Article ID: ff50b1de13586ea43cf5c9c8f8b7271657582572d5b556268377ec8910ca191c
Source ID: regulatory:bankofengland.co.uk
Published At: -
Extraction Method: trafilatura
URL: https://www.bankofengland.co.uk/statistics/banknote
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We use necessary cookies to make our site work (for example, to manage your session). We’d also like to use some non-essential cookies (including third-party cookies) to help us improve the site. By clicking ‘Accept recommended settings’ on this banner, you accept our use of optional cookies. Necessary cookies Analytics cookies Yes Yes Yes No Necessary cookies Necessary cookies enable core functionality on our website such as security, network management, and accessibility. You may disable these by changing your browser settings, but this may affect how the website functions. Analytics cookies We use analytics cookies so we can keep track of the number of visitors to various parts of the site and understand how our website is used. For more information on how these cookies work please see our Cookie policy. Each year, we publish how many of our banknotes are in circulation and how much they are worth. We say the number of notes we issue and destroy, the number of counterfeits found, and how many claims we get for damaged notes. And we compare the data with previous years. Use the icon on the top right hand corner of the charts to download data. You can toggle data series on and off. Notes in circulation The total value of our notes in circulation has tended to increase over time with growth driven in recent years by the £20 and £50 note. We measure the value of notes in circulation on the last day in February each year. The value of banknotes in circulation (£ millions) £5 £10 £20 £50 Total1 Other notes2 2014 1540 7182 36483 11025 56230 3967 2015 1601 7371 38912 11788 59671 4118 2016 1645 7767 41037 13157 63606 4212 2017 1912 8006 43357 15601 68876 4322 2018 1910 7789 42692 16508 68899 4351 2019 1979 10524 40129 17210 69841 4330 2020 2068 13377 37143 17574 70161 4261 2021 2034 15405 44742 17850 80031 4661 2022 1995 14365 50484 14790 81634 4806 2023 1956 13560 52297 13450 81263 4644 2024 1922 12767 52926 14757 82373 4646 2025 1955 12580 55101 16236 85872 4721 1 Total is the sum of £5, £10, £20 and £50 notes excluding all other notes. See below. 2 Higher value notes used as cover for the note issues of banks in Scotland and Northern Ireland. The volume of banknotes in circulation (millions) £5 £10 £20 £50 Total1 2014 308 718 1824 221 3071 2015 320 737 1946 236 3239 2016 329 777 2052 263 3421 2017 382 801 2168 312 3663 2018 382 779 2135 330 3626 2019 396 1052 2006 344 3799 2020 414 1338 1857 351 3960 2021 407 1541 2237 357 4541 2022 399 1436 2524 296 4656 2023 391 1356 2615 269 4631 2024 384 1277 2646 295 4603 2025 391 1258 2755 325 4729 1 Total is the sum of £5, £10, £20 and £50 notes excluding all other notes. Growth in the value of our notes in circulation The two main ways to measure yearly growth of notes in circulation (NIC) are: Peak-to-peak, which measures the difference between the peak levels of NIC (usually leading up to Christmas) each year. Average year-on-year, which measures the difference between the average level of NIC each year. The charts below show how peak-to-peak and average growth have varied for each of our notes, and overall, over the past decade. Peak to peak banknote growth rate Peak-to-peak measures the difference between the peak level of notes in circulation each year (usually in the run up to Christmas). Average banknote growth rate Average year-on-year measures the difference between the average level of notes in circulation each year. Value of banknotes issued (£ millions) Each year we issue new banknotes to replace unfit ones and to meet any increases in overall demand. The value of each denomination issued are shown in the table below. £5 £10 £20 £50 Total 2013/14 793 2141 5281 2260 10474 2014/15 869 2433 6202 2165 11668 2015/16 977 5683 5056 1831 13547 2016/17 1643 4008 6382 3188 15220 2017/18 386 8192 3291 2169 14039 2018/19 154 3568 1211 1616 6549 2019/20 229 2993 5323 370 8915 2020/21 58 2866 30627 146 33697 2021/22 198 136 12551 4494 17380 2022/23 239 45 6357 5474 12115 2023/24 102 20 930 2298 3350 2024/25 244 122 2548 2045 4959 Value of banknotes destroyed (£ millions) Each year we destroy banknotes that have become unfit for use. The value of each denomination destroyed are shown in the table below. £5 £10 £20 £50 Total 2013/14 927 2811 3821 1874 9432 2014/15 1001 2351 3848 1739 8939 2015/16 893 5250 3547 481 10172 2016/17 1509 4058 3371 484 9422 2017/18 1192 7785 3474 506 12956 2018/19 131 4895 5327 312 10665 2019/20 128 490 9796 865 11279 2020/21 106 250 26932 191 27478 2021/22 265 228 13046 12044 25583 2022/23 270 274 3983 8218 12745 2023/24 101 113 644 1256 2115 2024/25 44 92 348 432 917 Damaged notes When one of our banknotes gets damaged we will exchange it, if at least half of it remains. We receive thousands of claims to replace damaged banknotes each year. The first chart below shows the number of claims we received and why. The second chart shows how much we paid to reimburse customers. Number of claims and cause of damage We receive thousands of claims each year from members of the public, banks, businesses and the police. This chart shows the number of claims and what caused the damage. Value of exchanged banknotes We exchange millions of pounds worth of banknotes. This chart shows how many British pounds we exchanged for each type of damaged banknote. We have rounded the numbers to the nearest 1,000. Counterfeit notes In 2024, only a small fraction, less than 0.0019% of banknotes were counterfeit, that is less than 1 in 52,600 banknotes. Counterfeit notes are created illegally and are worthless. You can identify them by following our guide on how to check your banknotes. Counterfeit notes are removed from circulation by banks and the police and are sent to us for analysis. These charts show the number we receive each year and their notional face value (to reiterate, they are worthless). Counterfeiting has substantially reduced since 2019 as a result of a combination of factors such as the introduction of more robust polymer banknotes, the subsequent withdrawal of the older paper designs as well as successful police action on the sources and distribution of counterfeits. Number of counterfeit notes discovered This chart shows how many counterfeit notes we receive and their denomination. The figures include both current and old banknotes series. We have rounded the numbers to the nearest 1,000. Data includes counterfeits of both current and old series notes. Year £5 £10 £20 £50 Total Value (£ millions) Number removed before entering circulation (bulk seizures) 2010 6000 11000 286000 4000 307000 6.06 42000 2011 6000 122000 257000 2000 387000 6.49 0 2012 4000 163000 564000 16000 747000 13.73 9000 2013 5000 249000 435000 16000 705000 12.015 8000 2014 2000 96000 328000 15000 441000 8.28 0 2015 1000 53000 174000 23000 251000 5.165 0 2016 2000 23000 303000 27000 355000 7.65 10000 2017 1000 43000 403000 33000 480000 10.145 0 2018 1000 8000 434000 38000 481000 10.665 7000 2019 1000 3000 405000 46000 455000 10.435 536000 2020 0 8000 156000 23000 187000 4.35 37000 2021 2000 8000 90000 34000 134000 3.59 72000 2022 1000 6000 198000 21000 226000 5.075 108000 2023 1000 4000 114000 6000 125000 2.625 15000 2024 1000 4000 80000 6000 91000 1.945 63000 Notional face value of counterfeit notes discovered This chart shows the total notional face value of notes we have removed and their denomination. The figures are in millions of British pounds. They are rounded to the nearest £1,000. Data includes counterfeits of both current and old series notes.
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