James Watt’s time on the back of the Bank of England £50 note is running out.

The Bank confirmed today (October 13, 2018) that it plans to replace the existing paper note – featuring Watt and business partner Matthew Boulton – with a new polymer version, due out in 2020.

The Bank said it would “seek nominations from the public for potential characters to appear on the new note”.

Watt and Boulton first made their appearance on the £50 note in 2011.

Sarah John, the Bank’s Chief Cashier, said: “I’m very excited to be starting the process of introducing a new £50 note. At the Bank, we are committed to providing the public with high-quality notes they can use with confidence. Moving the £50 note onto polymer is an important next step to ensure that we can continue to do that.”