The new £10 note is set to be unveiled on 18 July, showcasing a modernised polymer design imprinted with the novelist Jane Austen. Its release into circulation is still some time away and the Bank of England have earmarked September as the likely launch date.
If your business deals in cash, you should prepare for the change by updating payment terminals which accept and dispense banknotes. Contact the manufacturer for further information. Here’s what else you need to know.
The polymer design not only looks neater but is far more durable as well. It’s designed to last around three times longer than a paper banknote, withstanding liquid spillages, accidental tears and even spells in the washing machine.
The new note has been manufactured so it’s harder to forge. Sophisticated security measures provide enhanced counterfeit resilience, making it easier to spot when a note has been illegally reproduced. Similar thinking was behind the new £1 coin released back in March.
The design will include a braille-type series of raised dots to help visually impaired people differentiate between notes. The new £20 set for release in 2020 will also include this feature.
Back in 2013, Bank of England Governor Mark Carney revealed that Jane Austen would be the historical figure chosen for the new £10 note. At the announcement press conference, he said:
“Jane Austen certainly merits a place in the select group of historical figures to appear on our banknotes.
Her novels have an enduring and universal appeal and she is recognised as one of the greatest writers in English literature.
As Austen joins Adam Smith, Boulton and Watt, and in future, Churchill, our notes will celebrate a diverse range of individuals who have contributed in a wide range of fields.”
The unveiling of the note on 18 July will take place at Winchester Cathedral, where Austen was buried in 1817, to mark the anniversary of her death 200 years ago.
Although the Bank of England has printed more than 275 million notes, they won’t be ready for launch until September time. This gives UK businesses time to adapt and update banknote machinery if applicable.
This is required because the new note, with dimensions of 132mm x 69mm, is smaller than the current ‘Charles Darwin’ issue (142mm x 75mm). If your company relies on payment mechanisms such as ATMs, vending machines or self-service check-outs, contact the manufacturer to discuss what adaptations are required.
Some devices may simply require a software update, whilst others will need replacing altogether. Aim to implement adaptations as soon as possible before the earmarked September issue date.
Also bear in mind that the current £10 issue will start to be withdrawn from circulation as soon as the polymer notes are introduced. For commercial businesses, it’s your responsibility to exchange these in the bank and not hand them back out to customers.
New banknotes aren’t the only recent change to how customers are spending their money. Find out how your business can take advantage of popular contactless payments.