Polymer banknotes, thought to be far more durable than the more widely used paper, will not be a problem in cash handling equipment, says Andy Bullock, business development manager at Innovative Technology, the money handling equipment manufacturer.
The new polymer banknotes, which come into circulation in the UK in September of this year with the £5 note, with more denominations following in 2017, are going to be slightly smaller than the current notes and will also contain more security features.
The polymer is made from transparent plastic film, coated with an ink layer enabling it to carry the printed design features.
Said Bullock: “Polymer notes are already used in over 30 countries including Australia and Canada, but everyone will have to update their cash handling equipment before the new note enters circulation.”
The new £1 coin will have 12 sides and will be made of two different coloured metals. It will come into use gradually from later next year and the old coins will be withdrawn.
All coin-handling equipment will have to be updated before March 2017 to cater for it.
