Two years after unveiling its design, The Bank of England will introduce a new £50 banknote into circulation on November 2.
The new note will feature the portraits of entrepreneur Matthew Boulton and engineer James Watts – a duo that pioneered the use of steam engines in textile manufacturing during the 18th century. This marks the first time in the history of UK banknotes that two portraits will be featured on the back of the note.
This banknote will also be the first note signed by Chris Salmon, who was appointed as the Bank of England’s Executive Director of Banking Services and Chief Cashier earlier this year.
The Bank said the new £50 banknote will contain a range of new security features, but, according to British media sources such as BBC and The Independent, it will not release any more details until the note enters into circulation next month.
The £50 banknote has not been redesigned since 1994. That particular banknote, which will remain in circulation until its eventual withdrawal, features the portrait of Sir John Hublon, the first Governor of the Bank of England.
This denomination is one of the most commonly used notes in circulation, according to BBC News.
“There are 210 million £50 notes in circulation, valued at £10.5bn. That is 84% higher than 7 years ago,” they reported. “The £20 is the most common Bank of England note in circulation, with 1.55 billion notes in circulation worth £31bn. “