Bank of Canada Announces Further Details on New Series of Polymer Bank Notes

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Bank of Canada Announces Further Details on New Series of Polymer Bank Notes
OTTAWA – The Bank of Canada today announced that it will begin circulating a new $100 polymer bank note in November 2011, with a polymer $50 note to follow in March 2012. The Bank also provided further technical and background information about the new bank notes. More details on the security features, themes and designs of these denominations will be unveiled in the spring of 2011. The remaining denominations – the $20 note, followed by the $10 and $5 notes – will be unveiled and issued by the end of 2013.

With the introduction of the polymer bank note series, the Bank's main focus continues to be security. "Canada's new bank notes will have innovative security features that are easy to verify," said Mark Carney, Governor of the Bank of Canada. "The leading-edge technology in these notes will expand the frontiers of bank note security."

In addition to enhancing security, the new bank note series will be easier to verify, more economical and have a reduced environmental impact. The Bank of Canada evaluated a number of options before deciding on a new suite of security features and on the use of polymer material – which is expected to last at least 2.5 times longer than the current cotton-paper bills.

To prepare for the new notes, the Bank is working closely with financial institutions and manufacturers of bank note equipment to ensure a smooth transition to polymer. Law-enforcement agencies and retailers will also be important partners as the Bank introduces the polymer series. "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," added Governor Carney.

More information on the new polymer bank note series can be found in the attached backgrounder.

http://bankofcanada.ca/en/press/2011/pr100311.html

Interesting read...... thanks for sharing.

...and have a reduced environmental impact.

Huh?  What does that mean?  I'm well aware that doing environmental impact assessments is a given for major infrastructure projects, but what does circulating currency have to do with the environment?  I'll bet if you quizzed the BoC about it, they wouldn't be able to tell you anything.  Adding buzzwords like "environmental impact" to any and all press releases is just the norm these days to appeal to the average person who is aware about climate and pollution issues but who has absolutely no understanding of them.

Maybe the new polymer notes will be biodegradable and you have to spend them in 6 months before they turn to mush     As preposterous as this sounds, is there actually room for concern among collectors?  I mean, does the BoC have to make circulating money that "lasts" more than 20 years?

Not sure if it has been reported yet or not but I just read a news article that indicates the BOC will release the first of the new Polymer series of banknotes starting with $100.00 in November of this year.

See the news item here: http://ca.news.yahoo.com/era-plastic-money-start-100-bills-november-boc-20110310-082319-296.html

Huh?  What does that mean?  I'm well aware that doing environmental impact assessments is a given for major infrastructure projects, but what does circulating currency have to do with the environment?

A lot, actually.

A lot of the most toxic pesticides are used in the cotton growing industry.  Its effluent gets into streams and water tables.  Cotton grown without pesticides is available, but because of its high cost, it's not used in any banknotes that I am aware of.

Unlike polymer notes, cotton banknotes are not recyclable into new bank notes. 

There are all sorts of environmental considerations to things that a lot of people don't even suspect.

There are all sorts of environmental considerations to things that a lot of people don't even suspect.

I guess the BOC isn't too concerned about old banknotes being that toxic since they sell the shredded notes to the public by the pound..

It looks like we might be getting a preview of the design within the next three months, well in advance of the November release date of the first note.  That's a departure from what I remember usually happens; that a tight lid is always kept on the designs until the actual release date.

The design for each note in the Polymer series will be unveiled several months before the new notes begin to circulate, so that retailers and the general public will have time to learn about the features and appearance of each denomination before they first use the notes. Thus, the $100 and $50 designs will be unveiled in the spring of 2011.

http://www.bankofcanada.ca/en/press/2011/currency_polymer.pdf

By this time next year, Canadians will have all-new, longer-lasting $100 and $50 bills.

The Bank of Canada will circulate the $100 and $50 polymer notes in November 2011 and March 2012, it said Thursday.

Specific design features will be unveiled later this spring though the bills are expected to have easier to identify security features.

"The leading-edge technology in these notes will expand the frontiers of bank note security," bank governor Mark Carney said in a release.

The notes are also said to be cheaper and more environmentally friendly. Polymer bills, printed on a smooth and durable film, are expected to last at least 2.5 times longer than the current cotton-paper bill.

New $20, $10 and $5 notes are also coming down the pipe in 2013.

This doen`t mean that the couterfeiters are just going to give up couterfeiting paper money. They just have to hurry up and print more before there time runs out. 

Coming soon: new money. Literally, the Bank of Canada will in May 2011 unveil the designs of new $50 and $100 bills, and later this year the Royal Canadian Mint will issue new “multi-ply plated” loonies and toonies.

http://news.nationalpost.com/2011/03/22/budget-notebook-over-7-6-billion-in-new-spending-over-six-years/

Well, only three business days are left in the month.  I wonder if the National Post's claim of "May 2011" as the date of release of the new notes' design previews is true.  The press releases from the Bank of Canada only say "spring" and there's four weeks of that left.

Updated: June 6 budget ‘fundamentally’ identical to March version...

http://news.nationalpost.com/2011/05/25/conservatives-to-table-budget-on-june-6/

New plastic money begins rollout in the fall 

The Bank of Canada says its new plastic bills will begin circulation in the fall.

The rollout of the new polymer banknotes will start in November with the $100 bill, followed by the $50 next March.

All remaining denominations will be issued by the end of 2013.

Bank of Canada said the new durable notes - that last up to three times longer than the current paper-cotton bills - will feature updated designs and security features.

http://www.torontosun.com/2011/05/27/new-plastic-money-begins-rollout-in-the-fall
 

Raising the Curtain on Canada's New Polymer Notes

OTTAWA - Canada's new polymer bank notes will soon be unveiled said a recent report from the Bank of Canada.

The innovative new notes will boast updated designs and security features. The Bank of Canada is responsible for supplying Canadians with bank notes that they can use with confidence and our new polymer notes will be both easy to check and hard to counterfeit.

The $100 and $50 notes will be unveiled on the same day, but the issue dates will be spread out. The $100 will be issued this November and the $50 in March 2012. The remaining denominations—the $20, followed by the $10 and $5 notes—will be issued by the end of 2013.

The idea behind unveiling a note months in advance of the issue date is to give Canadians time to get familiar with the note's appearance and security features. This way you'll be better prepared for your first encounter with a polymer note.

The Bank of Canada is working closely with financial institutions and manufacturers of cash handling equipment to support a smooth transition to polymer. Equipment may need adjustments during the changeover, as is the case with the introduction of every new series.

Law-enforcement agencies and retailers are also important partners as the Bank gears up to introduce a new series. While one set of presses is rolling with polymer notes, others are rolling with new educational materials. Some are aimed at cash handlers and others have been customized for police. There will also be a variety of video products for those who'd rather press "Play" than read a leaflet. All will be available in the coming months, indicated the report.

http://www.exchangemagazine.com/morningpost/2011/week21/Friday/052714.htm

All updates to the Budget 2011 text are highlighted in blue. Updates to the tables and charts are indicated in the notes to each table and chart.

Modernizing Canada’s Currency - Budget 2010 announced the steps the Government is taking to modernize Canada’s currency and protect against counterfeiting. In June, the Bank of Canada will unveil the designs of the new $50 and $100 bills that will come into circulation later this fiscal year. The Royal Canadian Mint will also begin issuing new multi-ply plated $1 and $2 coins later in 2011–12. The Government will continue to work with the Mint to improve the efficiency of the currency system.

http://www.budget.gc.ca/2011/plan/Budget2011-eng.pdf Adobe PDF (98 Pages)