You’ve dealt with the new £1 coin, and the new £5, and now the new £10 comes into circulation - with the new polymer £20 due in a few years. The redesigned currency should block counterfeiters’ efforts to produce fraudulent banknotes and coins. However, while the transition should not be invasive or disruptive, it could nevertheless negatively affect your business. For that reason, you should prepare by training your staff and renovating any cash-handling machines.

  • Provide all of your employees that handle money with training on how to properly identify and authenticate the redesigned currency. In addition, all new hires should also receive this training if they handle money.
  • Purchase high-quality UV lamps that emit light at around 365 nanometres in order to test the redesigned banknotes for authenticity.
  • Adapt your cash-handling machines to effectively recognise and handle the new coins and polymer banknotes. To find out what adjustments need to be made to the machines, contact the manufacturer or supplier. In most instances, the machines will need a software update.
  • If you purchase a new cash-handling machine in the future, be sure to ask whether the machine is already calibrated for the redesigned currency. A list of cash-handling manufacturers that have tested new notes and their machines’ ability to accept them can be found by clicking here. If your manufacturer is not listed, let the BoE know by emailing them at [email protected]
  • Calibrate your weighing scales in order to accurately weigh the lighter polymer banknotes. To find out what specifications you will need to adjust your scale to, contact the machine manufacturer or supplier.
  • Adapt the cash machines at your business that are filled with takings from the till to dispense the new polymer banknotes. Your cash machine supplier will contact you to schedule the maintenance for the machines. Alternatively, if your business hosts a cash machine that is filled by a cash-in-transit company, you do not need to do anything. The cash machine operator and cash-in-transit company will be responsible for those machines’ maintenance.
  • Adapt your business’ self-service tills to accept payment from the redesigned currency. To do so, contact the machine manufacturer or supplier. In general, the machine will need a software update and the dispense cassette will need to be adjusted for the new banknote size.
  • Access educational materials from the BoE to help employees identify genuine banknotes by clicking here.

If you are concerned about any effects this might have on your business, or any other areas of concern, then get in touch to discuss your business insurance needs.

For more information on any of our news articles, please contact:

Duncan Sutcliffe

01905 21681

[email protected]

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