As we reported on not too long ago, polymer notes are slowly replacing cash counterparts in the UK. Royal Bank of Scotland will now print and issue a 10 GBP note in the near future. It will enter circulation come October 4th of this year. Similar to the 5 GBP note issued by the Bank of England, this is another step toward switching over to polymer bank-issued notes altogether.
There are many reasons why polymer notes make sense to central banks. They are cheaper to make, last longer, and seemingly more difficult to counterfeit. That latter part is subject to debate, though. It appears some fake 5 GBP polymer notes have been spotted in the wild already. Considering how they only came into circulation a few weeks ago, that is not a good sign. There will always be counterfeit banknotes to contend with, regardless of which material is used.
Royal Bank of Scotland is Confident in Polymer Notes
The Royal Bank of Scotland will still issue its 10 GBP polymer note, though.Come early October 2017, the notes will go into circulation Slowly but surely, the paper version of this same note will be phased out. It will be interesting to see how the public responds to more polymer notes. Additionally, the RBS also announced a 20GBP polymer note will be added to the list in the near future. An interesting decision, to say the least.
Royal Bank of Scotland CEO Ross McEwan stated:
“At the Royal Bank of Scotland, we feel that a bank note’s value is more than just the figure printed across its front – it is our symbol which lives in people’s pockets and touches everyday lives. It has been 30 years since we produced a new £10 note and as the Royal Bank of Scotland, we wanted the public to help influence the design. They helped influence our theme of Fabric of Nature and helped us consider the impact Mary Somerville has had on our understanding of the world in which we live. It is fitting that our most advanced note yet will carry her portrait.”
Considering how cash usage is on the decline in the UK, these polymer notes make a lot of sense. Cash isn’t going away anytime soon. Especially not while other payment solutions remain far too expensive and cumbersome. Fighting counterfeit notes is not easy by any means, though The new 10 GBP note features an illustration of Mary Somerville. Recreating that image will be difficult, but it is not impossible.
Header image courtesy of Shutterstock