Maya Ellison
The plastic banknote was invented in Australia, first issued as currency in 1988 to coincide with Australia's bicentennial year. The development of the polymer banknote was a collaboration between the Reserve Bank of Australia (RBA), the Commonwealth Scientific and Industrial Research Organisation (CSIRO), and the University of Melbourne. The introduction of plastic banknotes represented a significant shift towards a more secure, durable, and environmentally friendly form of currency. Polymer banknotes are now used in over 30 countries, with several countries fully adopting polymer currency.
| Characteristics | Values |
|---|---|
| Year of invention | 1988 |
| First issued as currency | Australia, 1988 |
| Invented by | Reserve Bank of Australia (RBA), Commonwealth Scientific and Industrial Research Organisation (CSIRO) and The University of Melbourne |
| Reason for invention | To make currency secure against forgery |
| Other benefits | More durable, environmentally friendly, less likely to carry dirt and disease, waterproof, tough, colourful, recyclable |
| Countries that have fully switched to polymer banknotes | Vietnam (above 5,000 đồng), Brunei (2006), Nigeria (2007), Papua New Guinea (2008), Canada (2013), Maldives (2017), Mauritania (2017), Nicaragua (2017), Vanuatu (2017), Eastern Caribbean (2019), Pound Sterling (2021), Barbados (2022) |
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What You'll Learn
The plastic banknote was first invented in Australia
The idea for plastic banknotes emerged from a need to combat forgeries of Australia's new decimal currency, which was introduced in 1966. Counterfeit $10 notes began to circulate in 1967, causing widespread distrust of the new currency. In 1968, the RBA and CSIRO embarked on a 20-year "bank project" to develop a more secure form of currency.
The breakthrough came when David Solomon, a polymer scientist from CSIRO, proposed the idea of a plastic banknote. He drew inspiration from a business card printed on plastic that was given to him by a visitor from Japan. The CSIRO team developed a "proof of concept" and presented it to the RBA. The key security features included a see-through panel, a hologram, and optically variable devices (OVDs) that changed appearance when the note was tilted.
The plastic banknotes were more durable, environmentally friendly, and less likely to carry dirt and disease compared to paper notes. They also proved to be significantly more challenging to forge, thanks to their unique security features. By 1996, Australia had fully transitioned to polymer banknotes, becoming the first country in the world to do so.
The successful introduction of plastic banknotes in Australia sparked global interest, and by 2009, Securency was exporting to 25 countries, with over three billion polymer notes in circulation. As of 2024, several countries have followed Australia's lead and completely switched their currencies to polymer banknotes.
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![A Practical View of an Invention for the Better Protecting Bank-Notes against Forgery ; Illustrated by Various Specimens 1820 [Leather Bound]](https://m.media-amazon.com/images/I/617DLHXyzlL._AC_UY218_.jpg)
Polymer banknotes are made from synthetic polymer
The idea for polymer banknotes emerged in the late 1960s due to the increasing prevalence of counterfeit banknotes and advancements in photographic and copying technologies. In 1967, fake Australian $10 notes began to circulate, causing concern at the RBA. Dr HC (Nugget) Coombs, the Governor of the RBA at the time, decided to tackle this issue by turning to science.
In 1968, a 'think tank' was convened, bringing together scientists from CSIRO and universities. Among them was David Solomon, a young, award-winning polymer scientist from CSIRO. The inspiration for polymer banknotes came when Solomon was given a business card printed on plastic by a visitor from Japan. The team developed a "proof of concept" and presented it to the RBA.
The polymer banknotes were designed to be more secure and durable than traditional paper notes. They featured a range of security features, including optically variable devices (OVDs), a see-through panel, holograms, and diffraction gratings. These security features made the notes extremely difficult to forge. Additionally, the polymer material made the notes more durable, environmentally friendly, and less likely to carry dirt and disease.
The development of polymer banknotes in Australia represented a significant innovation in currency, offering enhanced security and longevity compared to traditional paper notes. This technology has since been adopted by over 30 countries, with several countries fully switching their currency to polymer banknotes.
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They are more durable, secure, and environmentally friendly
Modern plastic banknotes were first introduced in Australia in 1988, coinciding with the country's bicentennial year. By 1996, the Australian dollar was switched completely to polymer banknotes. Polymer banknotes are made from synthetic polymers such as biaxially oriented polypropylene (BOPP).
Polymer banknotes are more durable, secure, and environmentally friendly than traditional paper notes. They last significantly longer, reducing the environmental impact and the cost of replacement. Polymer notes can also be recycled, as their waste can be transformed into new plastic items.
Polymer banknotes usually have three levels of security devices. Primary security features are easily recognisable by consumers and may include intaglio, metal strips, and clear areas on the banknote. Secondary security features are detectable by machines, while tertiary security features can only be detected by the issuing authority when a banknote is returned. These security features make polymer banknotes less susceptible to counterfeiting.
While polymer banknotes are more durable than paper notes, they are not indestructible. In the UK, nearly 50 million £5 and £10 polymer notes have been replaced due to wear and tear, including "folds, tears, holes, and foil wear." However, the Bank of England maintains that the damage to the plastic notes was expected and represents a small percentage of the total number in circulation.
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Polymer banknotes have multiple security features
Modern polymer banknotes were first developed by the Reserve Bank of Australia (RBA), the Commonwealth Scientific and Industrial Research Organisation (CSIRO), and The University of Melbourne. They were first issued as currency in Australia in 1988.
Polymer banknotes also incorporate many security features not available in paper banknotes, including the use of metameric inks. For example, a genuine banknote should return to its original shape after being scrunched up. There are also multiple security features in the clear top-to-bottom window, such as a three-dimensional image with a colourful border, which should be an integral part of the banknote and not an addition.
Additionally, there is microprint, or tiny, clearly defined text, in multiple locations on the banknote. A bird, the serial number, and the year of print fluoresce under UV light. When a genuine banknote is held up to the light, the Australian Coat of Arms should be visible under the print. This 'shadow image' is created by variations in the background printing on the plastic substrate.
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Over 30 countries now use polymer banknotes
The use of plastic, or polymer, banknotes has become an increasingly popular phenomenon, with over 30 countries around the world now adopting this innovative form of currency. This development can be traced back to Australia, where, in the 1960s, a team of scientists at the Commonwealth Scientific and Industrial Research Organisation (CSIRO) first invented and developed the technology behind these unique banknotes. This invention was driven by the need to combat the issues of counterfeiting and the relatively short lifespan of traditional paper notes.
The key benefit of polymer banknotes is their durability. They are resistant to tearing, dirt, and moisture, which means they last at least four times longer than their paper counterparts. This longevity not only reduces the environmental impact of producing and transporting banknotes but also provides a more cost-effective solution for central banks and financial institutions.
The first country to officially issue plastic currency was Australia, in 1988, to commemorate its bicentenary. The $10 note featured Aboriginal artist David Malangi's 'Man of the Mudijkaba Clan' and a representation of the reverse side of the Holey Dollar, a coin minted in Sydney in 1813. This new type of banknote sparked global interest, and soon other countries began to explore the potential of polymer substrates for their currency.
Since then, countries across the globe, from Canada to Vietnam, have embraced polymer banknotes. The benefits of enhanced security features and cost efficiency have been key drivers for this shift. Polymer notes allow for advanced security features, such as transparent windows, holograms, and optically variable devices, making them extremely difficult to counterfeit. This has been a significant advantage, contributing to the confidence and trust in these currencies.
The environmental benefits of polymer banknotes are also noteworthy. Their extended lifespan means fewer notes need to be printed, reducing paper waste and the environmental costs associated with ink and dye production. Moreover, the notes are recyclable, further reducing their environmental footprint.
The adoption of polymer banknotes by over 30 countries is a testament to the success and advantages of this Australian invention. As currency continues to evolve, it is likely that more nations will recognize the benefits of polymer substrates, leading to an even wider global acceptance and use of plastic banknotes.
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Frequently asked questions
Plastic banknotes were first invented in Australia.
The Reserve Bank of Australia (RBA) and the Commonwealth Scientific and Industrial Research Organisation (CSIRO) developed the first plastic banknotes.
The first plastic banknotes were issued as currency in Australia in 1988.
Plastic banknotes were developed to make currency safer and more secure against forgery. They are also more durable, environmentally friendly, and less likely to carry dirt and disease.
