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V13 2010 INDEX       E-SYLUM ARCHIVE

The E-Sylum: Volume 13, Number 10, March 7, 2010, Article 17

BANK OF CANADA ANNOUNCES SWITCH TO POLYMER BANKNOTES IN 2011

Meanwhile, North of the border, Canadian officials have been planning a switch to polymer-based notes next year. The Bank of Canada hasn't released any details, so stay tuned. -Editor

Bank of Canada spokeswoman announcing polymer notes They say money doesn't grow on trees. Well, the federal government has taken that adage to heart — it announced earlier this week that Canada's paper-cotton banknotes would be replaced by newly designed plastic ones next year.

It's part of a plan to modernize and protect Canadian currency against counterfeiting.

The new plastic bills, made from a polymer material, are harder to fake, recyclable, and two to three times more resistant to tearing, the Bank of Canada said.

Australia has used polymer banknotes since the 1990s, and an Australian company will provide the material for Canada. Several other countries have adopted polymer banknotes including New Zealand, Vietnam and Romania.

The new notes won't be in circulation until sometime in 2011. In the meantime, the central bank is keeping mum on what the new bills will look like.

To read the complete article, see: Canada to switch to plastic bills next year (www.cbc.ca/money/story/2010/03/06/ott-plastic-money.html)

One citizen responding on another web site wrote:

NO! NO! NO! NO! What a tragedy! I've used the Australian plastic notes and they are horrible! They're slick and slippery and 'fly' out of your wallet. If you use a billfold you'll hate them even more: you cannot put a crease or fold on the bill at all. I am so sad. I've been deriding and laughing at the Australian "monopoly" money for years now and now it's coming home to roost. I really wish the BoC had done it's due diligence first.

To read the complete comment, see: Canada to move to Polymer Bank Notes (netnewsledger.com/index.php?option=com_content&view
=article&id=1654:canada-to-move-to-polymer-bank-notes&catid=35:
northwestern-ontario-regional-news&Itemid=83)

Wayne Homren, Editor

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