The Bank of England is preparing to redesign its banknotes, marking the first significant update in more than five decades.
Since 1970, notable historical figures like Sir Winston Churchill, featured on the current £5 note, have been a staple of British currency. However, the Bank is now inviting the public to weigh in on fresh themes such as nature, innovation, architecture, culture, and important historical events.
The redesign could bring British birds, landmarks, or even culinary favorites like bangers and mash onto the next series of £5, £10, £20, and £50 notes.
Public Consultation and Symbolism of Banknotes
Victoria Cleland, the Bank’s chief cashier, emphasized that banknotes serve as symbolic representations of the UK’s national identity and cultural heritage. She encouraged public participation in choosing themes for the redesign.
Banknotes are described as “little pieces of art” but must also meet practical considerations such as accessibility and security.
While historical figures remain an option, the Bank is keen to explore themes that are enduring and unite rather than divide the public.
Banknotes in Scotland and Northern Ireland already feature landmarks and animals, while European banknotes display architectural styles. Some international notes, like Bermuda’s award-winning $5 note, are notably vibrant and detailed.
Current Banknote Figures and Process for New Designs
The current circulating notes feature Churchill, Jane Austen, J.M.W. Turner, and Alan Turing, in ascending order of value. The monarch will continue to be depicted on all new notes.
The public can submit theme suggestions online or by post until the end of July. The final design decisions rest with the Bank’s governor.
Over 4.7 billion Bank of England notes are currently in circulation, valued at approximately £86 billion. Though cash usage has declined to 12% of transactions amid evolving payment technologies, the Bank remains committed to providing cash for those who prefer it.
Author’s Opinion
Updating the Bank of England’s banknotes presents a valuable chance to reflect Britain’s evolving identity beyond historical figures. Introducing themes like nature, innovation, and culture can engage a broader audience and celebrate what defines the country today. However, it’s important that designs remain inclusive and accessible to all, balancing artistry with practicality.
Featured image credit: Bank of England via Flickr
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