THE Bank of Scotland has today unveiled the design of its new polymer £50 note.

The new note, which will enter circulation on July 1, will be predominantly red, as opposed to the traditional green.

It will feature the Falkirk Wheel and the Kelpies on the reverse, while keeping Edinburgh’s Mound and a portrait of Walter Scott on the front.

The Bank of Scotland said the Kelpies’ inclusion on the note is “in celebration of the contribution of horses to the history of Scotland”.

“Furthermore, a new UV feature depicts a horse pulling a canal barge, one of the ways horses shaped the geographical layout of the Falkirk area.”

The Falkirk Wheel, which was officially opened in 2002, is one of only two boat lifts in the UK and the only rotating boat lift in the world. It connected the Forth and Clyde Canal with the Union Canal for the first time in seven decades.

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The Wheel uses 1.5kWh of energy for one rotation, about the same amount of energy as boiling 8 household kettles.

The notes will also feature the poem Steam Barge by William Muir. It was written after he saw the newly invented steam boat passing through Scotland’s Grand Canal.

One June 30, the day before the new note enters circulation, the Bank of Scotland will auction off 92 of the notes with the most sought after serial numbers, those with the prefix AA.

A further two notes will be auctioned with the offer for a personalised serial number.

The bank said that all proceeds from the auction will go to Mental Health UK.

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The new polymer note has been designed with important security features including an anti-counterfeit “window effect” – transparent windows within The Mound frontage and a transparent vertical stripe – on the front of the note.

Inside the vertical stripe is a holographic foil strip which displays the Prosperity statue on top of The Mound, the bank’s logo, and “£50”. The foil also displays a “Northern Lights” effect, with stars and colours resembling the phenomena appearing when the note is tilted.

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The £50 note will also have a tactile emboss feature which the bank says will aid the visually impaired.

Philip Grant, chairman of the Scottish Executive Committee, Bank of Scotland, said: “Our new £50 note, with its images of the majestic Kelpies, the Falkirk Wheel and a poem by William Muir, celebrates the greatness of Scottish culture and engineering achievement.

“I am very proud to be a signatory on the note, in my role as treasurer of Bank of Scotland.”

Catherine Topley, the CEO of Scottish Canals, said she was “delighted” that canals were to be featured on the new note.

She went on: “This decision by the Bank of Scotland pays homage to Scottish Canals’ transformation in central Scotland over the last 20 years.

“From abandoned backwaters, to Scotland’s most vibrant city-to-city and sea-to-sea canal corridor, with our incredible destinations The Falkirk Wheel and The Kelpies at the heart of the canal renaissance.

“The note also complements the appearance of The Falkirk Wheel in the United Kingdom’s passports, recognising its significance to the nation’s infrastructure.”