Friday, May 5, 2017, sees the paper £5 note officially withdrawn from circulation and no longer legal tender. Banks, building societies and post offices are likely to accept notes after this date, paper £5 notes can also be exchanged at the Bank of England, in person or by post, for the new polymer note, as introduced in September 2016.
Banknote Watch, a crime prevention initiative, is providing public advice on how to identify legitimate polymer fivers. The Bank of England advises that while only a small proportion of notes are counterfeit – 0.0075 per cent in 2015 – the new polymer notes have an array of security features that will make them even harder to counterfeit. For one, there is a large see-through window on the note with a clearly defined portrait of the Queen printed on it and the words ‘£5 Bank of England’ printed twice around the edge. A finely detailed metallic image of the Elizabeth Tower is also positioned over the window; the foil is gold on the front of the note and silver on the back, creating a multi-coloured rainbow effect when tilted. Other security features include a silver foil patch on the front of the note beneath the see-through window. When the note is tilted, the word ‘five’ changes to ‘pounds’ accompanied by a multi-coloured rainbow effect. A checklist of the security features can be found on the Bank of England’s website: http://www.bankofengland.co.uk/banknotes/Documents/thenewfiver.pdf.
Discussing the new notes, Victoria Cleland, Chief Cashier at the Bank of England (pictured), said: “Polymer banknotes are cleaner, more secure, and more durable than paper banknotes. They provide enhanced counterfeit resilience, and I would encourage everyone to learn about their exciting security features.”
While it is important to be on the lookout for counterfeit notes, it is also essential to take action if you come across a dye stained note. A damaged note with staining on it is likely to be a stolen note, as dye based systems are often incorporated into ATM machines or cash boxes. If forced open in a robbery, a coloured, liquid dye will be released, staining the notes and making them easy to identify as stolen. The dye itself also contains a DNA solution, meaning the note can be traced back to its original location if returned to the police – so helping to catch the criminals.
When coming across a dye stained note, Banknote Watch stresses it’s important for the public and businesses to hand the notes back into a bank, building society or a Post Office. Staff will then provide a BEMN form, which is used to return the banknote to the Bank of England. You will then obtain a refund of the face value of the note, provided the note is genuine.
Hilaire O’Shea, National Coordinator for Banknote Watch, says: “It is essential for everyone to understand that a stained note is probably a stolen note. We have created guidelines for the public and retailers on the Banknote Watch website. By following the proper procedures and returning the banknotes to the Bank, you are playing an essential role in fighting this crime and aiding the Police in identifying where the stolen note came from.”
Visit: https://www.banknotewatch.org/home.
