Alexei Volkov
As countries strive to become more sustainable, many are considering the environmental impact of their currency, along with its durability and security. Money has been made from a variety of materials over the years, from leather to shells, precious metals, cotton paper, and most recently, plastic. Polymer banknotes were first issued in 1988 by Australia, which now uses polymer exclusively. Polymer is now used in over 20 countries, including Canada, Fiji, Mauritius, New Zealand, Romania, and Vietnam. In 2022, 76 of the world's 195 countries were using polymer notes.
| Characteristics | Values |
|---|---|
| Country | Australia |
| Year of launch | 1988 |
| Currency | Australian dollar |
| Current status | Fully converted to polymer |
| Country | Canada |
| Year of launch | 2011 |
| Currency | Canadian dollar |
| Current status | Partially converted to polymer |
| Country | United Kingdom |
| Year of launch | 2015 |
| Currency | Sterling |
| Current status | Partially converted to polymer |
| Country | Philippines |
| Year of launch | 2022 |
| Currency | Philippine peso |
| Current status | Partially converted to polymer |
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What You'll Learn
Australia was the first country to launch plastic currency
Polymer banknotes offer several advantages over traditional paper banknotes. They are more durable and last significantly longer than paper notes, resulting in a reduced environmental impact and lower production and replacement costs. Additionally, polymer banknotes incorporate advanced security features that make them more secure and difficult to counterfeit. These security features include intaglio, metal strips, clear areas, and the use of metameric inks.
The development of polymer banknotes in Australia was driven by the need to combat counterfeiting. As early as 1966, the Reserve Bank of Australia introduced enhanced paper bills with metal threads, watermarks, and raised printing to deter counterfeiting. However, forgers quickly began producing high-quality counterfeits, prompting the collaboration between the CSIRO and university researchers to develop the polymer alternative.
The successful adoption of polymer currency in Australia has influenced other countries to follow suit. As of 2023, over 45 countries have adopted polymer banknotes, including Canada, the United Kingdom, New Zealand, Romania, China, India, and Brazil. Each country has its own designs and security features for their polymer banknotes, but they all share the benefits of durability and security that come with this innovative material.
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The UK launched plastic currency in 2016
The United Kingdom launched plastic currency in 2016, becoming the latest country to adopt polymer banknotes. The UK's first polymer banknote was issued by the Northern Bank in Northern Ireland in 2000, commemorating the Space Shuttle. In 2015, the Clydesdale Bank in Scotland issued polymer £5 notes, marking the 125th anniversary of the Forth Bridge.
The Bank of England began issuing £5 polymer notes in September 2016, featuring Winston Churchill. This marked the end of 320 years of paper money in the UK. The polymer notes were smaller than their paper predecessors, with a 15% reduction in size. The new notes also included enhanced security features, making them more secure from counterfeiting.
The introduction of polymer notes in the UK followed a three-year study by the Bank of England, which concluded that plastic notes offered higher quality, improved security, and reduced costs to taxpayers and the environment. The switch to polymer was also influenced by the success of polymer currency in other countries, such as Australia, Canada, and Romania.
Following the 2016 launch, the Bank of England continued to replace paper notes with polymer equivalents. In 2017, a £10 polymer note featuring Jane Austen was introduced, followed by a £20 note in 2020 with a picture of J.M.W. Turner. The £50 polymer note was released in 2021, featuring Alan Turing.
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The Philippines launched a 1000 peso polymer banknote in 2022
In April 2022, the Philippines launched a 1000-peso polymer banknote into circulation. The Bangko Sentral ng Pilipinas (BSP), or the Central Bank of the Philippines, released the new banknote, which is the first to use a polymer substrate. The Philippines joins several other countries that have adopted polymer banknotes, including Australia, Canada, New Zealand, and the United Kingdom.
Polymer banknotes offer several advantages over traditional paper banknotes. They are known to be SMARTER (more secure and sustainable), CLEANER (more hygienic), and STRONGER (more durable and cost-effective). The polymer substrate allows for detailed images and sophisticated security features, making them harder to counterfeit. The new 1000-peso banknote in the Philippines, for example, features intricate details such as a small clear window depicting the "Sampaguita" flower, the national flower of the Philippines, and the text "BSP."
The Philippines' decision to launch the 1000-peso polymer banknote was influenced by the need for more secure and hygienic currency, especially during the COVID-19 pandemic. The polymer banknotes can be sanitized with less damage compared to paper banknotes, and they are also less susceptible to counterfeiting. Additionally, polymer banknotes have a lower environmental impact due to their small carbon footprint, reduced water and energy usage, and lower environmental toxicity.
The design of the new 1000-peso polymer banknote in the Philippines maintains the appearance of the existing 1000-Piso New Generation Currency Philippine Banknote to avoid public confusion. It features the flora and fauna of the country, including the Philippine eagle, and incorporates advanced technology and security features. The banknote also includes a tactile feature of five embossed dots for the visually challenged.
The Bangko Sentral ng Pilipinas has announced plans to issue additional polymer notes in denominations of 500, 100, and 50 pesos in the future, with limited quantities of the 50, 100, and 500 piso polymer banknotes already in circulation in the Greater Manila area since December 2024.
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Canada began using plastic currency in 2011
The switch to polymer wowed consumers with new patriotic designs and homages to Canadian historical figures. Beyond the figureheads, the bills feature a number of interesting design elements, including an astronaut, the research icebreaker ship CCGS Amundsen, and the word 'Arctic' spelled out in Inuktitut, an indigenous language. The polymer money also represents national values and accomplishments throughout Canada's history, such as researchers with microscopes, vials of insulin, and a printout from an electrocardiogram (ECG) to honour the invention of the pacemaker.
The move to plastic currency was made due to the modern nature of banking and its numerous benefits to the government and consumers. Polymer banknotes offer additional security features, longevity, and energy efficiency. They are harder to counterfeit and can be produced at a lower cost to the taxpayer and the environment. Scientific experiments showed that polymer currency could last between two and five years longer than paper. Polymer banknotes also have a lesser average issue cost and are less susceptible to counterfeiting. Plastic money also stays cleaner and becomes less grubby than paper money because the non-porous surface doesn't absorb perspiration, body oils, or liquids.
Canada purchases its plastic money from a company in Australia, one of nearly two dozen countries where plastic currency is already in circulation. Modern polymer banknotes were first developed by the Reserve Bank of Australia (RBA) and the Commonwealth Scientific and Industrial Research Organisation (CSIRO) and were first issued as currency in Australia in 1988.
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Trinidad and Tobago introduced a $1 and updated $50 polymer note in 2021
Several countries have adopted polymer banknotes, also known as plastic currency, due to their increased durability, enhanced security features, and reduced environmental impact. Trinidad and Tobago joined this list by introducing a new $1 and updated $50 polymer note in February 2021. This marked the completion of their transition to a new suite of polymer notes, which began in late 2019 with the introduction of the $100 polymer bill.
The Central Bank of Trinidad and Tobago ensured that the existing $1 cotton and $50 cotton and polymer notes remained legal tender until further notice. This decision provided a smooth transition period, allowing individuals time to adjust to the new currency. The new polymer notes share several similarities in their design, including the national flag, Coat of Arms, specific bird species, the Central Bank building, and the same colour scheme as the previous cotton notes.
One of the key advantages of polymer notes is their improved durability. Polymer banknotes are made from synthetic polymers, such as biaxially oriented polypropylene (BOPP), which makes them significantly more long-lasting than their paper counterparts. This increased durability also contributes to a reduced environmental impact, as polymer notes do not need to be replaced as frequently.
Additionally, the new polymer notes in Trinidad and Tobago offer enhanced security features, making counterfeiting much more challenging. These security features include see-through windows integrated into the notes, shimmering coloured inks, and denomination values that appear when held up to the light. The notes also have defined tactile features, improving accessibility for individuals with visual impairments.
The introduction of the $1 and updated $50 polymer notes in Trinidad and Tobago brought uniformity to the country's currency, as all denominations now share the benefits of polymer notes. This move towards polymer currency is part of a global trend, with countries like Australia, Canada, the United Kingdom, and the Philippines also adopting polymer banknotes to increase durability, enhance security, and reduce environmental impact.
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Frequently asked questions
Polymer banknotes were first issued in 1988 by Australia, which now uses polymer exclusively.
Romania was the first European country to issue a plastic note in 1999 and became the third country after Australia and New Zealand to fully convert to polymer by 2003.
As of 2022, 76 of the world's 195 countries are using polymer notes.
As of 2022, the Philippines has issued the most plastic currency in Asia, with 1000 peso and 500, 100, and 50 peso denominations.
The United Kingdom has issued the most plastic currency in Europe, with £5, £10, £20, £50, and £100 denominations.
