The Timeline for the Redesigned Currency
Here is a comprehensive timeline of events concerning the design and implementation of the redesigned currency, along with deadlines for businesses to accommodate them.
- Businesses are able to start adapting machines for the polymer banknotes.
- The new £5 note was issued on 13 September.
- On 28 March, the BoE issued the redesigned £1 coin. Businesses may accept both the old and new coins until 15 October. After that, businesses are under no obligation to accept the old £1 coin and should not distribute it.
- On 5 May, the BoE withdrew the paper £5 notes.
- On 6 May, businesses were no longer required to accept paper £5 notes and are encouraged to not dispense paper notes in an effort to remove them from circulation.
- On 14 September, the new £10 note goes into circulation.
- On 15 October, businesses are no longer required to accept the old £1 coins and are encouraged to not dispense them in an effort to remove them from circulation.
- By spring 2018, the old £10 note goes out of circulation.
- The new £20 note will be issued.
How to Prepare for the Redesigned Currency
As the BoE continues to introduce the redesigned currency into the market, your business must be proactive in its efforts to adapt and prepare. If you do not, you leave yourself exposed to two main risks:
- The redesigned currency would not be recognised by your cash-handling machines, which includes self-service checkouts, ticket machines and any other machine that weighs, counts, sorts, accepts, dispenses or recycles currency.
- It’s likely that your employees will not be able to be able to identify and authenticate the redesigned currency, leaving your business exposed to counterfeiters.
To mitigate these risks, consider implementing the following best practices:
- Provide all of your employees that handle money with training on how to properly identify and authenticate the redesigned currency. In addition, all new hires should also receive this training if they handle money.
- Purchase high-quality UV lamps that emit light at around 365 nanometres in order to test the redesigned banknotes for authenticity.
- Adapt your cash-handling machines to effectively recognise and handle the new coins and polymer banknotes. To find out what adjustments need to be made to the machines, contact the manufacturer or supplier. In most instances, the machines will need a software update.
- If you purchase a new cash-handling machine in the future, be sure to ask whether the machine is already calibrated for the redesigned currency. A list of cash-handling manufacturers that have tested new notes and their machines’ ability to accept them can be found by clicking here. If your manufacturer is not listed, let the BoE know by emailing them at firstname.lastname@example.org.
- Calibrate your weighing scales in order to accurately weigh the lighter polymer banknotes. To find out what specifications you will need to adjust your scale to, contact the machine manufacturer or supplier.
- Adapt the cash machines at your business that are filled with takings from the till to dispense the new polymer banknotes. Your cash machine supplier will contact you to schedule the maintenance for the machines. Alternatively, if your business hosts a cash machine that is filled by a cash-in-transit company, you do not need to do anything. The cash machine operator and cash-in-transit company will be responsible for those machines’ maintenance.
- Adapt your business’ self-service tills to accept payment from the redesigned currency. To do so, contact the machine manufacturer or supplier. In general, the machine will need a software update and the dispense cassette will need to be adjusted for the new banknote size.
- Access educational materials from the BoE to help employees identify genuine banknotes by clicking here.
Please note: the content of this article is of general interest and is not intended to apply to specific circumstances. It does not purport to be a comprehensive analysis of all matters relevant to its subject matter. The content should not, therefore, be regarded as constituting legal advice and not be relied upon as such. In relation to any particular problem which they may have, readers are advised to seek specific advice. Further, the law may have changed since first publication and the reader is cautioned accordingly. Contains public sector information and images published by the Bank of England and licensed under the Open Government Licence v3.0.