The Bank of Canada has started printing $ 100 banknotes made out of plastic. It is said to be the best developed and most secure banknote in the world. By the end of 2013 all of Canada’s banknotes will be printed on plastic.
Canadian economic experts claim that plastic banknotes have many advantages. They last about twice as long as current banknotes made out of paper and cotton and they don’t get dirty and sticky, which is an advantage especially in hot, wet climates. It is also extremely difficult to forge them. Security features are raised ink, transparent text and hidden numbers.
Canada faced a campaign of faked bills between 2001 and 2004. During this period about 500 forged banknotes were discovered for every million in circulation.
Although the new money costs twice as much to produce, the Canadian government hopes to cut costs because they will not have to print bills that often and take old ones out of circulation. The country also boasts that it is doing something for the environment because such banknotes can be recycled.
However, there are also a number of disadvantages. Plastic banknotes are difficult to fold and put into your wallet and they are smoother. This makes money harder to count by hand.
The technology of producing plastic banknotes came up in Australia towards the end of the 1980s. It is the only country that produces the polymer that is used for making plastic money. Up to now about 23 countries around the world have turned at least some of their banknotes into plastic.