Its been almost a year since Canada announced that they will be change to plastic currency. A news by Toronto Sun last week's reported that Canada will switch to plastic money by the end of 2011. Nine months after the Canada federal budget announced new currency, Bank of Canada and Department of Finance staff remain tight-lipped about imagery and when the bills will be unveiled. Officials even refused Toronto Sun requests to confirm or deny Queen Elizabeth’s image will make the cut. She’s on the $20 bill, but former prime ministers are on the other four.
Bank of Canada spokesman Julie Girard would only say “there will be certain legacy features,” cautiously suggesting “culture” and Canadian themes.
“It will be late 2011 that we’ll issue the notes,” she said recently.
The federal agency will retain two private Ottawa security printing firms to produce Canada’s folding money, but Girard wouldn’t reveal the source of the polymer-based material, since “we’re still in contractual negotiations, she said. There is speculation that the new notes will be printed on material from the Australia Securency plant in Mexico.
Girard said 67,000 bogus bills worth $3.4 million were seized in 2009 — far less than in previous years, before the current currency which contained new security devices including watermarks and holographic metallic strips. There are 1.5 billion banknotes worth $51 billion in circulation. The Bank of Canada annually releases about 300 million new notes through chartered banks, and withdraws about 250 million to be destroyed. Counterfeiters routinely adapt their forging methods with each new banknote series, which undermines the public’s confidence in Canada’s money when word spreads.
“Security is the main reason we put out new notes. We go through a lot of testing,” she said. “We don’t produce new banknotes in months ... it takes years.”
Officials have deliberately not released details early because they don't want to tip off counterfeiters, Girard said. Sources said test runs were made on plastic-based material prior to the current notes being released from 2001 to 2004, but due to unacceptable results, they are printed on cotton-based paper. Girard said talks continue with suppliers, scientists, chartered banks, vending machine companies, “stakeholders” being consulted about designs to ensure Canadians are comfortable with topics, plus printing firm staff. They include engravers who carve intricate main features on metal dies that produce a raised “feel” which forgeries lack. Final costs for the new series and money-handling machinery have not been tallied, Girard said, adding there are “some tradeoffs” to produce more-secure currency.
Source: Toronto Sun News.
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Bank of Canada spokesman Julie Girard would only say “there will be certain legacy features,” cautiously suggesting “culture” and Canadian themes.
“It will be late 2011 that we’ll issue the notes,” she said recently.
The federal agency will retain two private Ottawa security printing firms to produce Canada’s folding money, but Girard wouldn’t reveal the source of the polymer-based material, since “we’re still in contractual negotiations, she said. There is speculation that the new notes will be printed on material from the Australia Securency plant in Mexico.
Girard said 67,000 bogus bills worth $3.4 million were seized in 2009 — far less than in previous years, before the current currency which contained new security devices including watermarks and holographic metallic strips. There are 1.5 billion banknotes worth $51 billion in circulation. The Bank of Canada annually releases about 300 million new notes through chartered banks, and withdraws about 250 million to be destroyed. Counterfeiters routinely adapt their forging methods with each new banknote series, which undermines the public’s confidence in Canada’s money when word spreads.
“Security is the main reason we put out new notes. We go through a lot of testing,” she said. “We don’t produce new banknotes in months ... it takes years.”
Officials have deliberately not released details early because they don't want to tip off counterfeiters, Girard said. Sources said test runs were made on plastic-based material prior to the current notes being released from 2001 to 2004, but due to unacceptable results, they are printed on cotton-based paper. Girard said talks continue with suppliers, scientists, chartered banks, vending machine companies, “stakeholders” being consulted about designs to ensure Canadians are comfortable with topics, plus printing firm staff. They include engravers who carve intricate main features on metal dies that produce a raised “feel” which forgeries lack. Final costs for the new series and money-handling machinery have not been tallied, Girard said, adding there are “some tradeoffs” to produce more-secure currency.
Source: Toronto Sun News.
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