Polymer banknote

From Wikipedia, the free encyclopedia

Banknotes of the Australian dollar in a wallet. In 1988, Australia was the first country to introduce polymer banknotes for circulation.

Polymer banknotes are banknotes made from a synthetic polymer such as biaxially oriented polypropylene (BOPP). Such notes incorporate many security features not available in paper banknotes, including the use of metameric inks.[1] Polymer banknotes last significantly longer than paper notes, causing a decrease in environmental impact and a reduced cost of production and replacement.[2] Modern polymer banknotes were first developed by the Reserve Bank of Australia (RBA), Commonwealth Scientific and Industrial Research Organisation (CSIRO) and The University of Melbourne. They were first issued as currency in Australia during 1988 (coinciding with Australia's bicentennial year); by 1996, the Australian dollar was switched completely to polymer banknotes. Romania was the first country in Europe to issue a plastic note in 1999 and became the third country after Australia and New Zealand to fully convert to polymer by 2003.

Other currencies that have been switched completely to polymer banknotes include: the Vietnamese đồng (2006) although this is only applied to banknotes with denominations above 10,000 đồng, the Brunei dollar (2006), the Papua New Guinean kina (2008), the Canadian dollar (2013), the Maldivian rufiyaa (2017), the Mauritanian ouguiya (2017), the Nicaraguan córdoba (2017), the Vanuatu vatu (2017), the Eastern Caribbean dollar (2019) and the Pound sterling (2021). Several countries have now introduced polymer banknotes into commemorative or general circulation, including: Nigeria, Cape Verde, Chile, The Gambia, Trinidad and Tobago, Vietnam, Mexico, Singapore, Malaysia, Botswana, São Tomé and Príncipe, North Macedonia, the Russian Federation, Solomon Islands, Samoa, Morocco, Albania, Sri Lanka, Hong Kong, Israel, China, Kuwait, Mozambique, Saudi Arabia, Isle of Man, Guatemala, Haiti, Libya, Mauritius, Costa Rica, Honduras, Angola, Namibia and Lebanon.

History[]

In the 1980s, Canadian engineering company AGRA Vadeko and US chemical company US Mobil Chemical Company developed a polymer substrate trademarked as DuraNote. It had been tested by the Bank of Canada in the 1980s and 1990s; test C$ 20 and C$ 50 banknotes were auctioned in October 2012.[3][4] It was also tested by the Bureau of Engraving and Printing of the United States Department of the Treasury in 1997 and 1998, when 40,000 test banknotes were printed and evaluated; and was evaluated by the central banks of 28 countries.[3]

Security features[]

Polymer banknotes usually have three levels of security devices. Primary security devices are easily recognisable by consumers and may include intaglio, metal strips, and the clear areas of the banknote. Secondary security devices are detectable by a machine. Tertiary security devices may only be detectable by the issuing authority when a banknote is returned.[5]

Adoption[]

Modern polymer banknotes were first developed by the Reserve Bank of Australia (RBA) and the Commonwealth Scientific and Industrial Research Organisation or CSIRO and first issued as currency in Australia during 1988, to coincide with Australia's bicentennial year.[6]

In August 2012, Nigeria's Central Bank attempted the switch back from polymer to paper banknotes,[7] saying there were "significant difficulties associated with the processing and destruction of the polymer banknotes" which had "constrained the realisation of the benefits expected from polymer banknotes over paper notes".[8] However, President Goodluck Jonathan halted the process in September 2012.[9]

The polymer notes in the Republic of Mauritius are available in values of Rs 25, Rs 50, Rs 500 and Rs 2,000 rupees. The Fiji $5 was issued[10] in April 2013.

In the United Kingdom, the first polymer banknotes were issued by the Northern Bank in Northern Ireland in 2000; these were a special commemorative issue bearing an image of the space shuttle.[Note 1] In March 2015, the Clydesdale Bank in Scotland began to issue polymer Sterling £5 notes marking the 125th anniversary of the building of the Forth Bridge.[11] These were the first polymer notes to enter general circulation in the UK.[12] The Royal Bank of Scotland followed in 2016 with a new issue of plastic £5 notes illustrated with a picture of author Nan Shepherd.[13] In September 2016, the Bank of England began to issue £5 polymer notes with a picture of Winston Churchill; and in 2017 a polymer £10 began replacing its paper equivalent, featuring a picture of the author Jane Austen. A polymer £20 was issued in 2020 with a picture of J.M.W. Turner. The Bank of England has said it plans to change the final note, £50, to a polymer note. Although the new Bank of England notes will be 15% smaller than the older, paper issue, they will bear a similar design.[14][15] Some businesses operating in the UK cash industry have opposed the switch to polymer, citing a lack of research into the cost impact of its introduction.[16]

Timeline of adoptions and withdrawals[]

Romania was the first country in mainland Europe to issue a plastic note in 1999 and became the third country after Australia and New Zealand to fully convert to polymer by 2003.

1980s[]

An alternative polymer of polyethylene fibres marketed as Tyvek by DuPont was developed for use as currency by the American Bank Note Company in the early 1980s:

  • Around 1982, Haiti released Tyvek-made Gourde banknotes in denominations of 1, 2, 50, 100, 250 & 500. The same denominations and a 5 Gourdes banknote were also released on paper.[17]
  • On 1983, Costa Rica issued a 20 Colones Tyvek banknote. That year also the Isle of Man issued a 1 Pound banknote, this time called Bradvek and printed by Bradbury Wilkinson.

Tyvek did not perform well in trials; smudging of ink and fragility were reported as problems, so production of Tyvek banknotes was discontinued.[18]

  • On 1988, Australia introduced the 10 dollars world's first non-Tyvek polymer banknote to celebrate the bicentennial years of Australia.[19]

1990s[]

  • In 1991, Papua New Guinea issued its first 2 Kinas Banknote in polymer substrate to commemorate the 9th South Pacific Games held in the country.[20]
  • In 1993, Indonesia issued a Rp 50,000 commemorative banknote in conjunction with the 25th Years of Development by President Soeharto which is the first polymer banknote issued by Bank Indonesia.[21]
  • In 1996, Brunei introduced its first polymer banknotes in denominations of 1, 5, 10 dollars.[22]
  • On 4 February 1998, Sri Lanka issued a රු.200 commemorative banknote in conjunction with the 50th Anniversary of Independence which is so far the only polymer banknote issued by Central Bank of Sri Lanka.[23]
  • By 1996, Australia had converted all of its denominations into polymer banknotes and became the first country in the world to do so.[24]
  • On 18 August 1997, Thailand issued its first polymer banknote, a 50 Baht denomination. On 1 October 2004 it was replaced by a redesigned version printed on paper.[25]
  • In 1998, Malaysia issued a RM50 commemorative banknote in conjunction with the XVI Commonwealth Games, the first polymer banknote ever issued by Bank Negara Malaysia.[26]
  • In May 1999, New Zealand converted all of its banknotes into polymer banknotes.[27]
  • In June 1999, Taiwan issued its first polymer banknote to commemorate NT$50 years of New Taiwan dollar.[28]
  • In August 1999, In celebration of the total solar eclipse of August 11, 1999, the National Bank of Romania (BNR) decided to issue a commemorative two thousand Romanian lei banknote. Since it was the last eclipse of the millennium, the denomination was chosen to be 2000 in respect to the upcoming year. These notes were issued as legal tender.[29]
  • On November 1, 1999, Indonesia introduced a Rp 100,000 polymer banknote in circulation, this is the first Rp 100,000 banknote issued by Bank Indonesia.[30]

2000[]

  • In April, Brazil introduced R$10 polymer banknote were released as a special edition commemorating the country's 500th anniversary.[31]

2001[]

  • In January, Bangladesh introduced the 10 taka polymer banknote, originally they were due to be issued in Victory day, a day big for Bangladeshis, but were delayed.[32]

2002[]

  • In February, Kingdom of Nepal introduced a commemorative 10 rupees polymer banknote, on the occasion of King Gyanendra accession to throne after the Nepalese royal massacre. It was rendered obsolete when the Kingdom fell and replaced by 2008.[33]
  • In September, Mexico switched the 20 peso denomination from paper to polymer banknotes. Two more new polymer notes issued in 2006, for 20-pesos (new design) and the 50-pesos[34] and they issued a 100 peso with vertical design polymer banknote in 2020.[35]

2003[]

  • By 2003, Romania converted all of its denominations of the leu to polymer,[36] becoming the first European country to do so.

2004[]

  • In October, Bank Negara Malaysia introduces a 5 ringgit polymer banknote into circulation, with the same design as the paper version. This was the first non-commemorative polymer banknote to be issued. Both polymer and paper versions were in circulation concurrently.[37]
  • In November, Bank Indonesia switched IDR 100000 polymer banknote into paper banknote with different design than polymer version.[38]

2005[]

  • In July, Romania redenominated the leu, removing four zeroes and issuing a series of new denominations in polymer.[39]

2006[]

  • From December 2003 to August 2006, Vietnam adopted polymer banknote in 10,000, 20,000, 50,000, 100,000, 200,000 and 500,000 đồng for general circulation.[40]
  • By 2006, Brunei had adopted polymer banknotes for all its banknote denominations.
  • The Australian Government agency CSIRO issued a non-legal tender polymer note to celebrate the 80th year of the formation of CSIRO. These notes were issued and distributed to staff members and at selected public events.[41]

2007[]

2008[]

2009[]

  • On 15 May, Nicaragua released new polymer ten and twenty Nicaragua córdoba banknotes to replace their paper counterparts.[45] After an announcement from the Central Bank of Nicaragua in 2008 stated that a new 200 Córdoba banknote would be in circulation, it took the country an additional year to prepare its new set of banknotes. A new polymer two hundred and a hundred córdoba banknote was first issued on the first of June 2009. In December 2009, a new 50 banknote was released, later followed by a new 500 banknote that was issued on 12 January 2010.[46][47]
  • In September, the Reserve Bank of India announced that it will introduce 1  billion 10-rupee notes.[48]
  • In September, the Central Bank of Chile introduced the new series of the Chilean Peso, starting with the redesigned 5000 Pesos banknote.[49]

2010[]

2011[]

  • In November, the Bank of Canada introduced the Frontier Series $100 polymer banknote to modernise its currency and reduce counterfeiting.[52] $50 banknotes were put into circulation in March 2012; the $20 note was put into circulation on 7 November 2012[53] with the $10 and $5 denominations released on 7 November 2013.[54][55]
  • In November, Guatemala introduced new polymer banknote in denomination of 5 quetzal.[56]

2012[]

  • On 16 July, the Bank Negara Malaysia put new RM1 and RM5 polymer banknotes into circulation as part of a new banknote series.[57]

2013[]

  • In April, the Reserve Bank of India introduce plastic/polymer currency note of ₹ 10 on a field trial basis in five cities in India.[58]
  • On 22 August, the Bank of Mauritius issued new 25-, 50-, and 500-rupee polymer banknotes which will circulate in parallel with the existing paper notes of the same denominations. The new polymer notes have almost the same design as the preceding paper banknotes, but contain numerous new security features such as transparent windows showing the image of the dodo, numbers printed with magnetic ink which become fluorescent under ultra violet light, and swing features printed in iridescent ink, which change to a different colour when observed in transparency or when tilted. The 25-, and 50-rupee notes are printed by Oberthur Technologies on Innovia Security's Guardian substrate and the 500-rupee note is printed by De La Rue on its Safeguard (formerly Flexycoin) substrate.[59]
  • On 22 November, Banque de Liban issued a 50,000 pounds banknote in polymer to commemorate the country's 70th anniversary of independence.[60]
  • In 2013,the Bank of England announced that it would adopt polymer notes.[61]

2014[]

2015[]

2016[]

2017[]

2018[]

2019[]

  • The Central Bank of Libya has issued a 1 Dinar banknote on 17 February 2019, in commemoration of the 8th Anniversary of the Libyan Revolution of 2011.[95]
  • Bank of Ireland, Danske Bank and Ulster Bank, commercial banks in Northern Ireland, each issued a new series of pound banknotes on polymer substrate for general use in Northern Ireland on 27 February 2019.[96]
  • The Central Bank of Samoa announced the release of a new 10 Tala polymer banknote in June 2019, to commemorate the XVI Pacific Games 2019 which were held in Samoa from 7 July 2019. The 10 Tala banknote will be the second polymer banknote issued in Samoa and the first carbon offset banknote created from the polymer substrate. The new banknote is one of a kind for Samoa as it will have a horizontal front and a vertical back. The Banknote will feature a see through window depicting the Pacific Games logo, and a tactile embossed feature to assist the visually impaired, both are unique features of polymer banknotes. The standard banknote prefix has been replaced with the special PG/XVI prefix denoting "XVI Pacific Game". Issuance of the new 10 Tala note will commence the last week of June 2019, and will co-circulate together with the existing 10 tala banknotes which will remain legal tender.[97]
  • Central bank of Morocco introduced 20 dirham polymer banknote to mark years of enthronement of Mohammed VI's.[98]
  • Bank of Albania introduced a new 200 Lek polymer banknote on 30 September 2019.[99]
  • The Central Bank of Trinidad and Tobago issued a TT$100 polymer banknote for circulation on 9 December 2019, while announcing that all versions of the paper TT$100 banknotes will be demonetized and withdrawn from circulation on 31 December 2019.[100]

2020[]

  • On 20 February, Bank of England issued a 20 pounds polymer banknote. This the third banknote in the new series.[101]
  • On 25 March, Bank of Namibia issued a 30 dollar polymer banknote to commemorate 30 years of independence.[102]
  • On 7 July, National Bank of Angola issued a 200, 500, 1000, 2000 Kwanzas to be issued in polymer substrate.[103]
  • On 25 July, Bank of Costa Rica issued a new family of polymer banknote in denominations of 1000, 2000, 5000, 10000, 20000 colons.[104][105]
  • On 30 September, Central Bank of Trinidad and Tobago issued a new polymer banknote family in denominations of 1, 5, 10, 20, 50 dollar as the 100 polymer dollar banknote in 2019.[106]
  • On 4 October, Saudi Arabian Monetary Authority has announced the five riyals banknote will be switched to polymer, replacing the current paper banknote, without any announcement on the other banknotes. The banknote was said to feature more environmentally friendly materials and additional security features, in addition to a much longer lifespan.[107]
  • On 21 November, Banco de Mexico released a 100 peso Polymer Banknote as a part of new series.[108]
  • On 5 December, Banque du Liban released a 100000 pounds polymer banknote in circulation to commemorate the centenary of the establishment of Greater Lebanon.[109]

2021[]

  • On 8 January, Bank of Cape Verde introduced a new 200-escudo note like the preceding issue printed in polymer, but printed on cotton paper.[110]
  • On 23 June, The Bank of England issued a 50 pounds polymer banknote, completing the currency's transition from paper to polymer notes. This the forth and final Series G banknote to be issued.[111]

Gallery[]

100 Chinese Yuan Polymer Banknote to Commemorate Year 2000

See also[]

Notes[]

  1. ^ Although the £5 Northern Bank polymer banknote was a one-off commemorative issued, unconventionally, in portrait orientation to mark the year 2000, it was in general circulation, with normal serial numbers (the commemorative version has serial numbers beginning with "Y2K", normal versions with "MM").[citation needed] It is the only Northern Bank note currently in circulation which was not affected by the recall of all the bank's notes as a result of the 26.5 million pound raid on its Belfast headquarters on 20 December 2004.[citation needed]

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External links[]

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