Durability will cut costs
RBS joins trend to print plastic banknotes
A new £5 note is likely to be issued in the second half of 2016, with the £10 note following a year later. Clydesdale Bank and Bank of Scotland have already made similar announcements.
The notes will be completely redesigned, including new subjects for the portraits. The initial designs are due to be unveiled in the coming months.
The polymer notes will be 15% smaller and printed on De La Rue’s polymer material. Polymer is cleaner, more secure and more durable than cotton paper and this helps reduce costs for the issuing banks.
A comprehensive education and awareness programme will support the release of the notes, including information on new security features and how the current notes will be removed from circulation.
RBS has been issuing banknotes since 1727 and has an average of £1.5bn worth of notes in circulation on a single day.
David Wheldon, Chief Marketing Officer at the Royal Bank of Scotland, said: “It is very important that people have confidence in our banknotes. The move to polymer notes will bring significant benefits to all those who use them. They will be smaller, cleaner and more secure.
“I look forward to unveiling the new designs later in the year, following close collaboration with the Scottish public.”