THE £50 banknote was once described as the “currency of the corrupt elites”.
But in October 2018, government ministers opted against scrapping it, in hope of developing a more durable and secure note. Here’s what we know…
The new £50 note will be released after 2020Alamy
When will the new £50 be released?
There are currently 300million £50 notes in circulation, with a combined value of £16.5billion.
The Bank of England has said we won’t be seeing the new £50 note before 2020.
The new version will be made of plastic rather than paper, like the current £5 and £10.
The Sun revealed last month that Treasury bosses had decided to save the note after considering scrapping it due to money-laundering concerns.
Who will feature on the note?
Bank governor Mark Carney said the banknotes are a great way to celebrate the contributions of Britain’s “greatest citizens”.
The new £50 note will feature a renowned British scientist.
The scientist may specialise in any field of science, including astronomy, biology, bio-technology, chemistry, mathematics, technology and zoology.
And Bank of England has asked members of the public to offer their suggestions.
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Stephen Hawking is a crowd favourite, but there is also pressure to feature an eminent female scientist.
The committee will draw up a shortlist, and the final decision will be made by Mr Carney.
Speaking at London’s Science Museum, he said: “There is a wealth of individuals whose work has shaped how we think about the world and who continue to inspire people today.
“Our banknotes are an opportunity to celebrate the diversity of UK society and highlight the contributions of its greatest citizens.”
Members of the public can make their nominations here until December 14.