cash management
"All businesses that handle
cash will need to prepare for
the introduction of a new coin,
as all coin handling equipment
will have to be updated before
March 2017."
Introduction
Over the next two years we will see the
introduction of polymer banknotes and
a new twelve-sided £1 coin in the UK
with new materials, designs and security
features. Due to enter circulation in
September 2016, the new £5 note will
feature Winston Churchill and will be
the first plastic banknote to be issued by
the Bank of England. The following year
will see the Royal Mint issue a new £1
coin, something which has been widely
spoken about because of its unusual 12
sided design, which might remind those
of a certain age of the old three penny
bit that was withdrawn from circulation
back in 1971.
£1 Coin
Although the polymer banknotes will
be released first, it seems to be the
introduction of the new £1 coin, which
will not be released until 2017, that has
everyone in the industry talking. Our
current £1 coin has been in circulation
for over thirty years, much longer
than the normal life cycle of a modern
British coin. The new coin is an unusual
twelve-sided shape and made from
two different coloured metals. The £1
will incorporate new anti-counterfeiting
technology to become the most secure
coin in circulation, allowing the UK to
rapidly reduce the amount of fraudulent
coins. The new coin will be thinner than
the current at 2.8mm and will be made
of nickel and brass. All businesses that
handle cash will need to prepare for
the introduction of a new coin, as all
coin handling equipment will have to be
updated before March 2017. The Royal
Mint has indicated a six-month
co-existence period before the old £1
coins are withdrawn.
Polymer Banknote
Polymer banknotes are manufactured
from transparent plastic film, specially
coated with an ink layer that enables
it to carry the printed design features
of banknotes. The materials allow the
inclusion of ‘windows’ or clear portions
in the design, which enhance protection
against counterfeiting. Despite the
visible material change the UK polymer
banknotes will retain their overall
look with a portrait of Her Majesty
the Queen on the front. The Bank of
England describes the polymer notes as
cleaner, more secure and more durable
than paper notes, providing enhanced
counterfeit resilience, and increasing the
quality of notes in circulation. Polymer
notes are also more environmentally
friendly and last longer.
The new £5 note will feature Winston
Churchill and will enter circulation this
September (the Bank of England has
announced that full design and security
features will be unveiled in June). The
£10 note will be replaced the year after,
again issued in polymer and will feature
Jane Austin. The £20 will also be replaced
in the future and it has been confirmed
that this again will be a polymer note.
The new polymer note range will be
slightly smaller in size than our current
notes, (the £5 will be 125mm x 65mm)
with increased durability and enhanced
security features, thereby offering more
fraud protection. In addition all three
Scottish Banks (Clydesdale, Bank of
Scotland and Royal Bank of Scotland) will
also issue new polymer £5 notes later
this year.
Commenting on the new notes Andy
said, “In terms of note validation, polymer
banknotes pose no additional issues and
all of our note validators will accept and
stack as normal after a simple currency
data set update. Although new to us in
the UK, polymer notes are already widely
used in over 30 different countries
worldwide including Australia and
Canada. Everyone will, however, have to
update their cash handling equipment
before the new note enters circulation in
September.”
www.innovative-technology.com
KIOSK solutions 35