Bank of England £5 note

Five pounds

(United Kingdom)
Value	£5
Width	135 mm
Height	70 mm
Security features	Raised print, metallic thread, watermark, microlettering, UV feature, hologram
Paper type	Cotton
Years of printing	1793–present 2002–present (current design)
Obverse
Design	Queen Elizabeth II
Design date	21 May 2002
Reverse
Design	Elizabeth Fry
Design date	21 May 2002

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. The current cotton note, first issued in 2002 bears the image of Queen Elizabeth II on the obverse and the image of the prison reformer Elizabeth Fry on the reverse. The current note will be phased out beginning in September 2016 to be replaced by a polymer note featuring a portrait of Winston Churchill.

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.^[1]

A white £5 note, issued in 1935

The ability to redeem banknotes for gold ceased in 1931 when Britain stopped using the gold standard.^[1] 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.^[2]

The current £5 note was introduced in 2002. It features a portrait of the prison reformer Elizabeth Fry on the back as well as an illustration of her reading to inmates at Newgate Prison.^[3] The note features a number of security features in addition to the metallic thread including raised print, a watermark, microlettering, a hologram, and a number five which only appears under ultraviolet light.^[4] In December 2013 the Bank of England announced that the next £5 note will be printed on polymer, rather than cotton paper.^[5] This follows 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.^[6] The full details of the design and security features will be announced on 2 June 2016. Images on the reverse will 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. The Churchill note will start being issued in September 2016.^[7]

Designs

Note	First issued	Last issued	Ceased to be legal tender	Colour	Size	Design	Additional information
White (1793)	1793	Unknown	1 March 1946	Monochrome (printed on one side only)	200mm x 113mm (may vary)
White (1945)	1945	1957	13 March 1961	Monochrome (printed on one side only)	211mm x 133mm		Incorporated metal thread for first time: permanent feature thereafter
Series B	21 February 1957	1963	27 June 1967	Blue	158mm x 90mm	Front: Helmeted Britannia; Back: Lion
Series C	21 February 1963	1971	31 August 1973	Blue	140mm x 85mm	Front: Queen Elizabeth II; Back: Seated Britannia	First £5 note to carry portrait of monarch
Series D	11 November 1971	1990	29 November 1991	Predominantly blue	145mm x 78mm	Front: Queen Elizabeth II; Back: Duke of Wellington
Series E	7 June 1990	July 2002	21 November 2003	Multicoloured (predominantly turquoise-blue)	135mm x 70mm	Front: Queen Elizabeth II; Back: George Stephenson	Those notes issued from March 1993 featured the denomination symbol "£5" in bolder colours
Series E (variant)	21 May 2002			Multicoloured (predominantly turquoise-blue)	135mm x 70mm	Front: Queen Elizabeth II; Back: Elizabeth Fry
Series F (polymer)	2016				125mm x 65mm	Front: Queen Elizabeth II; Back: Winston Churchill

Information taken from Bank of England website.^[1][2]

References

1. "A brief history of banknotes". Bank of England. Retrieved 27 April 2016.
2. "Withdrawn banknotes reference guide" (PDF). Bank of England. Retrieved 27 April 2016.
3. "£5 Note (Elizabeth Fry) – Design Features". Bank of England. Retrieved 27 April 2016.
4. "£5 Note (Elizabeth Fry) – Security Features". Bank of England. Retrieved 27 April 2016.
5. "New banknotes to be printed on polymer". Bank of England. Retrieved 27 April 2016.
6. "Sir Winston Churchill to feature on new banknote". BBC News. Retrieved 27 April 2016.
7. "Sir Winston Churchill Banknote". Bank of England. Retrieved 27 April 2016.

External links

• Bank of England website