Fargate, Sheffield, S1 1LL
Swindon
- Nationwide, Nationwide House, Pipers Way, Swindon, SN3 1TA
Wales
- Post Office, 56-58 Oxford Street, Mountain Ash, Mid Glamorgan, CF45 3HB
- Santander, 5-7 Queen Street, Cardiff, South Glamorgan, CF10 2AF