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UK Sterling notes may be replaced by plastic cash

Australia introduced the concept over a decade ago and a number of countries like Romania, Vietnam, Mexico and Malaysia, have followed suit. It now looks as though the UK could to turn to polymer based bank notes to replace the current paper ones.

It’s thought that the English £5 note becomes haggard after around six month, while the Australian equivalent lasts around 40 months. When taking a look at figures, it seems the plastic alternative is a much more sustainable way to go with claims between 2003-11 totalling £946,000 for notes that have been eaten or chewed, over £700,000 through washing, and around £8.5 million for fire or flood damage.

Holograms and other security features can be incorporated into the design of the plastic notes to reduce the risk of counterfeiting. It appears that the idea is still in discussion with the contract is set to run from 2015 to as late as 2028.

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