[B]Plastic banknotes are set to be introduced in Britain, replacing the paper money used for more than 300 years.
[/B]
The radical overhaul could see the more durable, waterproof and harder-to-counterfeit polymer sterling notes in circulation within three years.
The Bank of England has put out a £1billion tender from 2015 for the printing of notes at its press in Debden, Essex.
Part of this process demands that bidders are able to cope with the change from paper to plastic from the start of the contract.
Since 2003, the contract has been held by De La Rue – one of only two makers of polymer notes.
The company, which prints more than 150 currencies, has just produced new plastic banknotes for the Pacific island of Fiji.
Plastic notes were first introduced in Australia in 1988 as a measure against counterfeiting.
They have proved a success, and are apparently particularly popular with surfers who are able to keep money in their pockets without it disintegrating.
Other countries to issue polymer notes include New Zealand, Romania, Papua New Guinea, Mexico and Vietnam. In Northern Ireland, a plastic fiver was introduced in 1999 to mark the Millennium.
Plastic notes last much longer than cotton fibre-based paper ones. For instance, an Australian $5 bill lasts about 40 months, against six months for a £5 note.
Polymer notes are more hygienic as they absorb fewer bacteria, harder to tear or crease – making them easier for vending machines – and waterproof, even able to survive being put in the washing machine.
A key feature is a clear window, which normally contains an ‘optical variable device’ that splits light into its component colours and is extremely hard to counterfeit. Plastic notes can also contain holograms.
They are also more environmentally friendly as fewer need to be produced and they can be recycled.
However, they are considerably more expensive to produce and would create an initial cost as ATMs and vending machines would have to be adapted to accept them.
The Bank’s chief cashier Chris Salmon had already revealed it was investigating the possibility of polymer or plastic-coated banknotes.
It is understood that the Bank will initially introduce lower denominations, such as the fiver, which are in wider use so become dog-eared more rapidly.
De La Rue’s chief executive Tim Cobbold said: ‘If you think about the life of a banknote, it takes quite a hammering.
'It’s being folded, it’s being crunched, it’s in and out of wallets and it could be in the wet or dry.’
But financial expert David Buik, of the retail and trading services firm Cantor Index, believes the conversion to plastic notes should not be rushed.
‘I think it’s something that needs to be more carefully thought out,’ he said.
‘Money laundering is a huge problem and if the security measures introduced could be used to make notes more traceable, then that would be very good.
‘But it needs to be applied internationally, the major countries all need to be singing from the same hymn sheet.’
A spokesman for the Bank of England said: ‘No definite decisions have been taken yet but the Bank is considering all options.’
[URL]http://www.dailymail.co.uk/news/article-2249212/Is-end-paper-banknotes-Plastic-version-pocket-just-years.html[/URL]
Nice. Seems like a win-win all around.
Plastic money is a terrible idea.. would cost way more to mass produce.
theyre easier to roll up to snort cocaine as well
[editline]17th December 2012[/editline]
another bonus
[QUOTE=GrizzlyBear;38865172]Plastic money is a terrible idea.. would cost way more to mass produce.[/QUOTE] Its far harder to forge wich saves millions
We should have chrome money
Since, you know, everything is chrome in the future
The reason i think its a bad idea is because of the fact oil prices are going up, maybe i worded it bit wrong by calling it a terrible idea but that's what just came to mind.
I know not all plastics are made with oil, but a good amount is.
I had a $20 melt on me, beware.
that's great! I believe it was either Malaysia or Singapore who has plastic money: waterproof etc.
Sounds interesting, I wonder if we will get it over here in any forseeable future..
If this means we get more fivers in circulation that would be cool, though I think might be worth holding off on the new notes until after the Queen dies (two birds, one stone sort of thing).
[QUOTE=GrizzlyBear;38865172]Plastic money is a terrible idea.. would cost way more to mass produce.[/QUOTE]
Might be slightly dearer to produce, but the holographic tags and all that on the current notes to prevent forging cost a lot to develop, and the notes last for something like 5x longer, so you save more in the long run by going plastic.
I hope you guys also get a dick sucking whale like us.
[img]http://th07.deviantart.net/fs24/300W/i/2007/314/d/1/Secret_Penis_On_Aussie_Money_by_odin123.jpg[/img]
Plastic notes sound like a great idea. Might be worth holding onto some old notes that may be worth a lot more in 50 years time.
Only downside is that money wont taste good anymore :/
why not use ipad or any other tablet as money ;D
[QUOTE=Black;38865399]Only downside is that money wont taste good anymore :/[/QUOTE]
Guess I have to taste it before it's too late.
Only problem i see with this is if you were to spill solvents on your wallet while working at, say a vehicle repair shop, and it turns your money into goo.
[QUOTE=laserguided;38865265]I had a $20 melt on me, beware.[/QUOTE]
Sounds better than paper notes going through the washer because you didn't check your pockets
If it did melt, would you be able to go to the bank and change it for a good one?
[QUOTE=zombini;38865482]Only problem i see with this is if you were to spill solvents on your wallet while working at, say a vehicle repair shop, and it turns your money into goo.[/QUOTE]
Seems less likely then spilling coffee on your money.
[QUOTE=FreakySoup;38865203]We should have chrome money
Since, you know, everything is chrome in the future[/QUOTE]
Wrong.
Money made out of nanotubes with a honeycomb pattern.
THAT is the future.
[QUOTE=matt.ant;38865490]Sounds better than paper notes going through the washer because you didn't check your pockets
If it did melt, would you be able to go to the bank and change it for a good one?[/QUOTE]
I don't know about the UK, but in Canada you can get them replaced. But you can also split your money, for example $10 bill you can cut it in half you now have a bill worth $5 by law.
[QUOTE=FluD;38865447]why not use ipad or any other tablet as money ;D[/QUOTE]
Because iPads cost like £500 and that would be retarded to use it as money.
[QUOTE=laserguided;38865806]for example $10 bill you can cut it in half you now have a bill worth $5 by law.[/QUOTE]
Seriously??
Wait people still use paper money?
Can you cut it in ten pieces for £1 each?
thats what we have in australia, it smells minging when you first start using them but you get used to it
I had a tenner that had a noticeable nibble taken out of the corner the other day. Who's nibbling our notes?
[QUOTE=laserguided;38865806]I don't know about the UK, but in Canada you can get them replaced. But you can also split your money, for example $10 bill you can cut it in half you now have a bill worth $5 by law.[/QUOTE]
I wonder if you could profit buy using rounding errors.
woohoo, Monopoly money!
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