Canada’s first polymer banknote officially enters into circulation today, and though they are more durable and secure, small businesses are criticizing the new notes.
The problem with the new $100 banknotes lies in its design, according to Ted Brosnan, president of John Poulet Cheque Writer Service. The see-through security features could lead to problems with currency counters, he said.
“Probably 99 per cent of the market uses money counters with optics,” Brosnan explained to
Julie Girard, Bank of Canada’s spokesperson, said this is a problem the national bank planned for leading up to the release of the new banknote series, but insisted that the benefits of the new notes outweighed the problems.
“We knew the transition was going to be a little more involved with polymer but the security and all the benefits were really important,” she said. “Polymer is what makes those benefits possible.”
The polymer substrate used to manufacture the new banknotes means the latest series will last up to 2.5 times longer than previous cotton-based notes. Polymer also allows for high-tech security features – such as the see through panels on the new $100 note – to be embedded in an attempt to thwart
The next bill in the new series to be released will be the $50 bill and will enter into circulation in March 2012. The other denominations in the series, the $20, $10 and $5 bills, will all be in circulation by the end of 2013.