currency to go plastic next year
by Jennifer Yang
plastic will take on a whole different meaning
next year as the Bank of Canada begins
introducing plastic dollar bills.
The federal government announced in its budget
yesterday that it is “taking steps to modernize
Canada’s currency and protect against
counterfeiting,” introducing a new currency
printed on a polymer material.
Plastic bills have proven to be more durable
than the current cotton-based money, reportedly
lasting four times as long.
Polymer money has other benefits too: it is
cleaner, cheaper to produce and harder to
counterfeit than cotton-based paper bills.
The bills are also more green — because the
money lasts longer, it will cause a lower impact
on the environment, the federal government
The plastic banknote was first introduced in
Australia and several countries have since
adopted the polymer money, including New
Zealand, Mexico and Vietnam.
According to the federal budget, Canada’s
loonies and toonies will also be undergoing a
transformation in 2011, with a new composition
that uses the Royal Canadian Mint’s cheaper
“patented multi-ply plated steel technology.”
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