UK reveals new 'polymer' £5 banknote

LONDON (AA) - Britain's “polymer” £5 note was revealed Thursday during an event at the Blenheim Palace, the birthplace and home of ex-British premier Winston Churchill in the U.K.

The new note, made of a special thin plastic material, is said to be more durable and securer than paper notes. Churchill is commemorated on the new polymer £5 note, with the words “Bank of England” printed in raised ink. It is about 15 percent smaller than the current £5 note.

According to the newfiver.co.uk website, "The new fiver will enter circulation on Sept. 13. It will then take a few weeks for the notes to spread across the country to shops, businesses and banks.

“In May 2017, paper £5 notes will cease to be legal tender and will no longer be accepted by shops and banks.”

Apart from being cleaner and securer, Britain’s first plastic banknotes are expected to last 2.5 times longer than a paper note.

The central bank has been using the paper notes for more than 320 years. The bank printed 440 million new £5 notes with a value of £2.2 billion ($3.18 billion).

The £10 note is planned to be issued in 2017 and the £20 note by 2020.