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New £50 note launched today

New £50 note launched today

Category: Money

Updated: 02/11/2011
First Published: 02/11/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

A new £50 note has been put into circulation today, the Bank of England has announced.

The new tender will feature the renowned 18th century business partnership of entrepreneur Matthew Boulton and engineer James Watt.

Boulton and Watt were responsible for accelerating the progress of manufacturing steam engines during the 18th and 19th centuries. Their inventions and improvements to this technology helped make a huge contribution to the progress of the Industrial Revolution.

They worked together to pioneer the use of the steam engine in the cotton spinning industry in the last 1700s.

The Bank of England said that the new note (pictured) will feature a range of new security features which have been incorporated into the design.

"The Boulton and Watt £50 banknote has new and enhanced security features which demonstrate the Bank's commitment to its role of maintaining public confidence in the currency," said Chris Salmon, Executive Director for Banking Services and Chief Cashier at the Bank of England.

"The motion thread security feature is one of the new measures which should help members of the public to identify genuine £50 banknotes."

As new-design banknotes are introduced so the notes they replace are withdrawn.

The Boulton and Watt £50 banknote will initially circulate in tandem with the current £50 banknote featuring Sir John Houblon, the first Governor of the Bank of England, which was introduced in 1994.

The Bank said it would announce the date that the notes stop being legal tender in due course, although people will still be able to exchange the notes with the Bank of England after that date.

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