What small businesses need to know about the new plastic £10 note

The new plastic £10 note, featuring the face of Jane Austen, is now in circulation.

The note is made of polymer, and includes a range of new security features intended to make it much harder to forge.

So what do small businesses need to know about the new £10 note?

When did the plastic £10 note enter circulation?

The new note entered circulation (and became legal tender) on 14 September, following the introduction of a new fiver last year.

What’s different about it?

The new £10 note is different from the old version in several ways.

First, it’s slightly smaller, just like the new fiver. It’s also made of polymer, making it significantly more durable – even if it goes through the wash.

The new tenner is also designed with the partially sighted in mind, with a range of tactile information included in order to help those with seeing problems know what they’re holding.

8 things to look out for

However, for small businesses the main changes are related to security. These include:

  • A see-through window displaying a portrait of the Queen
  • A gold foil picture of Winchester Cathedral on the front, which is displayed in silver on the reverse
  • A quill which changes colour from purple to orange when the note is moved in the light
  • Two holograms, one which changes from the word ‘ten’ to the word ‘pounds’, and another of the coronation crown
  • A copper foil patch displaying a book
  • Lettering below the portrait of the Queen which is visible only under microscope
  • The number ten, which appears only under ultra-violet light
  • Raised lettering reading ‘Bank of England’ along the top of the note and in the lower right hand corner

The note is only genuine if it contains all of these features.

What about the old tenners?

All businesses must continue to accept the old £10 note until some point during the first half of 2018.

The exact date that they will be removed from circulation will be announced later, with at least three months’ notice.

Is my new note worth something?

If you’re lucky, your new £10 note could be worth much more than a tenner.

You should particularly look out for those with serial numbers beginning ‘JA’, after Jane Austen. Experts think that JA57 and JA17 could be particulary valuable, because they are the year of the author’s birth and death respectively.

Will the new notes make life easier or harder for your business? Let us know below.

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