There are more than three billion banknotes in circulation in Britain bank system.

In 2013 lots of banknotes

were renewed. Banks have some unusual banknotes such as 1m pounds banknotes and 100m pounds
banknotes, but they aren’t in circulation because they are used only by banks.

Old Banknotes which were damaged or worn must be removed from circulation. In the past, old banknotes
were burnt, but now they are shredded and then used as compost. Between 1988 and 1992 600,000
pounds that were intended for destruction were stolen by three couples of workers.

In 2016 In Britain, the Bank of England introduced new plastic banknotes. But they weren’t the first. In 1988
Australia and more than 20 countries went plastic. Plastic banknotes are stronger than paper and
waterproof, but they are more expensive.