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Tomorrow [20 February] the Bank of England launches the new polymer £20 note. The new note will feature the artist JMW Turner, and it will join the Churchill £5 and the Austen £10. A new £50 note, featuring Alan Turing, will also follow in 2021. Preparations for this launch have been underway for some time, and industry and the Bank of England are on firm footing given the previously successful launches of the polymer £5 and £10 notes. The £20 utilises the same security features as the previous notes, including holograms, see-though windows with embedded images, foil patches, raised print, and an ultra-violet feature.
The industry expects the new polymer £20 to gradually replace the old paper £20 over the year as consumers and businesses return their old notes (whether by spending them or exchanging them at their bank branch). You will still be able to use paper £20s until they are withdrawn from circulation (the date of which is yet to be announced, but there will be six months? notice).
UK Finance has worked closely with members and been involved in the Bank's working groups to help to ensure a smooth launch of the new note. Our Cash Services unit will continue to support the Bank with forecasting data to understand the uptake of the new note.
Rhiannon Butterfield, Principal, Payments, UK Finance