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New Adam Smith £20 note launched | New Adam Smith £20 note launched |
(about 8 hours later) | |
A new £20 note featuring a portrait of Scottish economist Adam Smith has come into circulation. | |
The note includes a range of enhanced security measures designed to prevent counterfeiting, such as a wider holographic strip and microlettering. | The note includes a range of enhanced security measures designed to prevent counterfeiting, such as a wider holographic strip and microlettering. |
The new image of Smith will mark the first time a Scotsman has appeared on a Bank of England note. | The new image of Smith will mark the first time a Scotsman has appeared on a Bank of England note. |
Current £20 notes, featuring English composer Edward Elgar, will be phased out over the coming months. | Current £20 notes, featuring English composer Edward Elgar, will be phased out over the coming months. |
Security features explained | Security features explained |
An image of Smith already appears on some Scottish £50 notes. | An image of Smith already appears on some Scottish £50 notes. |
Public confidence | Public confidence |
Smith will replace composer Edward Elgar on the £20 note | Smith will replace composer Edward Elgar on the £20 note |
The Bank of England said introducing the new £20 note would be a major undertaking, as the denomination is by far the most common in circulation. | The Bank of England said introducing the new £20 note would be a major undertaking, as the denomination is by far the most common in circulation. |
The Bank said it expected the proportion of £20 notes featuring the philosopher and economist to gradually increase over time. | The Bank said it expected the proportion of £20 notes featuring the philosopher and economist to gradually increase over time. |
Bank of England executive director for banking and chief cashier, Andrew Bailey, said the new features - which also include updated security symbols - were the latest step in the "fight to prevent counterfeiting". | Bank of England executive director for banking and chief cashier, Andrew Bailey, said the new features - which also include updated security symbols - were the latest step in the "fight to prevent counterfeiting". |
"Maintaining public confidence in our banknotes is paramount," Mr Bailey said recently. | "Maintaining public confidence in our banknotes is paramount," Mr Bailey said recently. |
Bank of England Governor Mervyn King announced in October last year that he had chosen Smith to replace Elgar on the £20 note. | Bank of England Governor Mervyn King announced in October last year that he had chosen Smith to replace Elgar on the £20 note. |
Smith was born in Kirkcaldy, Fife - part of Chancellor Gordon Brown's constituency. | Smith was born in Kirkcaldy, Fife - part of Chancellor Gordon Brown's constituency. |
The economist is most famous for his book the Wealth of Nations, which many regard as almost inventing the concept of competition and market forces. | The economist is most famous for his book the Wealth of Nations, which many regard as almost inventing the concept of competition and market forces. |
SECURITY FEATURES - FRONT AND REAR 1. Paper quality -Banknotes are printed on special paper with raised lettering in some areas. Fake notes can sometimes feel limp or waxy. 2. Print quality - Numbers, letters and colours are sharp and clear, whereas counterfeit notes may appear slightly blurred. 3. Hologram - Image of Britannia changes to the number 20 when tilted. Under ultraviolet light, the number looks red and green.4. Microlettering - Words printed below the portrait of the Queen are only visible with a magnifying glass.5. Silver holographic strip, wider than before, runs from top to the bottom, decorated with tiny cameos of economist Adam Smith and the £20 symbol. 6. A see-through "register" shows a broken pound sign. The symbol becomes whole when held up to the light.7. The watermark has been moved to a white panel to make it easier to find. Other - Some unpublicised "covert features" are designed to further deter counterfeiters. | SECURITY FEATURES - FRONT AND REAR 1. Paper quality -Banknotes are printed on special paper with raised lettering in some areas. Fake notes can sometimes feel limp or waxy. 2. Print quality - Numbers, letters and colours are sharp and clear, whereas counterfeit notes may appear slightly blurred. 3. Hologram - Image of Britannia changes to the number 20 when tilted. Under ultraviolet light, the number looks red and green.4. Microlettering - Words printed below the portrait of the Queen are only visible with a magnifying glass.5. Silver holographic strip, wider than before, runs from top to the bottom, decorated with tiny cameos of economist Adam Smith and the £20 symbol. 6. A see-through "register" shows a broken pound sign. The symbol becomes whole when held up to the light.7. The watermark has been moved to a white panel to make it easier to find. Other - Some unpublicised "covert features" are designed to further deter counterfeiters. |
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