On Plastic Money
Here in the UK we are getting our first polymer £5 bank notes in September this year with the £10 and £20 phased in over the next 4 years. This, after a number of years of discussion and public consultation in which it was found that there is overwhelming support for their introduction. The first internationally-available polymer banknotes were issued in Australia starting in 1988 with a complete withdrawal of the remaining paper currency 8 years later. However in the intervening years the number of other countries that have switched completely to polymer banknotes has increased, including Canada, New Zealand, Romania and in March this year the Clydesdale Bank in Scotland. Let’s face it, it’s about time the Bank of England caught up.
I have absolutely no complaints with moving to polymer banknotes. For one thing, their benefits far outweigh any drawbacks I can see. I’m especially happy with the increase in security and the way in which counterfeiting will be made a great deal more difficult. That and the reduction in the likelihood of ruining them in the washing machine would definitely make a number of people happy!
The one issue I have is that this is coming a little too late for me to really care about. I’ve found that I so rarely use coins and notes anymore with 10+ years of chip and pin and now Apple Pay available almost everywhere I go, I have only been to three places in the UK in the past two years that didn’t accept card and they are three different fish and chip shops that stalwartly refused to modernise. I don’t carry cash with me unless I specifically have to and even now am more likely to pop into the local branch of my bank to get rid of the extra weight in my pocket and add it to my account, rather than continue to walk around with it.
A similar view came up in episode 81 of the Analogue Podcast. Casey Liss, living in the USA, described his dismay at Myke Hurley’s nigh on empty wallet and suggestion that his bank card would get him out of most situations. I completely agree with Myke here. I have in my wallet, my bank card, driving licence and gym cardkey. When I bought the wallet I still expected to have to hold cash, now it looks too big. I don’t need to carry anymore than that and as Myke said to Casey, the worst-case scenario living in the UK was that he’d have to go to a cash machine to get money if he did actually need it, but there was no reason to carry any around on a day to day basis, something that we are lucky to experience here in the UK.
So while these bank notes are a great idea, for me they’re far too late to make a real difference in my day to day life, as I so very rarely use ‘real money’. I’m able to pay with my Apple Watch or bank card in nearly every single situation I find myself in while living here as I find them so much more convenient. Plus, it’s the future! Still, I’ll be excited to see the new designs in the UK. I doubt the Bank of England will make too many changes, but the Scottish banks are less traditional. It should be interesting!
Edit — turns out I was wrong. Recent update by The Bank of England online shows they have gone bold. You can see all of the new designs at TheNewFiver.co.uk. I think they’re awesome!
