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Baz46
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20-02-2020, 01:03 PM
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Is this just a 'waste of money'?

New polymer £20 featuring painter Turner enters circulation.

"The Bank of England said the new polymer £20 - which enters circulation on Thursday - is its most secure ever banknote.

The Bank reckons half of all ATMs across the UK to be dispensing the new notes in just two weeks' time.

The new £20 is the third plastic banknote to be issued by the Bank of England after the fiver featuring Winston Churchill - launched in 2016 - and the tenner featuring Jane Austen, which was first issued in 2017."

This must have cost a small fortune to develop and introduce. In view of less and less cash being used nowadays was this a 'waste of money'?

https://www.bbc.co.uk/news/business-51559349

Personally I don't like the larger denomination bank notes and avoid them whenever possible.

What are your thoughts about this new £20 bank note and the cost of introducing it?
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20-02-2020, 01:30 PM
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Re: Is this just a 'waste of money'?

Some info for you. If there is going to be cash at all, polymer notes are the thing. They last a hell of a lot longer than paper which would offset any cost with conversion and they are almost impossible to forge. They have been used here for over 20 years. A totally good move. I couldn't believe how tatty some of the greenbacks get in the US and some of the British notes were not much better.

By 1998 all Australian banknotes were issued in plastic and Australia became the first country in the world to convert from a paper-based banknote currency to a polymer-based one. The savings over paper notes at the time were estimated to be more than $20 million per annum. Modern polymer banknotes were first developed by the Reserve Bank of Australia (RBA), Commonwealth Scientific and Industrial Research Organisation (CSIRO) and The University of Melbourne. They were first issued as currency in Australia during 1988 (coinciding with Australia's bicentennial year).

Ref: Reserve Bank of Australia
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20-02-2020, 01:34 PM
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Re: Is this just a 'waste of money'?

I like £20s, the note you get most of when withdrawing from a machine. They are hardly a high denomination note.

I like cash over cards or other payment methods like the contactless app. And so do many of the people I pay.

I hate these new plastic notes, they are so unmanageable compared to the lovely old paper stuff.
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20-02-2020, 01:36 PM
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Re: Is this just a 'waste of money'?

Originally Posted by d00d ->
I like £20s, the note you get most of when withdrawing from a machine. They are hardly a high denomination note.

I like cash over cards or other payment methods like the contactless app. And so do many of the people I pay.

I hate these new plastic notes, they are unmanageable compared to the lovely old paper stuff.




Hey dOOd..Send them over to me mate. I'll manage them for you.
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20-02-2020, 01:40 PM
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Re: Is this just a 'waste of money'?

Originally Posted by keezoy ->
[/I][/B]

Hey dOOd..Send them over to me mate. I'll manage them for you.

yes I'm sure.

I like a note I can fold in half and put in my pocket. Shops like a note that will lie flat in the till drawer. These don't want to do either.
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20-02-2020, 01:47 PM
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Re: Is this just a 'waste of money'?

Well New Zealand and Canada among 10 or so other countries have adopted them. The US is very old fashioned when it comes to some things. They won't let go of their paper money. All reports indicate that countries that have the plastic notes are very happy with them. But look on the bright side dOOd. Whether you can fold them or not isn't the most important thing that you have lots of them?..And as was said, how often do we carry cash these days anyway?..I withdrew a $20 note from an ATM just today. It was the first time for months that I had any cash on me at all.
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20-02-2020, 01:55 PM
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Re: Is this just a 'waste of money'?

Originally Posted by keezoy ->
Well New Zealand and Canada among 10 or so other countries have adopted them. The US is very old fashioned when it comes to some things. They won't let go of their paper money. All reports indicate that countries that have the plastic notes are very happy with them. But look on the bright side dOOd. Whether you can fold them or not isn't the most important thing that you have lots of them?..And as was said, how often do we carry cash these days anyway?..I withdrew a $20 note from an ATM just today. It was the first time for months that I had any cash on me at all.
We've had them for a few years now ... fivers first then tenners. I don't think anyone likes them as much as paper, except perhaps the Bank of England.
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20-02-2020, 04:03 PM
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Re: Is this just a 'waste of money'?

Originally Posted by d00d ->
I like £20s, the note you get most of when withdrawing from a machine. They are hardly a high denomination note.

I like cash over cards or other payment methods like the contactless app. And so do many of the people I pay.

I hate these new plastic notes, they are so unmanageable compared to the lovely old paper stuff.
Me too.

I was thinking of sewing a load of 'em together and making a carrier bag.
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20-02-2020, 04:04 PM
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Re: Is this just a 'waste of money'?

Back to the original question though, I think it is a total waste of money. Does anyone really give a **** what's on them? I never have them very long anyway.
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20-02-2020, 04:09 PM
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Re: Is this just a 'waste of money'?

Will the BoE change the £50 note to a polymer based one? If so, when?

I like the polymer notes. The first one I ever saw was a Malaysian 5ringhitt (~£1) one, which circulating before our £5 was even issued.
 
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