The New £20 Polymer Note Launches Today: Is Your Business Ready?
Today’s the day that the much-anticipated £20 polymer note enters circulation. While the release of the new £5 and £10 polymers were slightly smaller than their paper predecessors, the new £20 polymer will actually be slightly larger than the ones in use now.
Featuring the artist JMW Turner, his painting The Fighting Temeraire and the quote ‘light is therefore colour’, the £20 polymer will also be the first to feature the signature of Sarah John, the new chief cashier at the Bank of England.
So, while consumers will be searching for the rare serial numbers on their new notes to spot one worth millions, businesses need to prepare for the use of the new notes. So, is your business ready for the new £20 polymer?
Follow this quick 5-point checklist to ensure your business is £20 note-ready;
Get to know the security features of the new note
The new note has a range of security features to reduce the risk of counterfeiting. These features include;
- A 3D image of the crown on the silver foil patch
- A purple foil patch which contains the letter T
- Raised print, such as where it says ‘Bank of England’ in the bottom-right corner of the note
- A portrait of the Queen in a see-through window
- Sharpness and clarity of the lines and colours on the note. There are no smudges or blurred lines
- The number 20 features in bright red and green under high-quality UV light.
Ensure counterfeit detectors and money counters are calibrated
If you have a forgery detector or use money counting machines, then ensure the software is up to date. This is so it can identify and recognise real £20 notes while rejecting forgeries. If you have a Volumatic device and require calibration support, please get in touch.
Prepare banknote machines
From self-checkouts to ATMs, you need to ensure all of your banknote machines are ready and working so you don’t encounter any problems. New polymers should be a benefit, not a hindrance to your business.
Remember, old and new notes will be co-circulating. Make sure all of the devices you use are ready to accept both.
Be on the lookout for old £20 note forgeries
As the old notes will soon be withdrawn from use, criminals with £20 paper note forgeries will be looking to use them up. While your staff may be getting to grips with the new notes, employees need to be extra vigilant with older notes. The use of fake notes is likely to increase, so you need to ensure you protect your business from the loss of profits that forgeries can cause.
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 useful refresher training whenever your team needs it.
Want to find out more about the new £20 polymer? Read our blog post that covers the five facts you need to know.