Plastic fantastic

The Bank of England issued

their first polymer (plastic) banknote on 13 September 2016. Here’s a look back

at the history of non-paper banknotes from around the world.

Before polymer banknotes,

there were early attempts to produce notes using durable materials. These notes

issued in Haiti (1980) and the Isle of Man (1983) were produced using Tyvek, a

material made from high density synthetic fibres.

The first polymer banknote

was issued in Australia in 1988. It was introduced in an attempt to make

forgery more difficult and notes more durable.

This is the UK’s first

polymer note, issued in Northern Ireland in 2000. Banknotes have often been

released as special commemorative issues. As part of the millennium

celebrations, the country’s Northern Bank issued this vertical polymer note.

The design references the beginnings of the universe,

the advent of Christianity and space exploration.

Old polymer notes encountered

problems. The Central Bank of Nigeria issued

polymer banknotes in 2007. However, in 2013 it was announced that due to fading

inks, high costs and problems with banknote disposal, Nigerian notes would go

back to being made of a cotton and paper mix.

These durable notes are made

by melting plastic polymer granules and then cooling them to create

large sheets onto which banknote designs can be layered. This sheet is made up

of 32 polymer notes that depict Scottish civil engineer Sir William Arrol,

issued by Scotland’s Clydesdale Bank in 2015.

Polymer notes are now in

circulation in over 20 countries around the world. The new £5 note issued by

the Bank of England on 13 September 2016 is a radical redesign of the old

fiver. This new note is smaller, features former Prime Minister Sir Winston

Churchill on the reverse, and incorporates advanced security features. The Bank

says that the new note will last longer, stay cleaner and will be harder to

counterfeit than paper notes. 21,835 notes had to be replaced during 2015 due

to damage, and the new fivers are projected to last 2.5 times longer than paper

notes.

Discover

the history of money in the British Museum’s Citi Money Gallery (Room 68), supported by Citi.