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New £50 note to be launched

New £50 note to be launched

Category: Money

Updated: 14/12/2012
First Published: 30/09/2011

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 It is now over 6 months old so the content may be out of date.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 style £50 banknote is to be introduced into circulation from the beginning of November, the Bank of England has announced.

The note will be introduced on 2 November and 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 century. 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.

A campaign to publicise the new note and educate the public on the features will begin when the note is introduced.

The Boulton and Watt £50 banknote marks the first time two portraits have appeared together on the back of a Bank of England banknote.

It will also be the first banknote in circulation to be signed by Chris Salmon, who was appointed as the Bank's Executive Director, Banking Services and Chief Cashier in April 2011.

As new-design banknotes are introduced so the notes they replace are withdrawn - although they can always be exchanged with the Bank of England for their face value.

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 will make an announcement regarding the withdrawal date of the existing £50 note in 'due course'.

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