December 17, 2013
Matheny's Note: this is getting a step closer to the goal of a paperless currency. We are sure to possibly see other nations doing the same thing if this is successful. They will implant micro censors in these bills no doubt to track them and verify their authenticity, if they haven't already done so.
A sample polymer ten pound banknote. Photograph: Chris Ratcliffe/Press Association
The Bank of England will announce plans on Wednesday to press ahead with switching to plastic banknotes, starting with the new Sir Winston Churchill £5 note in 2016.
The decision on polymer notes will mark the beginning of the end for 320 years of paper notes from the Bank. The move by Threadneedle Street follows Bank governor Mark Carney's native Canada, where plastic notes are being rolled out, and Australia, where they have been in circulation for more than two decades.
Carney launched a public consultation on polymer banknotes, seen as cleaner and more durable, shortly after arriving at the Bank this summer. However, the Bank's notes division has been considering plastic money for several years.
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