I am looking for Polymer banknotes history like how people start to make polymer banknotes. Found some info in wikipedia but I think this old story from thestar.com.my is more suitable to what i am looking for. I am not a fan of Polymer banknotes because most of the time the design and the price not that attractive to me. I have meet most of this guy in their shop at Amcorp Mall before and their book World Polymer Banknotes- a standard reference is still the best books about polymer banknote.
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Durable plastic money
By MAJORIE CHIEW
Polymer banknotes have been around for almost a quarter of a century, with more than three billion bills circulating in 26 countries today. Malaysia first joined the plastic money club with a RM50 denomination. Now, three Malaysians have put the country ahead of the polymer pack. After eight months of research, three Malaysian banknote collectors wrote, compiled and designed a collector’s tome, World Polymer Banknotes – A Standard Reference.
The trio – Peter Eu, Ben Chiew and Julian Chee – claim the book is the first reference in its category which documents and records the history, development and listing of world polymer banknotes.
“It’s timely as there has not been such a publication on polymer banknotes of the world,” says Eu, 35, a decade-long collector of these banknotes. Chiew, also 35, started the hobby eight years ago while Chee, 32, got the bug only two years ago. In fact, it was the shared passion that brought the Malacca High School alumni together, first as collectors and then, business partners.
Interest in polymer banknotes has come out, seemingly from nowhere, over the past few years. It is the swelling ranks of collectors that convinced the trio of the need for such a book, that introduces as well as promotes the hobby.
Why collect polymer banknotes?
Eu started it as a hobby because he felt “polymer banknotes are more durable, colourful as well as exciting.” “Polymer notes are easier and more affordable to collect,” says Chiew. Even though collectors have to pay a certain premium than the face value of these currencies, the premium is not that high. Besides, many of these polymer banknotes are still legal tender compared to paper currencies, of which some may not be legal tender but still have numismatic value.
Collecting polymer currencies can be an educational journey, if not an appreciation of the artwork. “A collector can learn about the country and prominent icons. Children, too, can find it an invaluable lesson. They can enhance their knowledge of the world,” Chee says. Banknote enthusiasts also make new acquaintances in their search for rare, interesting or “missing” banknotes to complete their collections.
One can start to collect through exchanging with other collectors, via the Internet or ebay. “Flea markets in the Klang Valley can also be a place to look out for these notes,” says Chee, who cited Amcorp Mall in Petaling Jaya as a location where dealers and collectors can be found.
Polymer banknotes are considerably new in Malaysia. In 1998, Bank Negara Malaysia (BNM) issued a RM50 polymer banknote. It was a commemorative issue in conjunction with the XVI Commonwealth Games. Only half a million were issued. “Nine out of 10 Malaysians probably have not seen the RM50 polymer banknote,” says Eu, who thinks that “polymer banknotes will be the future of currency.”
Benefits of polymer banknotes
Last year, BNM released a new polymer RM5 banknote which all of us are familiar with.
“Compared to paper banknotes, the polymer banknotes are twice as expensive to produce, but last four to five times longer. As a result, they are replaced less often which leads to lower production costs. They can more durable and won’t fade with handling. Hence, they can be washed and won’t get damaged in the washing machine,” he says.
Polymer banknotes are clean throughout their life. Impermeable to water, sweat or liquid, they don’t absorb moisture, odour or get stained. The final over coating (with a protective varnish) also protects the banknote from excessive ink wear.
Polymer banknotes have better security. These banknotes can incorporate new and advanced security features unavailable to paper banknotes such as transparent window and holograms. The transparent window is a key security feature of a polymer banknote.
A notable history
In the late 1970s and early 1980s, du Pont pioneered this evolution of technology in currency with its Tyvek polymer, a material that was jointly developed by du Pont and American Banknote Company. It was later discovered that the printing ink does not bond to the Tyvek material and after handling a few times, the ink on the notes smudges and wears off.
The first three countries to introduce such banknotes were Haiti, Costa Rica and Isle of Man.
In the late 1980s, the Reserve Bank of Australia developed and perfected the technique with Guardian polymer, and introduced plastic banknotes in 1988. Today, all countries that issue polymer currency use this version.
Currently, Australia, New Zealand and Romania have fully converted to polymer banknotes.
Brunei also plans to fully convert to polymer banknotes except for big denominations involving B$500, B$1,000 and B$10,000.
World Polymer Banknotes – A Standard Reference (1st edition 2005/2006) is available from MPH, Kinokuniya and other major bookstores at RM39.90. It can also be purchased from the website, www.eurekametro.com
The 208-page reference book lists more than 500 banknotes with 60 banknotes illustrated in high-resolution images. It is educational for both collectors and non-collectors as it includes the currency history, data of each country, description of the artwork of each banknote and information of the currency.
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Source: the star-lifestyle-15 August 2005
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