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Tuesday, 13 September 2016

It's nearly a decade after Nigeria's Central Bank rolled out N5, N10, N20 and N50 notes coated in nylon.

The United Kingdom has followed suit, rolling out a rubber £5 which went into circulation today.

The new 5 pounds notes (which are worth about 530 times more than Nigeria's N5 notes) are resistant to water, folding, scratches and so many other cruel things people do to their money, however, it doesn't put a good fight against heat, as journalist James Smith's test shows here:
According to Bank of England, some facts about the new 5 pounds note:
- There are currently around 329 million £5 paper notes in circulation, so it will take time for the existing notes to be replaced.
- The new banknote is resistant to dirt and moisture, helping it to stay in better condition for longer.
- Only a tiny proportion of existing banknotes are counterfeit according to the Bank of England's figures - 0.0075 per cent in 2015.
- The design of the new £5 note includes a portrait of Sir Winston Churchill from a photograph taken by Yousuf Karsh on December 30 1941 as well as a view of Westminster.
- Some 21,835 banknotes were replaced in 2015 due to damage, according to the Bank of England. This included 10,761 notes that were torn as well as notes that had been washed, chewed, damaged by fire or contaminated in some way.
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