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Last Updated: Wednesday, 21 February 2007, 21:55 GMT
March launch for Smith 20 note
See the new Smith 20 note

A 20 note featuring economist Adam Smith will be issued on 13 March, the Bank of England has said.

The note will also include a number of new security features designed to tackle counterfeiting.

While the Bank has yet to reveal the safety measures, they are thought to include a see through feature and a holographic strip.

The current 20 note, which features composer Edward Elgar, will be phased out after the launch of the Adams note.

Enhanced security

"The introduction of the Adam Smith 20 from 13 March will be a major undertaking for us as the 20 denomination is by far the most common note in circulation," said Andrew Bailey, the Bank's executive director for banking and chief cashier.

"This means that the proportion of Adam Smith 20s will gradually increase over time.

Edward Elgar on 20 note
Smith will gradually replace Elgar on the 20 note

"The note's enhanced security features will play a key role in our continuing fight to prevent counterfeiting. Maintaining public confidence in our banknotes is paramount."

Bank governor Mervyn King announced in October last year that he had chosen Smith to replace Elgar on the 20 note.

The decision is an historic one because the philosopher and economist will become the first Scotsman to appear on a Bank of England note. He is already featured on a Scottish 50 note.

Smith was born in Kirkcaldy, Fife - part of Chancellor Gordon Brown's constituency.

The economist is most famous for his book the Wealth of Nations, which many regard as almost inventing the concept of competition and market forces.

Smith replaces Elgar on 20 note
29 Oct 06 |  Business
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26 Oct 06 |  Northern Ireland

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