The biggest advantage of the UK to issue plastic banknotes is durability.
According to the British Sky TV News Channel reported on the 17th, the Bank of England's Bank of England's latest bid for printing banknotes, including the terms of printing plastic banknotes. The new banknote printing contract will start in 2015 and continue into 2025.
Currently, several countries in the world are using plastic banknotes, including Australia, Romania, Vietnam, Mexico and Malaysia. The biggest advantage of plastic banknotes is durability. According to estimates, Australia's $5 plastic banknotes last for about 40 months, while the British five-pound banknotes last only about six months. According to statistics, between 2003 and 2011, the Bank of England received a replacement application worth £747,000 due to damage to the banknotes in the washing machine, and another 86.25 million pounds of banknotes were damaged in a fire or flood.
Before the issuance of plastic banknotes, the Bank of England needs at least 12 months of consultation, and facilities such as electronic teller machines also need time to install the relevant settings.
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