America's northern neighbor is the latest to ditch the cotton-based paper money
Canada is taking a progressive step forward economically, finalizing its plans to join the likes of Australia and 30 other nations by ditching cotton-based paper money and introducing plastic-based bills.
Traditionally money such as the U.S. dollar and Euro (European Union) bank notes are printed on paper fiber. But there's been growing pressure to switch to plastic bills, due to their advantages.
Plastic bills are more durable that cotton fiber ones as they resist crinkling and creasing. This aids in automated vending schemes. Further, plastic bills are lighter, thinner, and (reportedly) more hygienic (as they absorb less bacteria). The new polymer currency is fully recyclable at its end of life. Cost wise, they are significantly more expensive than traditional bank notes, costing twice times as much to make. However, they're estimated to last 2.5 times as long, so the investment is expected to pay off in the long run.
Julie Girard spokeswoman for the Bank of Canada cheered the move stating, "Our mandate at the Bank of Canada is to make sure Canadians can use these notes with confidence. It's not meant to go through the wash and it's not meant to go through the dryer, and it's certainly not meant to be ironed, but it should withstand the occasional mishap."
The new polymer $100 bill will launch in November, followed by the $50 in March, and the $20 in late 2012. The launch will be completed in 2013, with the introduction of the $5 and $10 bills.
The new bills also allow Canada to implement unique anti-counterfeiting measures, such as transparent windows tattooed with color changing ink designs. The current bill design features two such windows -- one designed in the shape of a small maple leaf. The bills also have a number of other security features, such as raised ink in the numerals and the featured portrait.
The Bank of Canada will be working with financial institutions and other businesses this fall to inform them of how to check the new bills for authenticity.
Canada is taking a progressive step forward economically, finalizing its plans to join the likes of Australia and 30 other nations by ditching cotton-based paper money and introducing plastic-based bills.Traditionally money such as the U.S. dollar and Euro (European Union) bank notes are printed on paper fiber. But there's been growing pressure to switch to plastic bills, due to their advantages.
Plastic bills are more durable that cotton fiber ones as they resist crinkling and creasing. This aids in automated vending schemes. Further, plastic bills are lighter, thinner, and (reportedly) more hygienic (as they absorb less bacteria). The new polymer currency is fully recyclable at its end of life. Cost wise, they are significantly more expensive than traditional bank notes, costing twice times as much to make. However, they're estimated to last 2.5 times as long, so the investment is expected to pay off in the long run.
Julie Girard spokeswoman for the Bank of Canada cheered the move stating, "Our mandate at the Bank of Canada is to make sure Canadians can use these notes with confidence. It's not meant to go through the wash and it's not meant to go through the dryer, and it's certainly not meant to be ironed, but it should withstand the occasional mishap."
The new polymer $100 bill will launch in November, followed by the $50 in March, and the $20 in late 2012. The launch will be completed in 2013, with the introduction of the $5 and $10 bills.
The new bills also allow Canada to implement unique anti-counterfeiting measures, such as transparent windows tattooed with color changing ink designs. The current bill design features two such windows -- one designed in the shape of a small maple leaf. The bills also have a number of other security features, such as raised ink in the numerals and the featured portrait.
The Bank of Canada will be working with financial institutions and other businesses this fall to inform them of how to check the new bills for authenticity.
Source: http://www.dailytech.com/Canadians+Get+Pumped+for+Launch+of+Plastic+Currency/article21977.htm
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