If you look at the history of it then you will get to know that Australia was the first country who started this trend and used polymer banknotes.
These banknotes are made from the synthetic polymer that is BOPP (biaxially oriented polypropylene). There is so much security which can not be included in the simple paper money. One of the special features is the use of metameric ink in the polymer banknotes.
Polymer banknotes are much more durable than the current paper notes. These can cause less pollution to the environment and are also low in production cost that is why this polymer banknote is the future of the world.
Security features of the banknotes
These polymer banknotes have been equipped with a three-level system of security devices. The customers can easily identify the primary device which has been set up for the purpose of security. It also includes q printing technology named Intaglio which has an image printed on the surface. Some metal areas are also there with clear areas in the banknotes. The second most important security feature is that the security devices equipped in the banknotes can only identify by the machine only. The last security device system is only useful when the banknotes are returned to the bank. Its security device can only be detected by the issuing authority to check the validity or originality of the banknote.
Top 10 Countries that use Polymer Banknotes
There are so many countries who are adopting the use of polymer paper currency. But the first one who adopted this modern polymer banknote is the Reserve Bank of Australia (RBA), Commonwealth Scientific and Industrial research organisation(CSIRO) and the University of Melbourne. These polymer banknotes are durable in nature and do not get damaged with time. Even in the high humidity and temperature, these banknotes remain the same. There are top countries who are using polymer banknotes. These countries are;
Australia was one of the first countries among all who issued polymer banknotes. Australia is the first country who adopted this trend of currencies system. It’s first banknotes we’re issues in the year 1988 and are still running in the present time. If you see in the present time, there are polymer banknotes of Australian dollar notes of 5, 10, 20, 50, and 100.
Papua New Guinea
The currency of Papua new guinea is known as the Kina. This country is using these polymer banknotes for a very long time. This country has started issuing polymer banknotes since 1991. All denominations of the Kina came in late 2008. It is now having its denomination of 5, 10, 20, 50, and 100. This country has also banned the paper currency in the state and is now accepting the old paper banknotes since 31 December 2014. Now, paper banknotes are no longer level tender in this country.
The polymer banknotes which were issued by the New Zealand government are named as the New Zealand dollar. New Zealand has issued these polymer banknotes since early 1999. New Zealand has also issued new banknotes in 2015 and named it as ’Brighter Money’. The five-dollar note of the new Zealand was declared as the best banknote of the year 40 designs of 20 countries in the year 2015. New Zealand also has the denomination of its polymer banknotes of 5, 10, 20, 50, and 100.
Romania is the only country who had issued the polymer banknotes before it denominated its currency back in the year 2005. It’s the national bank has issued a polymer banknote of 2000 in the year 1999. It’s the central bank has also issued notes of so much high-value currency polymer banknotes between the year 2001 to 2004. These notes included polymer banknotes of 10000, 20000, 50000, 100000 and 500000. But faithfully after it took its decision of the determination, it issued polymer banknotes of 1, 5, 10, 20, 50, 100, and 500.
Vietnam has made a decision in the year 2003 that it will refuse to issue paper money from then onwards. Vietnam has a lot of fluctuations in their government and administration and thus nothing can be said earlier. At present, Vietnam has denominations of 10000, 20000, 50000, 100000, 200000 and 500000.
Because of the situation of recurring counterfeit bills cases, Brunei started issuing polymer banknotes of 1, 5, 10, 20, 50, 100, 500, 1000, and 10000 Brunei dollars.
Canada is the first country who made a first 100 Canadian dollar bill of polymer banknote in 2011. Now they are having all the denominations of 5, 10, 20, 50, and 100 in the Canadian dollar.
Maldives government started accepting this polymer banknote very late among all countries. It first issued its 50000 Maldives Rufiyaa on its 50th independence. After it’s a denomination in the year 2016, it has all the polymer banknotes of 10, 20, 50, 100, 500 and 1000.
Vanuatu issued its first polymer banknote of 5000 in the year 2011. Although it has started issuing paper notes in early 1982 though it started polymer notes in 2011. At present, Vanuatu he it’s 4 denomination of polymer banknotes of 200, 1000, 2000 and 5000.
The central bank of Mauritania has issued polymer banknotes on the different interval of time. The notes were issued in the year 2014, 2017 and 2018. If you see at present, there are notes of 50, 100, 200 and 500 in Mauritania.
Many more countries have adopted the trend of polymer banknotes in their countries because of the durability and advance features like security devices in the banknotes. In the future, each and every country will adopt the trend of using polymer banknotes. The quality of the polymer banknotes have been developed from the past years. Many test have been performed over these polymer banknotes to check its durability and ability to bear hight temperature and high humidity. Use of polymer banknotes is now become a adoptive trend these days.