A new breed of plastic banknotes is set to enter circulation in the UK from 2015, heralding the demise of the paper notes we’ve been carrying in our wallets for over 300 years.
The Bank of England has placed a £1bn tender from 2015 for the new polymer-based money, which was first introduced in Australia back in 1988.
The new notes are said to be more durable, waterproof and harder to counterfeit than its predecessors and will comprise a clear window with a tough to forge ‘optical variable device’ which splits light in a distinctive way.
Plastic notes can also contain more familiar holograms.
No specific designs have yet been unveiled as yet but it is thought that the bank will focus on lower denominations initially in a bid to make the expensive transition as painless as possible.
A Bank of England spokesperson said: “No definite decisions have been taken yet but the Bank is considering all options.”