Banks Plan Change In Note-Folding System

Press, Volume CVI, Issue 31239, 10 December 1966, Page 23

Banks Plan Change In Note-Folding System

Trading banks are planning another step in preparation for the change to decimal currency, says a report from the Bankers’ Association. On January 9 trading banks. Post Office Savings Banks, and trustee savings banks will introduce the 10-note fold system. The change will need the co-operation of the business community, the report says. The new system involves folding all bank notes in folds of 10 instead of mostly in 20 as at present. It is a logical step and more suited to a currency system based bn tens. "The early change to the 10-note fold system, is to help a smooth decimal change,” said Mr E. R. Williams, the chairman of the association. “The new system should be easily introduced once the Christmas rush is over. It will be to the ultimate benefit of the trading community and I we are confident of getting i their co-operation,” he said.

In the new system there will be 10 notes to a fold and 10 folds to a bundle. A fold of 10s notes will have a value of £5 and a bundle of 10s folds £5O; a fold of £1 notes £lO and a bundle of £1 folds £100; a fold of £5 notes £5O and a bundle of £5 folds £500; a fold of £lO notes £lOO, and a bundle of £lO folds £lOOO. The system is being introduced in the New Year to give the public and banks experience in the system before D.C. day and to avoid having to make the change during the conversion period. Some larger bank customers deposit thousands of pounds in notes daily. In collating their notes in folds of 10, banks will be following the practise introducing in Australia about six months before the change to decimal currency. The system has worked well, for customers and banks there, the report says.