The new note, which was launched on Tuesday (13 March) and features the 18th century Scottish philosopher and economist Adam Smith, includes more raised areas, a wider holographic strip and a see-through area.

Some 1.3bn £20 notes currently in circulation, carrying the portrait of composer Edward Elgar, will eventually be replaced.

The Bank’s chief cashier, Andrew Bailey, said that the new notes would help in the ongoing fight against fake banknotes.

He said: “Fortunately, counterfeiting is not a widespread problem in the UK, but when it does happen, the victims are often members of the public and businesses that can ill-afford the loss involved.”

A string of counterfeiting gangs in London, Glasgow and Manchester have been either arrested or prosecuted for producing fake cash over the past year.