Canadian money to become plastic, coins will be steel next year - Are we next??
Goldbully
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digitaljournal.com
Mar 5, 2010 by - Andrew Moran
The Canadian federal government announced in its budget that paper Canadian currency will become plastic and have new security features next year. Its $2 and $1 coins will also receive new changes.
Ottawa, Canada - On Thursday, Prime Minister Stephen Harper’s minority Conservative government announced in its budget that its paper currency will go plastic by late next year, according to the Globe and Mail. The plastic notes will also contain high security features to ensure that the $10 and $20 bills last longer.
The Bank of Canada will replace the nation’s cotton-paper bank notes with a tough polymer that are meant to last two to three times longer. The money will be waterproof as well, so if you wash your money in the laundry then it won’t be a big deal, reports The Canadian Press. However, the Bank of Canada has not revealed the details on the specific technology.
This latest measure is designed to avoid counterfeiting, which the Royal Canadian Mounted Police say there were more than 141,000 counterfeited bills found worth $3.3 million in 2007, reports the United Press International.
Australia was the first nation to use plastic money and a spokesperson for the Bank of Canada, Julie Girard, believes it’s a very good investment on the part of the federal government.
Finance Minister Jim Flaherty also announced that the nation’s $2 and $1 coins will be replaced with steel instead of the predominantly nickel-based.
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.......YIKES!!!
Saves money, deters counterfeiters and is more durable.
Its a win-win situation.
Leave it to Canada & Australia to have the foresight to do this ahead of the US.
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<< <i>So it might survive the wash, but what about the dryer? Will they laminate to each other? Should be interesting. >>
I guess plastic bills would discourage money laundering.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
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<< <i>So it might survive the wash, but what about the dryer? Will they laminate to each other? Should be interesting. >>
I guess plastic bills would discourage money laundering.
http://www.newmoney.gov/newmoney/
I have seen the NZ bills, maybe 15 years ago or so. They are cool looking.
<< <i>I wonder what the environmental impact will be. Must we produce yet more plastic? >>
Didn't know what to think until I read this, now I am all for it.
<< <i>If I recall correctly, New Zealand or a nation near there started using polymer currency a few years ago. >>
Yes, I've seen some of those polymer bills.
If you didn't know they were plastic, you would still think they were some kind of paper.
A lot thinner than our bills too!
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
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<< <i>So it might survive the wash, but what about the dryer? Will they laminate to each other? Should be interesting. >>
I guess plastic bills would discourage money laundering.
I read they launder quite well.
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<< <i>I wonder what the environmental impact will be. Must we produce yet more plastic? >>
Didn't know what to think until I read this, now I am all for it. >>
Come over here and say that.
But seriously, why produce more plastic stuff. Don't we have enough already?
<< <i>But seriously, why produce more plastic stuff. Don't we have enough already? >>
Most of the "excitable left" are concerned with waste and disposal of this incredibly useful material. I doubt we'll see old plastic bills in landfill and sewer drains, or choking shoreline wildlife.
Lance.
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<< <i>
<< <i>So it might survive the wash, but what about the dryer? Will they laminate to each other? Should be interesting. >>
I guess plastic bills would discourage money laundering.
I read they launder quite well. >>
Just use the low heat setting on the washer and drier.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
....perhaps it will become common to be asked at the bank after cashing a check to say "will that be plastic or metal?"
<< <i>....perhaps it will become common to be asked at the bank after cashing a check to say "will that be plastic or metal?"
Ottawa, Ontario — As part of the Government of Canada’s budget announcement to modernize Canada’s currency , the Royal Canadian Mint will change the composition of one-dollar and two-dollar coins, using the Corporation’s cost-effective patented multi-ply plated steel technology.
The current composition for the one-dollar coin is bronze plated nickel, while the current composition for the two-dollar coin is, for the inner core, aluminum bronze (copper, aluminum and nickel), and for the outer ring, pure nickel. The primary new composition of both coins, to be launched at the beginning of 2011, will be multi-ply plated steel.
The Mint is currently working collaboratively with key stakeholders to minimize the impact of this composition change on their day-to-day operations. The new coins will bear the same look and feel as the current bronze and nickel one-dollar and two-dollar coins.
The Mint’s multi-ply plated steel technology is a unique electroplating process which deposits thin, alternating layers of nickel and copper over a steel core, or "blank", to produce the best quality, most economical nickel and copper based circulation coins available.
Canada’s one-cent, five-cent, 10-cent, 25-cent and 50-cent circulation coins have been produced with this technology since 2000. Multi-ply plated steel coins are proudly produced by the skilled technicians of the Mint’s Winnipeg facility where all circulation coins, for Canada and countries from around the world, are produced.
Coin news link
Edited to add: The different denominations of notes are the same height, but different lengths to aid the visually impaired. The $10 note is about 1/4" wider than the $5 note I have.
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
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<< <i>But seriously, why produce more plastic stuff. Don't we have enough already? >>
Most of the "excitable left" are concerned with waste and disposal of this incredibly useful material. I doubt we'll see old plastic bills in landfill and sewer drains, or choking shoreline wildlife.
Lance. >>
Hey, even the not so excitable left are concerned about it. You are right that not so many people will be wanting to through this plastic away, at least not literally. I wonder if it can be recycled. Still, I wonder if there was any sort of EIS. Just curious.
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
My digital cameo album 1950-64 Cameos - take a look!
<< <i>The U.S. Government will unveil a new $100 Note on April 21. No mention of plastic though.
http://www.newmoney.gov/newmoney/ >>
I recall years ago that the U.S. government stated they wouldn't be using polymer for banknotes because polymer wouldn't pass one of the endurance tests that the U.S. banknote paper is subjected to before it gets approved for use.
As others have stated already, a few countries already use polymer for banknotes. They last longer and they're much more difficult to counterfeit.
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<< <i>i can see it now, i'll be searching bank rolls and get excited when i find ----------- CLAD!! >>
Just like when I am searching Lincoln cents and find ----------- COPPER!!
Polymer permits much more colourful and fascinating imagery than paper.
<< <i>I sure do miss silver and gold.
....WOW!!!! me TOO!!
<< <i>....perhaps it will become common to be asked at the bank after cashing a check to say "will that be plastic or metal?"
I was thinking along those same lines...as when you go grocery shopping and it's time to bag it..."Will that be paper or plastic."?!!?!?...
Buy the plastic not the plastic ?
<< <i>I wonder what the environmental impact will be. Must we produce yet more plastic?
With the amount of plastic produced in the world each year, I can't imagine plastic money even making a blip on the scale.
....has anyone cleared this with gore??
<< <i>If they eventually end up making the coins out of plastic, instead of steel or some other alloy, the advice "buy the coin not the plastic" will have to evolve.
Buy the plastic not the plastic ? >>
and will the plastic be stable over the centuries... or will we need to have special stabilizing material inside slabs??
hmmmm.... maybe I'll use that for tomorrow's post to the "Big One" thread.
But who knows? Now that Teddy Kennedy is gone, and a Republican won his seat, ANYTHING is possible in Massachussetts - - maybe even dumping the sole supplier of linen for our currency!
<< <i>....has anyone cleared this with gore??
I think even after 10,000 years it don't matter....he will be history too.....!!!!
digits from one account to another. In the future your employer will add points to your chip which is implanted under
your skin, most likely the wrist area. Every business, home, etc. will have a point of sale terminal, where you just simply swipe your wrist
and points are deducted from your account. You could even exchange points from human to human.
Talk about ultimate control, and no currency and coins to produce.
Just my two cents worth of plastic