Sunday, August 28, 2011

Plastic currency- All about Plastic currency.


                  PLASTIC CURRENCY

For Canadians, paper money would soon only be a memory of a bygone era. The bank of Canada would soon be introducing polymer currency to replace the paper money that has been in circulation for so long.
These new $100 banknotes will be in circulation in Canada from November this year. They’re the same size and color as the old paper money, but they’re made from a flat, durable single piece of polymer. The new currency has several new security features that are aimed to combat counterfeiting².
          The new bill has two transparent openings- one in the shape of a maple leaf and one stripe running down the banknote, a portrait done in metal, transparent text and raised ink.  Though the new currency is expensive to produce, they are more durable  and would last longer than ordinary currency.  At the end of their lifespan, these polymer-based bills will be recycled. 

          Polymer currency is slowly being adopted by several countries as they last longer and can include features that are difficult to counterfeit. Before the introduction of the holographic³ stripe in  paper money.  It was easy to print fake notes; with the introduction of security features on bills, production of fake currency further reduced.  Authorities of the Bank of Canada believe that the metallic portrait and the two transparent windows would make it nearby impossible for the notes to be forged.  The introduction of the new $100 bills will be followed by a new $50 bill in March 2012 and new $10 and $5 banknotes by the end of 2013. 

          In the 1990s Australia switched to polymer currency and old banknotes are recycled into compost bins plumbing fittings and other plastic products. 

1 comment:

  1. Polymer currency is a nice idea. The thing that it can even be recycled is also good for the environment and resources.

    ReplyDelete

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