27 February 2024 , 12:11
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A new exhibition called 'The Future of Money' is opening at the Bank of England Museum in London this Wednesday.
Visitors will get a sneak peek at the new banknotes featuring King Charles, which will be available in £5, £10, £20 and £50 denominations from June 5, 2024. The exhibition will showcase the evolution of money, from a Roman gold bar to Bitcoin.
It will also feature contactless payment innovations, including wearable devices, and a Sibstar pre-paid debit card designed to help people with dementia stay financially independent. Other highlights include Chinese lucky red envelopes, items made from recycled banknotes and gold, and the use of artificial intelligence in banking.
The exhibition aims to explore how banking can become more sustainable and ethical. The use of cash has dropped significantly in recent years as more payment options have become available.
However, a lot of people still depend on cash. According to the Financial Conduct Authority's Financial Lives 2022 survey, 3.1 million adults (6%) used cash for all or most of their payments from May 2021 to May 2022. The exhibition explores the Bank of England's efforts to ensure there are enough banknotes for the economy.
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Jennifer Adam, who curates at the Bank of England Museum, said: "The way we handle money has completely transformed in the last century, from gold and silver coins to the tap of a smartphone. Our new exhibition will show how money is continuing to change, and what this means for people of all ages."
"We begin to find out about money using real cash as children from pretend shops to being the banker when playing Monopoly but how do we learn to manage money when it's in a digital form? As a starting point for information about money and understanding the economy, this is the place to visit."
Ms Adam said that the exhibition has been shaped around questions that the Bank is asked by the public in various ways, including in comment cards at the museum, in letters and at outreach events. She said: "We begin by looking at the notion of money, what is money, in terms of accounts, a store of value, a method of exchange. Because these qualities affect what we use as currency and how we adapt technology as currency as well."
Ms Adam added: "And at the centre of it all is the notion of choice, is that people should have a choice of secure and reliable ways to pay, whether it's cash or whether it's a digital payment that you prefer to use," she said.
You can visit the exhibition until September 2025 and it's totally free to get in.