The £ 50 banknote was once called the "currency of the corrupt elite".
However, in October 2018, ministers did not opt for abolition in order to develop a more lasting and secure note. We know the following …
When will the new £ 50 be released?
There are currently £ 300m in circulation, totaling £ 16.5bn.
The Bank of England has said that we will not see the new £ 50 mark before 2020.
The new version will be made of plastic rather than paper, like the current £ 5 and £ 10.
The Sun revealed last month that the treasury bosses had decided to save the note after considering scraping it for money laundering.
Who will appear on the note?
Bank Governor Mark Carney said the banknotes are a great way to celebrate the contributions of Britain's "biggest citizens".
The new 50-pound note will feature a renowned British scientist.
The scientist can specialize in any field of science, including astronomy, biology, biotechnology, chemistry, mathematics, technology and zoology.
The Bank of England has asked the public to submit their proposals.
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Stephen Hawking is a crowd pleaser, but there is also pressure to introduce an outstanding scientist.
The committee will draw up a shortlist and the final decision will be made by Mr Carney.
At the London Science Museum, he said, "There is an abundance of individuals whose work has shaped our thinking about the world and that still inspires people today.
"Our banknotes are an opportunity to celebrate the diversity of British society and to highlight the contributions of its largest citizens."
Members of the public can make their nominations here until December 14th.