Bank of England - Banknote Checking Scheme Alert

Counterfeit banknotes in circulation is an ever present issue for retailers in Scotland.

The National Crime Agency (NCA) has asked The Bank of England to alert Banknote Checking Scheme supporters to updated advice on how to check Scottish £20 and £50 notes, which they have produced in association with the Association of Commercial Banknote Issuers (ACBI).  Counterfeits continue to be accepted by retailers, although the counterfeit £50 notes are principally being passed outside Scotland.

The ‘Know your Scottish Polymer £20 notes’ and ‘Know your Scottish Polymer £50 notes’ PDF’s contain key security features to support retailers in identifying genuine Scottish banknotes.

As an example, they advise that current counterfeit RBS £50 notes can be identified by one key check – the upper half of the hologram/foil strip is gold, and the lower half is silver. The hologram/foil strip on genuine RBS £50 notes is silver for its whole length.

Information on how to check other Scottish notes, as well as Northern Ireland notes, can be found here.

Also on the Bank of England website it explains how to check bank notes, including King Charles banknotes which entered circulation last year. There is also a handy advice for retailers and businesses page on their website.