The future of Scottish money!
In a surprise announcement this week, the Bank of Scotland has stated that it will transition its £5 and £10 bank notes from paper to plastic over the next couple of years. It joins Clydesdale who launched £10m worth of new plastic £5 notes in March. Both banks are referring to the new notes as ‘Polymer Notes’.
It is said that the new plastic design will massively outlive its paper counterpart, proving to be more environmentally friendly and durable. They also include advanced security features that are far superior to paper notes
Acting CEO of Clydesdale Bank, Debbie Crosbie, said: ‘We take our responsibility as an issuer of banknotes seriously and are extremely proud to once again be leading the way in innovation.
‘Our new polymer notes are more durable and secure, which will deliver a positive impact for the public and businesses. We have achieved that while also creating a striking and beautiful design which celebrates an iconic Scottish landmark.’
The Bank of Scotland announced that their £5 note will not go into production until the latter part of next year, and that a £10 note will follow a year after. Despite that, fifty early versions on the £5 note will be auctioned to raise money for Children In Need, in November.
Managing director of Bank of Scotland, Robin Bulloch, said: ‘Bank of Scotland has been issuing bank notes for over 300 years and we take seriously our responsibility to create good- quality genuine bank notes that can be used with confidence.
‘Polymer notes are cleaner, more secure and more durable than paper notes. They will provide enhanced counterfeit resilience and increase the quality of Bank of Scotland notes in circulation.’
No more notes getting destroyed in the washing machine then it seems!