The new polymer £20 note has officially entered into circulation today with 2 billion notes printed by the Bank of England.
To this date, the paper-cotton £20 note has been the most popular banknote in the country, however it is expected that half of the country’s cash machines will switch to its polymer replacement within a fortnight.
The note will feature artist JMW Turner, whose famous works include Rain, Steam and Speed, Dido building Carthage, and the Fighting Temeraire, which will be displayed behind Turner.
The Bank of England’s governor Mark Carney stated: “I am delighted that the work of arguably the single most influential British artist of all time will now appear on another 2bn works of art – the new £20 notes that people can start using today.”
As it stands, the note will only be issued by the Bank of England. The Bank of Scotland and Clydesdale will launch its polymer £20 notes on 27 February, with Royal Bank of Scotland following on 5 March. Banks in Northern Ireland will also change over in 2020, but no specific date has yet been given.
Unlike the launch of the polymer £5 and £10 notes, the Bank of England has not revealed when the older paper-cotton notes will no longer be considered legal tender. This is likely due to the sheer amount of £20 notes in circulation, with the operation being considered to be the ‘single biggest switch over to polymer attempted anywhere in the world.’
The Bank of England is also still in the process of replacing all paper-cotton £5 and £10 notes, even though the banknotes are no longer legal tender. It is estimated that £1.5 billion have yet to be replaced by the polymer replacement.
Expert Analysis: Bank of England’s decision to move to the polymer £20 note was inevitable given the success of its £5 and £10 entities. However, the bank’s decision to not announce a ‘cut-off’ date for the paper-cotton version shows that they have learned to take things slower, especially considering the £20 banknote is the most common note in England.
