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

Trendingnow

1

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

2

'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032

3

Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there

1

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

2

'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032

3

Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
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
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
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
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

‘I love the inflation’: Trump is ‘not concerned’ about inflation hitting 4% for the first time since 2023. ‘The numbers were great’
EconomyDonald Trump
‘I love the inflation’: Trump is ‘not concerned’ about inflation hitting 4% for the first time since 2023. ‘The numbers were great’
By The Associated Press and Christopher RugaberJune 10, 2026
19 minutes ago
A man guides a ship in the water.
EnergyOil
Analysts expected oil to surge above $200 but China has quietly kept prices half of that—and can’t for much longer
By Sasha RogelbergJune 10, 2026
53 minutes ago
Meryl Streep says she was ‘ready to retire’ when the call for ‘Devil Wears Prada 2’ came—so she demanded they double her salary or nothing
SuccessThe Promotion Playbook
Meryl Streep says she was ‘ready to retire’ when the call for ‘Devil Wears Prada 2’ came—so she demanded they double her salary or nothing
By Orianna Rosa RoyleJune 10, 2026
5 hours ago
Kevin Warsh (L) shakes hands with U.S. President Donald Trump after being sworn in as the new Chairman of the Federal Reserve in the East Room of the White House on May 22, 2026 in Washington, DC.
EconomyInflation
Inflation is back above 4% for the first time since 2023—but Kevin Warsh might catch a break
By Eva RoytburgJune 10, 2026
5 hours ago
swiss
EuropeImmigration
Switzerland to cast world’s first ever vote on whether to cap population
By Jamey Keaten and The Associated PressJune 10, 2026
5 hours ago
Top CD rates from major banks on June 10, 2026: Chase CDs, Bank of America CDs, Citibank CDs, and more
Personal FinanceCertificates of Deposit (CDs)
Top CD rates from major banks on June 10, 2026: Chase CDs, Bank of America CDs, Citibank CDs, and more
By Joseph HostetlerJune 10, 2026
6 hours ago

Most Popular

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
Asia
Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
By Kate O'Keeffe and BloombergJune 8, 2026
2 days ago
'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032
Economy
'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032
By Nick LichtenbergJune 9, 2026
1 day ago
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
Success
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
By Preston ForeJune 8, 2026
2 days ago
Current price of oil as of June 9, 2026
Personal Finance
Current price of oil as of June 9, 2026
By Joseph HostetlerJune 9, 2026
1 day ago
Wall Street dumped nearly $1 trillion in tech stocks by midday—then clawed it back and bought peanut butter and paint
Investing
Wall Street dumped nearly $1 trillion in tech stocks by midday—then clawed it back and bought peanut butter and paint
By Eva RoytburgJune 9, 2026
21 hours ago
Current price of silver as of Tuesday, June 9, 2026
Personal Finance
Current price of silver as of Tuesday, June 9, 2026
By Joseph HostetlerJune 9, 2026
1 day 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.