Bank Notes

VIDEO - Get started by watching this video from the Bank of England about bank notes.

You can see images of how these security features are displayed on each note by going here. Most of the features will be familiar to you but make sure you are clear on different features of the £20 and £50 notes.

If you are going to be delivering Money Twist KS3 then you may find it helpful to spend 30 minutes on Bank of England’s Take a Closer Look training course. It is designed for professional cash handlers but will help you to be an expert during the banknotes activity.

How the Bank of England tackles counterfeit notes:

• Security features of banknotes make them difficult and time consuming to copy
• Education and training materials, including a banknote checking app, help cash users check that their banknotes are genuine
• Close work with law enforcement agencies helps to tackle larger counterfeiting operations connected with organised crime
• The Machine Testing Framework allows banknote equipment manufacturers to test their machines with known counterfeits on a regular basis
• Implements a code of conduct for banknote authentication for businesses that own ATMs
• Uses legislation, notably The Forgery and Counterfeiting Act 1981. The maximum sentence under this act is ten years' imprisonment.
• Encourages the public to report counterfeits to their local police or anonymously to Crimestoppers on 0800 555 111. If information leads to an arrest and charge, there may be a cash reward.

Important facts - POLYMER BANK NOTES

Over the coming 4 years, our current cotton banknotes will be replaced with notes made of polymer, a thin plastic material (£5 note in September 2016, £10 note in 2017 and £20 note by 2020). The Bank of England believes polymer-based notes will provide the following benefits:

1 - They remain clean - polymer is resistant to dirt and moisture

2 - Secure - they will provide enhanced counterfeit resistance

3 - Durable - they last at least 2.5 times longer than paper banknotes, and are therefore more environmentally friendly

The polymer notes will be about 15% smaller than the current notes. A full list of their security features can be found here

NB - Whilst both the £5 and £10 notes will be formally introduced in 2017, the public will have an extended period of time to exchange their old notes for the new variety. Traditional five pound notes will be taken out of circulation in May 2017.

• Plastic banknotes (made of polymer) were introduced in the UK as of 2016- £5 note (featuring Sir Winston Churchill). There is a dedicated website to the new five pound note.. The £10 note (featuring Jane Austen) was released in September 2017 see the website dedicated to the £10 note.

REAL LIFE EXAMPLE - In 2008, bin-man Graham Hill found £10,000 in cut-up £10 and £20 notes. The Bank of England said that they would give him old notes for new if he could match-up all the fragments. Read the story in full here.

REAL LIFE EXAMPLE - In January 2014, four men were jailed for seven years after they engineered a £1.3m counterfeit scam in fake £10 notes. Read the full story here.

TRIVIA - An artist created a portrait of the Queen using banknotes for the Diamond Jubilee. It had a face value of £10,000.

SECURITY AND COINS

Security features are not restricted to notes: coins also have features such as metallic composition, weight and lettering. However, for some currencies that have been in circulation for long periods of time, counterfeits can be commonplace. For instance, it is reported that one in thirty British one pound coins are of counterfeit origin. As a result, The Royal Mint is set to roll out a new pound coin on 28th March 2017. They have described it as soon to be 'the most secure coin circulating the world to date': There is a dedicated new one pound website.

New features include

1 - Sandwich layered metal

2- 12 sides (Dodecagon)

3 - No surface coating means they will not wear over time