As composting is not suitable for polymer grades, we engaged an independent third party to conduct a life-cycle study assessing the environmental impacts of different waste treatment options. The study used international standards (ISO 14040:2006 and 14044:2006) for the assessment and was reviewed externally by a group of industry experts. Recycling was the cheapest option. As a result, we obtained a UK-based recycling solution where polymer banknotes are converted into pellets before being converted into new plastic items such as plant pots. The Banknote Circulation System (CSS) regulates the distribution, processing and storage of our banknotes. It provides a framework for the wholesale cash industry, which helps promote the efficiency of its banknote transactions. Legal agreements and rules underpin the operation of the NCS. The following companies are members of the NCS: No. Reproductions of banknotes must be an exact copy or not resemble our banknotes or contain any of their design elements.
NCBs have fully automated banknote handling machines to verify banknotes received. These machines sort notes to maintain high quality standards. In 2010, the NCBs considered around 5.8 billion banknotes to be unfit for circulation and replaced them. Dirty or damaged banknotes are destroyed. DAMAGED banknotes are often thrown away, but there is a way to get your money back. The words “I promise to pay the holder the sum of five/ten/twenty/fifty pounds on demand” appear on all our banknotes. This phrase goes back a long time ago, when our banknotes were gold deposits. At that time, a member of the public could exchange one of our notes for gold of equal value.
For example, a 5-pound note could be exchanged for five gold coins, called sovereigns. Euro banknotes that are damaged or damaged (e.g. partially burned, cut or decomposed) and that meet certain criteria are replaced by the national central banks of the euro area. For example, a national central bank will replace a damaged euro banknote if you present more than half of the banknote or if you can prove that the missing (largest) part of the banknote has been destroyed. Euro banknotes intentionally mutilated or damaged will not be refunded. There is no limit to the total amount of tickets you can exchange. You may need to fill out one of our forms or provide photo identification (ID) and proof of address. The Bank of England receives an average of 63 requests EVERY DAY from people who have a damaged or mutilated banknote Euro banknotes must be genuine and of high quality for people to have confidence in them. National central banks therefore check all euro banknotes before reissuing them to ensure that they are genuine and that they are not damaged or soiled. The exchange is usually free.
Euro banknotes that have been accidentally damaged by anti-theft devices will be subject to a fee. If your reproduction does not include any of our banknote features, we consider it to be a “voucher” rather than a banknote. Therefore, it would not have to meet our reproductive requirements. We have a list of machine manufacturers who have been offered access to test banknotes. If your manufacturer is not listed, please let us know under cashindustry.enquiries@bankofengland.co.uk. Each cut has a different size. The higher the value of a ticket, the larger it is. The Isle of Man, Jersey and Guernsey are outside the UK, so they issue their own banknotes.
For more information, see the following sources: Technically, if you have more than half, it is still legal tender.