The new plastic £10 note entered circulation this month and they will make their way into cash machines and tills across the country over the next few weeks. So here a short round up of what businesses need to know.
What do the new £10 notes look like?
The new £10 note, like the new £5 note released last September, is made of polymer which will last longer than the previous paper notes.
They are also slightly smaller than their predecessors, in fact 15% smaller to be exact. They will feature a portrait of author Jane Austin on the back, which makes them the only UK banknote in circulation to feature a woman other than the queen.
What additional security features do they have?
To prove the note is real, there is a large see-through window with a portrait of the Queen printed on it and the words ‘£10 Bank of England’ twice around the edge.
Underneath this there is a silver foil patch and when the note is tilted the word ‘Ten’ changes to ‘Pounds’ and a multi-coloured rainbow effect can be seen.
On the side of the note with the Queen’s head on, there is a ’10’ which appears in bright red and shows as green when shone under UV light.
Can you still accept old £10 notes?
You can continue to accept paper £10 notes as normal for the time being and they will be gradually withdrawn as they are banked. The date they are officially stopped as legal tender will be announced at least three months in advance, and this is expected to be around Spring time next year.
However, should your business take an old £10 note after this date, it is likely that you will be able to exchange it at face value with the Bank of England, and possibly at high-street banks.
Spending new £10 notes
Many of the major supermarkets have already updated self-service checkouts to accept the new notes, as have many of the cash-handling machine manufacturers. Some cash-handling machines, such as cinemas, and car parks may not yet be ready but will be working towards updating their systems.
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This article has been produced by The Funding Store for general interest. No responsibility for loss occasioned to any person acting or refraining from action as a result of the information contained in this article is accepted by The Funding Store (MK) Limited. In all cases appropriate professional advice should be sought before making a decision.