According to the Mirror, the Bank of England announced that the 20 pound note that is currently in circulation will lose its fiat currency status by September 30, 2022. By then all banknotes in circulation in the UK will be abolished and replaced with plastic banknotes made of polymer. It is said that plastic has feelings to mean bad relationships, but now it is inaccurate to say that.
pounds has been used for more than 300 years, with four denominations: 5, 10, 20 and 50. In order to crack down on counterfeit currency, former Bank of England Governor Mark Carney proposed to reform paper money and took the lead in launching polymer banknotes. He said: "Polymer banknotes are safer than ordinary banknotes and are used more than twice as long as ordinary banknotes."
At present, 10 pounds and 5 pounds have been eliminated, and are worth more than 19 billion pounds (about 1592 RMB) (about 1592 RMB). 20 pounds and 50 pounds of banknotes are still in circulation and will lose their use value by September 30 this year.
British banknote reform faces many difficulties. Royal Mint said that the old round pound coin had been declared to have lost its legal tender as early as 1 year 2017, and was replaced by a pentagonal coin with anti-counterfeiting capabilities. However, five years later, those old coins are still in circulation, with a scale of even as high as 105 million. What will be done with large-scale old coins like
? The Bank of England said that the eliminated old notes and coins cannot be used when consumed, but old notes can still be exchanged for face value and old coins can still be deposited into commercial banks, provided they are all real currencies. Because of the 1.6 billion coins returned to the Mint, about 1.45 million were forged. This also highlights the necessity of British paper currency reform.
In addition to this, people can also send old banknotes to banks in London's Needle and Thread Street. The Bank of England said that if you have a UK bank account, the easiest and quickest way is to deposit directly with a check. If you are a native of the UK and the amount does not exceed £50, you can directly exchange for new plastic banknotes.
But plastic banknotes are not flawless either. For example, the most important anti-counterfeiting function still has loopholes. The anti-counterfeiting features on early plastic banknotes, including the queen's face, can be erased with a pencil eraser. Moreover, the banknotes are not resistant to high temperatures. If you accidentally forget to be ironed in your pocket, the banknotes may shrink and become unusable.
Image source: Bing
Title selection in this article: Jinge Emperor Penguin. Edit: Fengshu
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