London: The Bank of England will introduce a new-style 50 pounds banknote into circulation on November 2, official sources said on Friday.
The note will feature the renowned 18th century business partnership of entrepreneur Matthew Boulton and engineer James Watt.
A range of new and enhanced security features have been incorporated into the design of the Boulton and Watt 50 pounds banknote, the sources said.
The note will feature the renowned 18th century business partnership of Matthew Boulton and engineer James Watt.
Full details of these will be revealed when the new banknote is introduced into circulation, accompanied by a publicity and education campaign.
The Boulton and Watt 50 pounds banknote marks the first time two portraits have appeared together on the back of a Bank of England banknote.
It will also be the first banknote in circulation to be signed by Chris Salmon, who was appointed as the Bank's Executive Director, Banking Services and Chief Cashier in April 2011.
A Bank of England release said that as the new-design banknotes will be introduced, the notes they replace will be withdrawn, they can always be exchanged with the Bank of England for their face value.
The Boulton and Watt 50 pounds banknote will initially circulate in tandem with the current 50 pounds banknote featuring Sir John Houblon, the first Governor of the Bank of England, which was introduced in 1994.
The Boulton and Watt 50 pounds banknote is the second in the Series F with the Adam Smith 20 pounds banknote the first (2007). The Houblon Series E 50 pounds note was introduced in 1994.
The previous 50 pounds banknote design was the Wren banknote, introduced in 1981 and withdrawn from circulation in 1996. Prior to this there was a white 50 pounds in issue between 1725 and 1943.
As at end February 2011, the value of 50 pounds banknotes in circulation was 9.9 billion pounds, the bank said.