Best of 2011: Bank of Canada to Debut Plastic Money

By Bizclik Editor

 

Happy Holidays readers! Check out, this week, Business Review Canada's top daily stories of the year. We'll be featuring one story a day that reader's like the most. Today we feature Money Matters top story: Bank of Canada to Debut Plastic Money

Canadian money will start to feel more plastic-like later this year. Starting with $100 bills, the Bank of Canada—the country’s sole bank note issuing authority, will incorporate plastic into all of Canada’s currency by 2013.

The new circulation will start in November featuring a new $100 bill. The new money will be made with a special plastic polymer that will replace Canadian currency’s current cotton-paper blend. The new $50 note will follow by March 2012 and by 2013 there will be $20, $10, and $5 polymer bills incorporated into Canadian currency.

The new bank notes will focus on security and, most importantly, counterfeiting prevention. "Canada's new bank notes will have innovative security features that are easy to verify," said Mark Carney the Governor of the Bank of Canada in a press release. "The leading-edge technology in these notes will expand the frontiers of bank note security."

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The new currency will not only have enhanced security, but they will also be easier to verify, more economical to produce and have diminished environmental impact. The polymer bills are expected to last at least 2.5 years longer than current currency.

"With these new notes, the Bank of Canada will provide Canadians with a durable, high-quality, secure form of payment that they can use with confidence," continued Carney in a statement.

In preparation, the Bank of Canada is working closely with financial institutions and manufacturers to promote an easy transition. Designs will be released several months before new notes begin in circulation for general public recognition. The $100 and $50 bill designs will be unveiled in Spring 2011.

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