Collectors are pouncing on future investment opportunities and paying staggering amounts of cash for the new plastic £5 notes!
The notes that have the lowest serial numbers appear to be attracting the highest bids, one note on eBay has collected bids in excess of £80,000 and they are still rising!
It appears that the note has a serial number displaying “AK47,” and it is this that is driving the bids, there have been over 100 so far.
The Bank of England has stated that they will be printing 440 million new notes at the same time as phasing out the old paper notes. Notes are replaced periodically to stay ahead of criminal gangs who specialize in counterfeiting and to introduce new security features.
The bank has stated that even though the notes are more costly to print, in the long run they work out cheaper since they have a longer life span than the paper notes. They are also more difficult to clone and can apparently survive a cycle in the washing machine! Eventually, £10 and £20 notes will also be printed on polymer.
At 15 percent, they are only a tiny bit smaller than the old notes. They have a different texture and brand new polymer notes will stick together, but this is only temporary as they get older they become more flexible. Tapping the notes on a hard surface such as a desk top will make them easier to count.
Over 30 countries have polymer notes in circulation including Canada, Australia, Mexico, New Zealand and Singapore.
Notes with a low serial number are donated to institutions and people involved in its development. One of the notes featuring a picture of Winston Churchill as well as one of his quotes was donated to the Churchill War Room.