General info
Why Friday shows cash isn’t dead!
Visa was in meltdown on Friday, and not because of the hot weather that hit Britain this weekend, but due to a ‘hardware failure’ which affected card payments and sent cashless customers into chaos…
At 2.30pm, just as the nation was preparing to leave work for the pay day weekend, the Visa network crashed and left millions unable to pay for goods across both the UK and Europe.
Major retailers reported failures on card payments and bedlam ensued as queues built up at petrol stations, shopping was abandoned at supermarket tills and outraged cardholders took to social media to vent their frustration.
Following debates on whether or not Britain should become a cashless society, Friday’s incident seems to have further confirmed for us the importance of cash in our everyday lives and has been a stark reminder of the downfalls of relying solely on card payments.
Were you affected by the Visa crash on Friday? Let us know in the comments below.
The 2019 Brexit coin… Are EU for or against it?
Have you heard the latest press rumours about the possibility of a commemorative Brexit coin being struck to mark the UK’s departure from the European Union?
In the news this week, we’ve heard that Conservative MPs are demanding the Treasury produce a ‘Brexit coin’ for 2019, but opinions seem to be split as to whether or not the coin should in fact be made.
Whilst the Treasury is believed to be enthusiastic about the plans, the Department for Business has reportedly rejected proposals for the Royal Mail to issue commemorative Brexit stamps.
Traditionally, stamps and coins have played an important role in celebrating Britain’s historical milestones.
In 1973 both a commemorative stamp and 50p coin were issued to mark the UK’s entry into the EEC, which was then incorporated into the EU in 1993.
1973 Britain’s Entry into European Community Stamps. Credit: The Guardian
1973 50p issued for the UK’s accession to the European Economic Community
As Britain reaches such a significant moment in the country’s history, should stamps and coins be issued to celebrate this, or is the issue just too controversial a topic for our nation to memorialise?
Foreign Secretary Boris Johnson commented, “Leaving the European Union will be a monumental moment in British history, so let’s deliver a commemorative stamp that shows the world we’ve got Brexit licked.”
Despite this, the Royal Mail Director of Public Affairs and Policy has rejected the proposal for a commemorative ‘Brexit stamp’ on the grounds that the Royal Mail must remain a figure of political neutrality.
Nonetheless, Conservative MPs seem to remain ever hopeful that the plans for a commemorative Brexit coin will be granted.
The Royal Mint Advisory Committee will be deliberating on whether or not to grant approval for this proposal and if it is approved, the design will then be proposed to Chancellor Philip Hammond before being sent to the Queen for Royal approval.
In coming months, we may see a public petition and even a design competition for the coin, but will you be signing your name to support the production of this coin?
Results from our Facebook poll showed that 68% of you voted in favour of a commemorative Brexit coin. We shall see what the future holds for this coin as The Royal Mint Advisory Committee deliberates the proposal…
Why the new Northern Ireland Banknote is turning heads…
Ulster Bank has recently revealed plans to print an innovative, new design for vertical banknotes which will be entering circulation in Northern Ireland next year.
This turn of events breaks the mould for UK currency, with the Bank of England first issuing banknotes in 1694 to a landscape rather than portrait alignment.
Whilst the banks of Northern Ireland have traditionally issued their own money, only once before has a note like this ever been printed in the UK, during 1999 when The Northern Bank issued a vertical polymer note to mark the millennium.
It featured an illustration of the Space Shuttle on one side and stopped being issued in 2008 when they reverted to the standard landscape paper notes, however the note can still be used today.
Northern Bank vertical polymer £5 note from 1999. Credit: polymernotes.com
Ulster Bank plans to follow in the steps of the Bank of England by replacing their current paper currency with polymer £5 and £10 notes.
However, this new design goes to the next level, not only updating the material but also changing the entire orientation of the note.
Northern Ireland’s new banknotes will be based on the theme “living in nature” with Strangford Lough in County Down and Brent Geese featuring on the £5 note and Lough Erne in County Fermanagh, the Irish hare and Guelder-rose shrubs featuring on the £10.
New vertical Northern Ireland Banknote to enter circulation next year. Credit BBC News
Switzerland’s first vertical banknotes entered circulation in 1995 and for the past two years have won the “Bank Note of the Year Award” as voted for by members of The International Bank Note Society (IBNS).
Earlier this year Canada introduced their first ever vertical banknotes, hoping to create more space for a bigger image and to set it apart from existing polymer bills. Their 10 dollar note is currently nominated for Banknote of the Year 2018.
Bermuda, Israel, Venezuela, Argentina and Cape Verde are among other countries to use vertical banknotes in their currency.
These banknotes may be easier to use at cash and vending machines and may make it clearer to see the notes in your wallet, but what are your thought on this change in design and would you like the Bank of England to follow suit? Let us know in the comments below!
Credit: theibns.org
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