Bank of England Redesigns Money

A New Face for Money: Britain Debates Future of Banknote Design

The Bank of England has launched a significant public consultation, marking the most substantial overhaul of its banknotes in over half a century. This new direction could mean an end to the established custom of showcasing prominent individuals from history, a tradition that started in 1970. The public now has a distinct chance to influence the appearance of the country’s money, with potential new subjects revolving around the natural world, scientific progress, or key episodes from British history. This initiative creates the possibility for native wildlife, famous bridges, or even cultural staples to be depicted on the upcoming £5, £10, £20, and £50 notes.

The consultation, which is open until the conclusion of July 2025, allows UK residents and citizens abroad to offer their perspectives via the Bank's online portal or through the mail. The governor of the Bank will make the ultimate determination, but a strong public reaction, including over 2,000 suggestions on the first day, highlights a profound interest in the future appearance of the roughly 4.7 billion notes currently circulating, which represent a total value of approximately £86bn.

A Tradition of Faces

Since 1960, the sovereign's portrait has been a consistent feature of currency issued by the Bank of England. A decade later, a new custom began: displaying historical personalities on the reverse, with William Shakespeare as the first non-royal figure. Through the years, this has encompassed scientists, artists, and political figures. The present G series, made from polymer and rolled out between 2016 and 2021, features Alan Turing, JMW Turner, Jane Austen, and Sir Winston Churchill. These selections, however, have sometimes sparked debate.

The method for choosing figures was itself reformed in 2014 after a major outcry concerning the planned fact that no women were included, other than the Queen, from the banknote roster. This protest resulted in a triumphant campaign to get Jane Austen onto the £10 note. The institution has subsequently aimed to democratise the procedure, now using a Banknote Character Advisory Committee and inviting public input before the governor makes the concluding choice.

The Push for New Themes

A thematic evolution for its currency is now being put forward by the Bank of England. Although featuring historical figures is still one possibility, the consultation presents five other categories to consider. One category explores building design and iconic locations, suggesting images of well-known structures or heritage sites. Another potential avenue is a focus on creative and athletic achievements, which might cover anything from literature and music to cuisine and cinema.

Additional options involve celebrating important moments from Britain's past, such as major social or political shifts. The subject of innovation could spotlight pioneering technologies and scientific breakthroughs from the UK. Lastly, a theme rooted in nature could showcase native plants and animals or emblematic natural scenery from around the country. The public is also encouraged to put forward completely original concepts.

Image Credit - Corporate Finance Institute

What Makes a Good Design?

The chief cashier at the Bank of England, Victoria Cleland, whose name is signed on the notes, explained that currency has a dual function. She explained that the currency is not merely a method for transactions but also serves as a powerful emblem of shared national belonging and a chance to honour the United Kingdom. In a recent statement, she stated her keen interest in discovering which subjects the public feels should be depicted.

Ms Cleland also referred to the banknotes as small artworks that people carry with them. The design procedure, however, is about far more than appearance. Vital factors include integrating sophisticated security measures to thwart counterfeiters and guaranteeing usability for everyone. This covers elements like large numbering and tactile features to help blind and partially-sighted individuals distinguish between denominations.

Enduring and Unifying Imagery

A principal difficulty in picking a fresh theme is to find one that is both lasting and avoids creating social friction. The selected imagery needs to stay relevant for decades and prevent causing offence or alienating any part of society. The institution seeks a subject that connects with the public and represents the UK in a way that is both significant and instantly recognisable. This careful balancing act is intended to cultivate national pride through the currency.

The examples in Scotland and Northern Ireland, where banknotes currently display various landmarks and native creatures like otters, provide a model for moving beyond historical personalities. In a similar vein, euro banknotes present different architectural periods, showing an international move towards wider thematic content. This global context could influence the direction the institution ultimately chooses.

The Controversy of Representation

The record of individuals on British banknotes is a delicate matter. Since 1970, only three women, not including the monarch, have been honoured: Elizabeth Fry, Florence Nightingale, and Jane Austen. This is in contrast to sixteen men during the same timeframe. This gender disparity, coupled with the total lack of people from ethnic minority backgrounds, has attracted criticism and prompted demands for improved diversity.

Advocacy groups have pressed the Bank of England to close this representation disparity on upcoming notes. In reply, the Bank has affirmed its dedication to mirroring the UK's diversity and has assured that these matters will be given serious thought during the selection procedure. The ongoing public consultation is a central component of this initiative, offering a forum for varied opinions to shape the concluding choice.

The Current Faces of Sterling

The personalities featured on the reverse of current sterling notes embody major contributions to British history and culture. The £5 note shows the image of Sir Winston Churchill, the powerful wartime prime minister. On the £10 note is the novelist Jane Austen, acclaimed for her incisive social observations. Her appearance was the immediate outcome of public pressure for female representation.

The £20 note presents the groundbreaking landscape artist JMW Turner. Finally, the £50 note recognises Alan Turing, the brilliant mathematician and computer scientist whose efforts were essential during the Second World War and were fundamental to the development of modern computing. The most recent modification was the introduction of a portrait of King Charles III on the front of these notes in June 2024, but the reverse-side artwork was unchanged.

The Technical Side of Banknotes

Contemporary banknotes are complex items. The transition from paper to polymer, which was finalised with the £50 note in 2021, represented a major advance. Polymer notes stay cleaner, last longer, and permit superior security elements. These include a large transparent pane and holographic pictures, like the image of Elizabeth Tower on the £5 note, which are very hard to replicate.

The design procedure is a meticulous, multi-year project that includes extensive testing to guarantee the end product is durable and user-friendly. The institution works to integrate the newest anti-forgery technologies while also making sure the notes can be handled easily by all. These technical specifications will act as a primary constraint on whatever artistic theme is finally chosen for the upcoming set of notes.

A Cashless Future?

This redesign is happening during a profound change in how UK residents handle payments. The use of physical money has been falling consistently. In 2013, cash was used for 51% of all payments, but by 2023, that number had plummeted to just 12%. Forecasts indicate it might drop to as little as 6% by 2033. The Covid-19 pandemic sped up this movement toward digital and contactless transactions.

Despite this steep reduction, cash is still a crucial payment tool for a large segment of the population. Approximately one in five individuals still prefers this payment method. Furthermore, recent information reveals that 54% of vulnerable people see cash as "essential," a rise from prior years. Many also hold onto cash for unexpected situations, even if they mostly use digital payments.

Image Credit - BBC

The Bank's Commitment to Cash

Considering these developments, the Bank of England has consistently restated its pledge to supply physical currency for as long as people need it. Governor Andrew Bailey has asserted that digital money will not supersede cash and that issuing new notes is a clear sign of this pledge. This policy ensures that individuals who depend on cash, including numerous older people and those with lower incomes, will retain access.

The government has supported this pledge, assuring that cash access will be protected, even while it investigates a potential "digital pound." A retail central bank digital currency (CBDC) would be a digital form of money, but it would exist alongside, not replace, physical cash. The overhaul of the physical banknotes is thus happening in tandem with digital currency innovation, showing a two-pronged strategy for the future of money.

Global Inspirations

While the UK weighs its choices, it can draw inspiration from a broad spectrum of international banknote designs. Many nations have adopted bright colours and varied subjects. For instance, the International Bank Note Society's award for the top banknote of the preceding year was given to a vibrant pink note from Bermuda. It displays a profile of King Charles III alongside a blue marlin, with butterflies, native plants, and Horseshoe Bay on its reverse.

This is a stark departure from the historically more restrained designs of the Bank of England's notes, which have previously shown abstract shapes, lions, or the symbolic figure of Britannia. The current consultation suggests a potential shift to a more energetic and visually diverse currency, bringing the UK in line with wider international developments in banknote design and thematic content.

A Reflection of National Identity

Ultimately, the imagery selected for a nation's banknotes makes a statement about its principles and what it deems worthy of celebration. They are small, mass-produced art pieces that move through all levels of society, serving as a daily reminder of a common heritage and identity. The decision to involve the public is a recognition of this significant symbolic function.

Whether the new notes depict imposing castles, revolutionary inventions, delicate wildlife, or the well-known faces of historical champions, the choice will influence how the UK is seen by the world and its own populace. It is an uncommon opportunity to reshape the symbols that millions handle daily, forging a new visual language for the country's money. The discussion has now begun, and the public's opinion will be a vital part of this new chapter in monetary history.