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Topic: The next series  (Read 7893 times)
Seth
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« on: November 21, 2019, 02:11:04 am »

So it's been one year since the Desmond $10 went into circulation. I figured the next one would come sometime in 2019 but it hasn't happened. At this rate, by the time the last one is issued, it'll be time for a new $10 again.

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AJG
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« Reply #1 on: November 22, 2019, 07:13:14 am »

It is said by the BoC that the next new denomination would be issued by 2021.  Usually the first of a series of press releases doesn't get published until many, many months or one year in advance of release.

Another source cited that a new banknote in this new series would be released every three years.
wagnert89
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« Reply #2 on: November 22, 2019, 08:17:17 am »

I have heard that the BoC is seriously investigating cyrotocurrency and electronic formats so that may determine the physical banknotes future.  I hope they continue printing but we are in a digital era.
Beatrix
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« Reply #3 on: November 22, 2019, 11:59:10 am »

Seth, I think you've clued into why I in particular am not shedding any tears if we have to wait a long time for new series!

I have heard that the BoC is seriously investigating cyrotocurrency and electronic formats so that may determine the physical banknotes future.  I hope they continue printing but we are in a digital era.

Cryptocurrency may have some good press every once in a while with some tech bros in San Francisco acting like it's the future, but 99% of it is people just holding onto their bitcoin hoping the price rises, and the other 1% is being used as currency for drugs and other illegal products. I wouldn't be surprised if they're working on simpler digital payment methods as an alternative choice, but government backed cash is not going anywhere anytime soon.
wagnert89
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« Reply #4 on: November 22, 2019, 02:23:46 pm »

 Yes unregulated currencies flexuates and it can be used for illegal purposes but I think they were onto something with the digital currency and blockchaining feature as a valuable cybersecurity feature that banks or the BoC could use.

I wish they would bring back high denomination notes but that is unlikely due to there past usage. 
Rag Picker
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« Reply #5 on: November 22, 2019, 07:06:09 pm »

What happened to the consultation process and vote on the next $5 bill?  I thought this would have been underway by now as the Desmond $10 is the first in the new yet unnamed series.

Polymer banknotes will continue to be an integral part of the economy and a source of income for the B.O.C.  Despite the various digital options which usually come with a cost, banknote transactions are anonymous and not dependent on a reliable digital network subject to breakdowns or malfunctions.

walktothewater
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« Reply #6 on: November 23, 2019, 04:19:31 pm »

Quote
What happened to the consultation process and vote on the next $5 bill?  I thought this would have been underway by now as the Desmond $10 is the first in the new yet unnamed series.

Polymer banknotes will continue to be an integral part of the economy and a source of income for the B.O.C.  Despite the various digital options which usually come with a cost, banknote transactions are anonymous and not dependent on a reliable digital network subject to breakdowns or malfunctions.
\\

-Good points "Ragpicker"
I believe the BOC announced that 2020 for the new $5 (last year during the new $10 hype) but since no consultation on this new $5 design has been initiated... leaves one to wonder (if that's even realistic/achievable). 

I also agree that issuing banknotes is in the BOC best interest.  I believe that even Sweden is realizing the value of having cash on hand should a crises occur.  I doubt that the BOC would launch into crypto currency exclusively without issuing banknotes.  The only other possibility is the retirement of the $5 banknote for a $5 coin.

Seth
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« Reply #7 on: November 23, 2019, 08:12:22 pm »

The only other possibility is the retirement of the $5 banknote for a $5 coin.

I would be fine with that IF the whole coinage system is redesigned to make all of the coins smaller. Nobody wants a dinner plate-sized $5 coin. A coin worth $1 in 2019 should be no larger than a nickel.

As for digital cash replacing bank notes and coins, I'm not a believer. There will always be a need for physical cash: Church thrift sales, garage sales, Girl Guide cookie sales, poppy fund donations, anywhere when the power goes out, when the payment network goes down, the list goes on and on. I always have at least $100 cash on me. I rarely use it, but I still always have it.

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Seth
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« Reply #8 on: November 23, 2019, 08:14:26 pm »

Another source cited that a new banknote in this new series would be released every three years.

That would take 12 years to do them all, contradicting the BoC's intent to replace note series every 8 years (I think that's what I remember them saying?)

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PaperorPlastic
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« Reply #9 on: November 26, 2019, 06:21:42 pm »

I've been wondering about this as well and thought it was supposed to be ready for 2020.  I also remember the consultation process was supposed to be like it was for the 10$ note and the options to choose from would be iconic Canadians.

walktothewater
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« Reply #10 on: November 28, 2019, 07:58:52 pm »

Quote
the consultation process was supposed to be like it was for the 10$ note and the options to choose from would be iconic Canadians.
- I remember the same & was under the impression that the $5 would have an iconic Canadian man.

AZ
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« Reply #11 on: November 30, 2019, 09:02:25 pm »

- I remember the same & was under the impression that the $5 would have an iconic Canadian man.
I found this mockup of the new $5 in a Facebook banknote group. Yes, it is a crude Photoshop design based on the Viola Desmond $10, but what is interesting is that they put Tecumseh on the note. Can he be the other iconic Canadian?

AJG
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« Reply #12 on: December 01, 2019, 06:23:11 am »

I don't know if the new $5 bill would have that shade of blue, and I would think the hair of the person featured on the new $5 bill would have some blue instead of the true hair color?

And I thought a press release stated there would be another iconic woman on our new $5 bill?
PaperorPlastic
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« Reply #13 on: December 03, 2019, 10:36:47 pm »

- I remember the same & was under the impression that the $5 would have an iconic Canadian man.
And I thought a press release stated there would be another iconic woman on our new $5 bill?

  From what I recall at the time, the BOC didn't specify the gender of the person for this next note which leaves the possibilities wide open.

Redlock
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« Reply #14 on: July 03, 2023, 03:10:35 am »

Here are two quotes from the BoC's annual report of 2022 regarding the new $5 banknote:

1.:
''The next step for the new $5 bank note is to select visual design elements and security features to make the note both beautiful and difficult to counterfeit. The Bank will make these decisions once the Minister of Finance chooses the portrait subject.''

2.:
''Looking forward
In 2023, the Bank will:
begin working on the design and security features for the next $5 bank note, subject to a final decision by the Minister of Finance on the portrait subject''


My question: What have they done during the last couple of years?
And no, the Covid-19 pandemic cannot and will not be excepted as an excuse.
« Last Edit: July 03, 2023, 03:12:15 am by Redlock »
 

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