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U.K.’s New £10 Note Gets a Fresh Face: Jane Austen U.K.’s New £10 Note Gets a Fresh Face: Jane Austen
(35 minutes later)
LONDON — Queen Elizabeth II is the only woman now pictured on currency in England and Wales. That is about to change.LONDON — Queen Elizabeth II is the only woman now pictured on currency in England and Wales. That is about to change.
The Bank of England on Tuesday unveiled the final design for a 10-pound bank note bearing the likeness of the novelist Jane Austen, timed to mark the 200th anniversary of her death.The Bank of England on Tuesday unveiled the final design for a 10-pound bank note bearing the likeness of the novelist Jane Austen, timed to mark the 200th anniversary of her death.
The polymer bill, worth about $13 at current exchange rates, will join its cousin, the £5 note featuring former Prime Minister Winston Churchill, which was introduced last year.The polymer bill, worth about $13 at current exchange rates, will join its cousin, the £5 note featuring former Prime Minister Winston Churchill, which was introduced last year.
(Unlike the United States, no bank notes are issued in England and Wales for less than a “fiver.” Instead, the Royal Mint produces £1 and £2 coins, and a 12-sided £1 coin was introduced in March.) (Unlike the United States, no bank notes are issued in England and Wales for less than a “fiver.” Instead, the Royal Mint produces £1 and £2 coins; a 12-sided £1 coin was introduced in March.)
The new £10 bills, set to enter circulation in September, are made from a thin plastic material designed to last longer than traditional paper notes, and able to withstand a washing-machine cycle. Last year, the governor of the bank of England, Mark Carney, famously dipped one of the new £5 notes into a curry to show its durability.The new £10 bills, set to enter circulation in September, are made from a thin plastic material designed to last longer than traditional paper notes, and able to withstand a washing-machine cycle. Last year, the governor of the bank of England, Mark Carney, famously dipped one of the new £5 notes into a curry to show its durability.
“This added strength means notes will remain in good condition for longer, with a life span at least two and a half times that of paper notes,” Mr. Carney said of the £10 note on Tuesday, in a speech at Winchester Cathedral in southern England, where Austen is buried.“This added strength means notes will remain in good condition for longer, with a life span at least two and a half times that of paper notes,” Mr. Carney said of the £10 note on Tuesday, in a speech at Winchester Cathedral in southern England, where Austen is buried.
The roots of the pound date from well before the founding of the Bank of England, or even of the Kingdom of England itself.The roots of the pound date from well before the founding of the Bank of England, or even of the Kingdom of England itself.
Historians generally attribute the beginnings of the pound to silver pennies used by the Anglo-Saxons in the eighth century. About 240 of those coins were supposed to be equivalent to a pound of silver, though the weight varied.Historians generally attribute the beginnings of the pound to silver pennies used by the Anglo-Saxons in the eighth century. About 240 of those coins were supposed to be equivalent to a pound of silver, though the weight varied.
The roots of the £ symbol representing the currency trace back to the Latin word libra, a unit of measurement for a pound of money.The roots of the £ symbol representing the currency trace back to the Latin word libra, a unit of measurement for a pound of money.
The first pound coin, however, was introduced only seven centuries later, by Henry VIII in 1489, and it bore his likeness.The first pound coin, however, was introduced only seven centuries later, by Henry VIII in 1489, and it bore his likeness.
At the time, there was probably no practical need for a currency of such high value. But it served to bolster the image of the Tudor dynasty across Europe, according to the Royal Mint.At the time, there was probably no practical need for a currency of such high value. But it served to bolster the image of the Tudor dynasty across Europe, according to the Royal Mint.
The first paper notes emerged in Europe in the 16th century: Goldsmiths began accepting deposits of gold coins, and issued receipts redeemable for cash.The first paper notes emerged in Europe in the 16th century: Goldsmiths began accepting deposits of gold coins, and issued receipts redeemable for cash.
The Bank of England was established in 1694 to help finance William III’s war with France. The central bank soon began issuing handwritten deposit receipts for specific amounts in pounds, shillings and pence, all signed by the chief cashier. The notes promised then — as they do now — to pay the bearer the sum of the note on demand.The Bank of England was established in 1694 to help finance William III’s war with France. The central bank soon began issuing handwritten deposit receipts for specific amounts in pounds, shillings and pence, all signed by the chief cashier. The notes promised then — as they do now — to pay the bearer the sum of the note on demand.
The first £10 note, an ancestor to the Austen bill, came in 1759 as the country grappled with a shortage of gold resulting from the Seven Years’ War. During the late 18th century, £10 would have been the equivalent of £1,000 today, and it was the amount she was paid for her first book, Mr. Carney said.The first £10 note, an ancestor to the Austen bill, came in 1759 as the country grappled with a shortage of gold resulting from the Seven Years’ War. During the late 18th century, £10 would have been the equivalent of £1,000 today, and it was the amount she was paid for her first book, Mr. Carney said.
It was not until 1833, however, that notes issued by the Bank of England became legal tender.It was not until 1833, however, that notes issued by the Bank of England became legal tender.
The Bank of England and other countries have had to continually update their currency, as counterfeiters have become more sophisticated, by adding holograms, watermarks and using special paper to print notes. As counterfeiters have become more sophisticated, the Bank of England and other authorities have had to continually update their currency by adding holograms, watermarks and using special paper to print notes.
The biggest shift in recent years has involved switching from a special cotton-based paper to a polymer bill.The biggest shift in recent years has involved switching from a special cotton-based paper to a polymer bill.
Polymer allows the bank to add more sophisticated security features on notes. Polymer allows the bank to add more sophisticated security features.
The £5 bill includes a see-through security window featuring an image of the queen that changes color when the bill is tilted, a hologram that changes from “five” to “pounds” when moved, and the numeral 5 when the bill is placed under ultraviolet light.The £5 bill includes a see-through security window featuring an image of the queen that changes color when the bill is tilted, a hologram that changes from “five” to “pounds” when moved, and the numeral 5 when the bill is placed under ultraviolet light.
Similar features will be found in the new £10 note, but it will be the first in Britain to have a tactile feature to help the blind and partially sighted.Similar features will be found in the new £10 note, but it will be the first in Britain to have a tactile feature to help the blind and partially sighted.
The £5 notes introduced last year was not without controversy. The introduction of the new £5 notes was not without controversy.
The bills used a tallow, or hard, fatty substance usually made from rendered meat, as part of their base. That angered vegetarians and vegans in Britain. The bills used a tallow, or hard, fatty substance usually made from rendered meat, as part of their base. That angered vegetarians and vegans.
That tallow was also used in the new £10 notes already printed.That tallow was also used in the new £10 notes already printed.
The bank has decided not to withdraw the bills in which the tallow was used. But it is considering using palm oil as the base for its next £20 note, which will feature the British painter J. M. W. Turner and is to enter circulation by 2020, as well as for any reprints of its £5 and £10 bills.The bank has decided not to withdraw the bills in which the tallow was used. But it is considering using palm oil as the base for its next £20 note, which will feature the British painter J. M. W. Turner and is to enter circulation by 2020, as well as for any reprints of its £5 and £10 bills.
There was an angry reaction when the Bank of England announced that Churchill would be featured on the £5 note, replacing the prison reformer Elizabeth Fry and leaving England and Wales without a woman on its currency. (Banks in Scotland and Northern Ireland print their own pound notes, with several featuring women.)There was an angry reaction when the Bank of England announced that Churchill would be featured on the £5 note, replacing the prison reformer Elizabeth Fry and leaving England and Wales without a woman on its currency. (Banks in Scotland and Northern Ireland print their own pound notes, with several featuring women.)
Shortly after becoming the Bank of England governor in 2013, Mr. Carney announced that Austen would replace Charles Darwin on the £10 note. She becomes the fourth woman, including the queen, to be featured on notes issued by the Bank of England, compared with 14 men.Shortly after becoming the Bank of England governor in 2013, Mr. Carney announced that Austen would replace Charles Darwin on the £10 note. She becomes the fourth woman, including the queen, to be featured on notes issued by the Bank of England, compared with 14 men.
In the United States, the Treasury announced last year that Harriet Tubman would be the new face of the $20 bill. Leaders of the suffrage movement will be added to the $10 bill, and a former first lady, Eleanor Roosevelt, will appear on the $5 bill, along with the African-American singer Marian Anderson and the civil rights leader the Rev. Dr. Martin Luther King Jr.In the United States, the Treasury announced last year that Harriet Tubman would be the new face of the $20 bill. Leaders of the suffrage movement will be added to the $10 bill, and a former first lady, Eleanor Roosevelt, will appear on the $5 bill, along with the African-American singer Marian Anderson and the civil rights leader the Rev. Dr. Martin Luther King Jr.
Sacagawea, a Shoshone guide who assisted the Lewis and Clark expedition, the suffrage leader Susan B. Anthony and Helen Keller, the activist for the disabled, have all appeared on American coins. The former first lady Martha Washington had previously featured on a $1 silver certificate.Sacagawea, a Shoshone guide who assisted the Lewis and Clark expedition, the suffrage leader Susan B. Anthony and Helen Keller, the activist for the disabled, have all appeared on American coins. The former first lady Martha Washington had previously featured on a $1 silver certificate.