• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
FinanceCurrency

England’s newest banknote is a diversity breakthrough

By
David Meyer
David Meyer
Down Arrow Button Icon
By
David Meyer
David Meyer
Down Arrow Button Icon
March 25, 2021, 7:28 AM ET
Video Poster

Our mission to make business better is fueled by readers like you. To enjoy unlimited access to our journalism, subscribe today.

The Bank of England’s latest banknote design is—pardon the pun—notable for two things.

First, the new £50 bill is the first banknote in the U.K.’s history to feature a known gay man: Alan Turing, the mathematician and early computer scientist whose code-breaking helped defeat the Nazis in World War II.

Second, the new version of the U.K.’s highest-value bill is the last of the English banknotes to make the transition from paper to polymer—a shift that should help combat counterfeiting.

Turing’s selection for the honor took place in 2019, but the actual design of the new £50 was unveiled only on Thursday, when the Bank of England also announced that circulation starts on June 23. The other bills in the central bank’s “Series G” line rolled out from 2016, starting with the £5 (Winston Churchill). The new £10 (Jane Austen) appeared in 2017, then the £20 (J.M.W. Turner) last year.

Alan Turing, who was born in 1912, was one of the leading lights at Bletchley Park, the then-covert code-breaking station at which the ciphers of Germany’s Enigma machine were broken—largely thanks to his statistical techniques. Technical drawings for the Bombe code-breaking machine that Turing specified are also depicted on the new banknote.

After the war, he did crucial work on early computers and devised the now-iconic (though enduringly controversial) Turing test for artificial intelligence: If a human conversing with an A.I. cannot tell they’re talking to an A.I. rather than a person, the machine is “intelligent.”

However, in 1952 Turing was convicted of homosexuality, which was illegal at the time, and he agreed to hormonal treatment as an alternative to jail. The treatment rendered him impotent. Turing killed himself in 1954.

Bank of England illustration of new Alan Turing 50 pound banknote.
Bank of England illustration of new Alan Turing 50 pound banknote.
Bank of England

“Turing is best known for his codebreaking work at Bletchley Park, which helped end the Second World War,” said Bank of England Governor Andrew Bailey in a Thursday statement. “However in addition he was a leading mathematician, developmental biologist, and a pioneer in the field of computer science. He was also gay, and was treated appallingly as a result. By placing him on our new polymer £50 banknote, we are celebrating his achievements, and the values he symbolizes.”

Jeremy Fleming, the director of the GCHQ spy agency, said Turing’s appearance on the note “confirms his status as one of the most iconic LGBT+ figures in the world.”

“Turing was embraced for his brilliance and persecuted for being gay,” Fleming continued. “His legacy is a reminder of the value of embracing all aspects of diversity, but also the work we still need to do to become truly inclusive.”

As for the switch from paper to polymer, Bank of England chief cashier Sarah John said in the statement that the new bills are “much harder to counterfeit.” The new series also has several other anti-counterfeiting features, including a metallic hologram that shows different words (“Fifty” and “Pounds” in this case) depending on the angle at which the note is held.

Polymer notes are also supposed to be longer-lasting than their paper predecessors.

According to the Bank of England’s statistics, there are fewer of its £50 notes in circulation—351 million in 2020—than any of the smaller denominations. The most prevalent denomination is the £20, of which 1.86 billion were in circulation last year.

The Bank of England is not the only organization that gets to issue banknotes in the U.K. In Scotland and Northern Ireland, provincial banks such as the Royal Bank of Scotland (RBS) and Bank of Ireland also print them.

All British banknotes should in theory be accepted anywhere in the U.K., but good luck getting an English shop to accept—or in many cases even recognize—a note from one of the other British nations.

About the Author
By David Meyer
LinkedIn icon
See full bioRight Arrow Button Icon

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Middle EastIran
Trump gives Iran 48 hours on Hormuz, threatens power plants
By Jennifer A. Dlouhy and BloombergMarch 21, 2026
5 hours ago
AIOpenAI
OpenAI plans to almost double its headcount this year, FT says
By Liza Tetley and BloombergMarch 21, 2026
6 hours ago
Arts & EntertainmentMusic
BTS begins comeback tour to reclaim status as one of the world’s biggest pop acts after completing Korea’s mandatory military service
By Juwon Park, Kim Tong-Hyung, Hyung-Jin Kim and The Associated PressMarch 21, 2026
6 hours ago
Middle EastIran
U.S. allows sale of stranded Iran oil to cap fuel-price rises
By Se Young Lee, Millie Munshi, Yongchang Chin and BloombergMarch 21, 2026
6 hours ago
Politicsarms, weapons, and defense
The U.S. has the world’s most advanced military, but the unforgiving economics of wars in Iran and Ukraine show quantity has a quality all its own 
By Jason MaMarch 21, 2026
7 hours ago
EnergyAirline industry
United Airlines plans for oil hitting $175 a barrel and staying above $100 next year as industry faces worst shock since COVID
By Jason MaMarch 21, 2026
13 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.