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| Version 2 | Version 3 |
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| New Adam Smith £20 note launched | New Adam Smith £20 note launched |
| (1 day later) | |
| A new £20 note featuring a portrait of Scottish economist Adam Smith has come into circulation. | 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 two to three years. | |
| 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. Holographic strip - Pound symbol and figure 20 alternate when the note is tilted4. Microlettering - Words printed below the portrait of the Queen are only visible with a magnifying glass5. Metallic thread - Silver dashes on the back of the note become a continuous dark line when held up to the light 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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