Northern Ireland’s First Trust Bank to stop issuing their own banknotes
First Trust Bank, one of four main banks in Northern Ireland, will become the first Northern Ireland-based bank to end the practice of printing its own-denomination banknotes. The bank revealed it will scrap its own banknotes next year and switch to dispensing Bank of England notes from its ATM network.
Although the UK has a vast variety of different notes in circulation, The Bank of England is the only bank to issue notes for England and Wales, while there are seven different banks in Scotland and Northern Ireland that currently produce their own notes.
First Trust Bank currently their own banknotes in denominations of £10, £20, £5 and £100. Image Credit: The Irish Times
The decision is thought to be an economic issue and means that all existing First Trust banknotes will not be able to be used for payments from midnight on 30th June 2022. They can however be exchanged for Bank of England banknotes, or other sterling banknotes of equivalent value at Post Offices up until 30th June 2024.
Why do Scotland and Northern Ireland issue their own banknotes?
The UK has a vast variety of different notes in circulation and although those of us living in England and Wales don’t see many, there are three different banks in Scotland and four in Northern Ireland that currently produce their own notes.
In fact the tradition of printing banknotes was considered the norm centuries ago as most of the UK’s banks produced their own banknotes. However over time they weren’t all doing it responsibly and were not able to back the notes up with actual assets. The law changed in the 1840’s in England and Wales so all production of banknotes was moved to The Bank of England bar Scotland who argued for an exception as they were not having the same issues. The Bank Notes Act of 1928 allowed banks in Northern Ireland to produce their own notes.
For people living in Scotland and Northern Ireland, the banknotes are part of the furniture and a part of their cultural identity that usually feature local landmarks and historical figures. These issuing banks have also considered the notes as part of their marketing as customers are seeing the name of their banks in their hands as they spend cash.
Can you spend Scottish and Northern Irish banknotes in England?
Yes. The notes are legal currency and backed with physical assets with the Bank of England so can technically be accepted anywhere in the UK. However, the problems come as shops are not always overly familiar with all the different types of notes and may not be sure on how to check them for counterfeiting so don’t like to accept them.
Is this the beginning of the end for Northern Irish and Scottish banknotes?
The decision is scrap the printing of banknotes at First Trust Bank is thought to be an economic issue and comes as other Northern Ireland banks prepare for the change over to modern Polymer notes in the very near future. The update is needed in order to produce counterfeit resilient notes to protect against forgery and ensure the security of circulating notes. But this costly change could be too much for First Trust handle.
Scotland’s Clydesdale Bank was the first bank in the UK to issue a Polymer note in 2015. Image Credit: RBS
There are also a lot fewer of these notes changing hands and with the increasing use of digital payment methods and mobile technology, it could be the reasoning behind the decision to scrap the notes.
The other three Northern Irish banks are currently in various stages of issuing their own polymer £5, £10 and £20 notes and it is clear that Scotland are completely committed to keeping their own notes as Clydesdale Bank was the first bank in the UK to issue a Polymer note back in 2015.
What do Change Checkers love about coin collecting?
Happy Valentine’s Day Change Checkers!
Today we’re celebrating our shared love of coin collecting and below you’ll find some amazing reasons why Change Checkers love this timeless hobby…
“I love all the different designs & finding them to add to your collection, I have a collection for both my children & I love seeing their faces as they look through their folders at all the different designs! Raiding my family & friends change as well is always fun.” – Lisa Owen
“ Love checking through my change for new coins for my collection. I even have my friends saving me the ‘weird coins’ and love to see them get excited for me!!” – Tyra Bisset
“It’s the anticipation of buying something when you’re out and about, seeing a shiny or well used coin and finding out it’s one you don’t have in your collection. I got my last 2 Beatrix Potter 50p’s just by having a cheeky cuppa and getting them in my change.” – Nina Goodman
“We love the different designs that are on the coins and the excitement of finding them in a hunt! ?” – Coins with Lauren and Miya
“I like that I get most of the good/new coins from my husband Sam Chisholm-Brown while he is away with work. It helps me to remember that he’s still thinking about me. This week he sent a photo of the Mary Rose, so I have that to look forward to on Friday when he gets home. P.s. He hasn’t found me a 10p yet *unicorn poop!” Jemma Chisholm-Brown
“Seeing the historical events on the coins ?. And finding new coins that you haven’t got… completing a set. There are loads.” – Lizzie Martin
“Finding a new coin you don’t have is like Christmas. I love collecting them and some of them have meaning or have been made for a reason and I like to add them to my collection.” – Ellie Bibby
“Love seeing all the different designs and the joy it gives when turning over the coin to see which design I have, old and new alike.” – Michelle Bullimore
“I love collecting coins because I love looking at all the different designs on them. When I find one I don’t have I get so excited like it’s my birthday or Christmas. All my family and friends like to join in with my hunt to so that makes me love it even more especially when they find ones I don’t have. ?” – Hannah Sutton
“The surprise element of not knowing what you’ll get in your change or coin bags.” – James Goodman
“I like the collecting element and searching through your change (and badgering friends to keep weird designed coins) in the hope you get ones you need and also they look pretty.” – Alex Campbell
“I love the hunt, and that moment of excitement when it’s another one ticked of the list.” – Robert Lipman
“It’s an investment for my kids ? they love all the different design too!” – Leanne Wallwork
“I love collecting coins for 3 reasons: the excitement of looking, the fact that they can be found in so many places, and finally, that you could actually make a small fortune.” – John Moss
“Just seeing the excitement on my daughter’s face when she finds one she hasn’t already got is priceless.” – Deborah Wood
“I love collecting coins because of the great designs on them. Also I see it as preserving a part of british history. Kids in the future will probably never see half of the 50ps and definitely never see the old round pounds.” – Bradley Knott
“Collecting coins has meant family coming together enjoying a harmless hobby, grandchildren learn a bit of history as well.” – Judith Nichols
“Used to collect stickers and cards as a kid. That excitement and anticipation of opening the pack to see what was inside is now kinda what I feel when there’s a coin that, at first glance, is obviously not the usual design.” – Adam Grimmer
“I’ve collected coins for over 25 years. I love the different designs and I have friends and family who keep an eye out for me. I also collect each country from every year as well. It’s a very exciting hobby. I love going to antiques fairs with my son who has started collecting also.” – Kathryn Michelle Robins
“The fact that the whole family can join in. My son and wife get as excited as I do when they find that elusive coin.” – Tony Maden
Thank you to everyone for sharing the reasons why you love coin collecting. As always, we love hearing from Change Checkers, so leave us a comment below to share the love and get in touch with us this Valentine’s day.
Love,
Rachel and the Change Checker team
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If you’re interested in coin collecting, our Change Checker web app is completely free to use and allows users to:
– Find and identify the coins in their pocket
– Collect and track the coins they have
– Swap their spare coins with other Change Checkers
Sign up today at: www.changechecker.org/app
5 Fascinating Coins from Around the World
As today is Random Acts of Kindness day, I’ve decided to take a look and some of the most random, weird and wonderful coins issued from all around the world.
Whilst these coins haven’t entered circulation, I’m sure you will agree that they are works of art from truly innovative Mints. It’s been really exciting to discover the unique coins different countries have to offer, so take a look at the designs below to see some of the fascinating coins international mints have produced.
Germany’s see through 5 Euro
Developed by Dr Peter Huber and Günther Waadt, this unusual coin is a first of its kind. Released in 2016, the see through coin features a blue plastic ring in the middle and has been named ‘Blue Planet Earth’.
Not only is the blue ring easy to identify and authenticate by the naked eye, it is made of polymer plastic which behaves like a form of insulation between the pieces of two different metals and will be easy for cash machine to recognize whether it is real or fake.
German 5 euros. Credit: coincollectionmarket.com
A German Minting Technology team has spent a decade developing this new security feature. In fact, it’s the first coin to be made from a combination of metal and plastic materials which are rumoured to change colour when exposed to UV light.
In 2017, five more coins were created to reflect Earth’s climatic zones with the use of a different coloured plastic polymer ring to represent each zone. The series will continue releasing one coin per year until 2021.
Canada’s 3D Snowball Fight 50 Cents
Image credit: www.mint.ca
We all love a snowball fight and this wonderful Canadian 50 Cent coin allows you to bring to life the magic of a snowball fight on an innovative 3D coin!
The Royal Canadian Mint is renowned for their forward thinking technology, and in 2018 they used lenticular printing to create artist Tony Bianco’s fun-filled design with an illusion of depth, which actually appears to move as the coin is viewed from different angles – so watch out for those snowballs!
It really put a smile on my face when I came upon this coin in my research, and with a mintage of just 20,000 I’m sure those few Canadian Change Checkers who were lucky enough to add this coin to their collection will really treasure this coin.
Palau’s Bottle Top Coin
This is the world’s first ever ‘beer bottle top-shaped’ legal tender coin. Issued in 2016 to honour the 500th Anniversary of the Bavarian Purity Law – the enactment by Duke Wilhelm IV of Bavaria in 1516 states that only 4 ingredients can be used to produce the beer and even provides a restriction on pricing.
Whether you’re a beer lover or coin enthusiast – or both – I’m sure you’ll agree that this unusual coin is a fitting tribute to this landmark occasion in the history of brewing.
The obverse of the crown-cap-shaped coin shows the coat of arms of the issuing state below an outrigger canoe. Whilst the reverse shows two toasting beer mugs and a crown.
Nauru’s First Issue of the Euro 10 Dollars
Image credit: Numista
This unique and incredibly intricate ten dollar coin was issued in Nauru (a tiny island in Micronesia, northeast of Australia) in 2002 to commemorate the first Euro coinage.
The unusual coin is shaped as a map of Europe and has been struck in .999 pure silver.
On the obverse you can see the Bank of Nauru’s coat of arms and on the reverse is a gold plated Euro coin and the words ‘2002 – FIRST ISSUE OF THE EURO’.
Chad’s Earth Meteorite Gold Proof 3000 Francs
Within this Pure Gold Proof coin, issued in Chad in 2017, is a Moldavite Tektite gemstone – unique evidence of what can happen on the incredibly rare occasion that a meteorite hits the Earth.
These gemstones can only be found at five locations on Earth, and throughout the Middle Ages, they were highly prized and strictly reserved for those born of royal blood and nobility.
Struck from 0.5g of pure Gold, this coin is what is known as ‘small’ Gold – a collecting craze that is proving to be extremely popular among collectors worldwide, making this already very unique coin even more special.
With so many fascinating coins issued around the world, you don’t have to look far to find inspiration for your international collection. What do you think about the coins above and have you found any weird and wonderful coins for yourself?