Bank of England £5 note

Five pounds

(United Kingdom)
Value	£5
Width	125 mm
Height	65 mm
Security features	See-through window, finely detailed metallic image, coloured border which changes from purple to green when the note is tilted, silver foil patch, microlettering, textured print
Paper type	Polymer
Years of printing	1793-2017 2016–present (current design)
Obverse
Design	Queen Elizabeth II
Design date	13 September 2016
Reverse
Design	Winston Churchill
Design date	13 September 2016

The Bank of England £5 note, also known as a fiver, is a banknote of the pound sterling. It is the smallest denomination of banknote issued by the Bank of England. In September 2016, a new polymer note was introduced, featuring the image of Queen Elizabeth II on the obverse and a portrait of Winston Churchill on the reverse. The old paper note, first issued in 2002 and bearing the image of prison reformer Elizabeth Fry on the reverse, will be phased out by 5 May 2017.^[1]

History

Five pound notes were introduced by the Bank of England for the first time in 1793, following the ten pound note which had been introduced in 1759 as a consequence of gold shortages caused by the Seven Years' War. The earliest notes were handwritten, and were issued as needed to individuals. These notes were written on one side only and bore the name of the payee, the date, and the signature of the issuing cashier. With the exception of the Restriction Period between 1797 and 1821 when the French Revolutionary Wars and the Napoleonic Wars caused a bullion shortage these notes could be exchanged in full, or in part, for an equivalent amount of gold when presented at the bank. If redeemed in part, the banknote would be signed to indicate the amount that had been redeemed. From 1853 printed notes replaced handwritten notes, with the declaration "I promise to pay the bearer on demand the sum of five pounds" replacing the name of the payee. This declaration remains on Bank of England banknotes to this day. A printed signature of one of three cashiers appeared on the printed notes, though this was replaced by the signature of the Chief Cashier from 1870 onward.^[2]

A white £5 note, issued in 1935

The ability to redeem banknotes for gold ceased in 1931 when Britain stopped using the gold standard.^[2] Metal thread was introduced on the five pound note in 1945 as a security feature. The printed black and white notes were replaced from 1957 onward by new, two-sided notes. The first two-sided £5 notes (series B) were blue and featured a bust of Britannia on the front and a lion on the back. Series C notes, first introduced in 1963, were the first notes to feature an image of the monarch on the front, with Britannia being relegated to the back. From 1971 onward with the introduction of series D a British historical figure was portrayed on the reverse; the soldier and statesman the Duke of Wellington in this case. Series E notes, first issued in 1990 are multicoloured, although they are predominantly turquoise-blue. These notes feature a portrait of the railway pioneer George Stephenson, as well as for the first time 'windowed' metal thread; this thread appears as a dashed line, yet forms a single line when held up to the light.^[3]

In December 2013 the Bank of England announced that the next £5 note would be printed on polymer, rather than cotton paper.^[4] This followed the announcement in April 2013 that Elizabeth Fry will be replaced by Winston Churchill on the next £5 note which will enter circulation in 2016.^[5] The full details of the design and security features were announced on 2 June 2016, and the note was introduced on 13 September 2016.^[6] Images on the reverse include a 1941 portrait of Churchill by Yusuf Karsh, a view of the Houses of Parliament, and a background image of Churchill's Nobel Prize in Literature, while the obverse features an image of Queen Elizabeth II. The 2016 note replaces a 2002 note featuring prison reformer Elizabeth Fry on the reverse. The old £5 note will be phased out by 5 May 2017. In November there was a controversy when the Bank of England confirmed that the new notes contain traces of tallow.^[7] Some vegetarians and vegans are unhappy with the note, and the manufacturer is looking into changing the recipe of the polymer used.^[8]

Designs

^[2][3][9]

See also

• Bank of England note issues

References

External links

• Bank of England website