High Streets Initiative · 22 January 2018

Retailers given preparation checklist ahead of paper 10 note withdrawal

The polymer 10 notes have been constructed with new security features
?With just six weeks until the old paper 10 notes are withdrawn from circulation, the Bank of England has published guidance to help small business owners ensure a smooth transition.

Since the plastic fiver? was introduced in 2016, the Bank of England has been gearing the country for a full shift to polymer banknotes. A new 10 was introduced in September 2017, depicting Jane Austen, and the switch will be completed with a polymer 20 note in 2020.

The old paper notes were criticised for poor durability and ease of counterfeiting
Polymer bank notes are designed to be more durable than the paper predecessor and are produced with a series of new security features to prevent counterfeiting.

The latest deadline retail business owners need to be aware of is Thursday 1 March 2018, when the paper 10 note will be withdrawn from circulation.

The Bank of England has urged retailers to start preparing for the switch, offering guidance to ensure their business is ready.?

Check machinery

Any machines that weigh, count, sort or dispense banknotes need to be checked and will likely require a software update. Hardware upgrades could also be required due to the new banknote size.

Customer communication

Retailers have also been warned to manage customer expectations, and put in place processes if machines have not been upgraded in time.

Staff training

Bank of England has published online guidance to support staff training on the new polymer notes.

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Fakes

 

How to spot a counterfeit polymer 10 note

The Bank of England published guidance on the new note’s security features to help business owners spot a fake

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ABOUT THE EXPERT

Praseeda Nair is the editorial director of Business Advice, and its sister publication for growing businesses, Real Business. She's an impassioned advocate for women in leadership, and likes to profile business owners, advisors and experts in the field of entrepreneurship and management.

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