£50 Polymer Note Release Date: Are you ready?
26 March 2021
On 23rd June 2021, the new £50 polymer banknote will enter circulation. As cash handling industry leaders, Volumatic would like to offer our support so that your business is ready for the new note and what changes you need to be aware of.
To get started, we’ve created this £50 polymer note checklist, helping you to ensure your business runs smoothly and safely during this transition.
1. Get familiar with the £50 Polymer Note Security Features
The £50 polymer note, featuring famed mathematician and computer scientist Alan Turing on the reverse, will have increased security features from its paper counterpart. These design features will make the £50 note much more difficult to counterfeit, and therefore safer for your business.
Despite the increase in security features, however, it is wise to be aware of how to identify a legitimate £50 polymer note and paper note. Fraudsters often take advantage of new note releases as they know cashiers may not be clued up on what to check.
Security features include:
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Fifty-pound hologram (tilt the note from side to side to see)
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Gold and green foil on the see-through window on the front of the note, silver foil on the back of the note
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A metallic, red foil patch containing the letters ‘AT’
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Under ultraviolet light, the number ‘50’ appears in bright green and red on the front of the note
2. Ensure money counting machines and validation equipment are calibrated
Many businesses across retail use cash handling equipment, which offer lots of far-reaching benefits.
Although the £50 polymer note is not due to enter circulation in the United Kingdom until the 23rd June 2021, we recommend making plans to ensure your cash-handling software is up-to-date and ready to receive the new note now. We can provide access to a library of both text and video instructions to update your Volumatic devices, helping you prepare ahead of time.
For those interested in preparing their Volumatic equipment for the new £50 polymer note or would like a free trial of cash handling equipment, please contact us or call +44 (0) 2476 684 217.
3. Prepare banknote machines
The £50 polymer note, unlike the paper version, will fit within an ATM. This means that very soon there will be significantly more £50 polymer notes in circulation than its paper counterpart. It's important your business is in a position to accept legitimate notes and identify forgeries at the point of sale.
Remember, old and new notes will be co-circulating. Make sure all the devices you use are ready to accept both - our Customer Support Helpdesk can assist with this. New polymers should be a benefit, not a hindrance to your business.
4. Train and refresh
Make sure every member of your team is up to date with the changes. The Bank of England offers a range of free training resources. These can serve as helpful refresher training for your team. Volumatic currently has a stock of these training resources. Contact us today to receive a copy.
For those looking for a simpler solution to manual cash processing, please speak to our team today to see how we can help your business conduct a range of cash processing activities. From counting notes, checking for forgeries, offering safe storage and making reconciliation activities easier and error-free and ensuring you’re ready for the £50 polymer – we’re here to help.