Case of the disappearing serial numbers causes Bank to suspend the issue of new fivers
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Your support makes all the difference.An embarrassed Bank of England was forced to suspend the issue of its new, super secure £5 note yesterday when it discovered that serial numbers could be rubbed off.
Six days after the "most secure £5 note" went into circulation, officials asked banks to stop issuing the currency after being alerted to half a dozen cases by the public.
Tests conducted by the Bank showed that it was possible to remove both of the serial numbers if some of the notes were rubbed hard enough. The Bank said about 10 million of the new notes, featuring a portrait of 19th century social reformer Elizabeth Fry, have been distributed but it believed a substantial number were still at bank and Post Office branches.
It has not requested a recall but asked that branches hold on to them until their investigations have been completed.
The serial numbers, which are unique to each note, form part of the security features. The numbers allow the Bank to track where batches of the notes are sent and help police to find them in the event of a large cash robbery. Their absence does not affect the value of the note but officials said they could be exchanged if people were concerned.
The Bank said there was no problem with the anti-counterfeiting measures added for the first time to the £5 note. The features, which bring them in to line with £10 and £20 notes, include a foil hologram which changes from the image of Britannia to the number five when seen from different angles.
On their launch, Merlyn Lowther, the Bank's chief cashier, whose signature appears on the notes, said: "This is the most secure £5 note we have produced. Anti-counterfeiting and cost effectiveness are the two key objectives of our banknote research work."
The Bank said it had suspended distribution of the new notes, "while we carry out further tests and investigative work into what might have caused the fault and how widespread the problem is".
A spokeswoman said it was not clear if the serial number fault was limited to a single batch of the notes, which are made at the Bank's printing works in Debden, Essex.
"There are around 200 million £5 notes of the previous design in circulation, which should provide ample supply for the public's needs for the time being," the Bank said.
It said it had carried out extensive tests before the launch and had no reason to believe there would be any problems.
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