March 7, 2010

Canadian Money Plastic (NEWS)

Are you ready for plastic dollar bills. Canada's money is about to be replaced by plastic, to prevent counterfeiting.

The Bank of Canada will hopefully begin making the new plsatic dollars in the next year or two, replacing the cotton polymer blend bills that are now the standard but are considered too easy to fake.

The materials for the plastic currency will be provided to Canada by an Australian source.

The government did not say why such efforts to prevent fraud were needed, or detail what instanced of counterfeiting have taken place recently.

The bills are supposed to have a new revamped design, with a small window on the bill that supposedly prevents photocopying. One-and two-dollar coins will also undergo changes in their composition to reduce production costs for the Royal Canadian Mint.

Canadian Money Plastic (NEWS)

Canadian currency is all set to get a makeover with the federal government declaring recently that the country's currency likely to be replaced by plasticized versions by late next year. It has also been revealed that the Bank of Canada is hoping to begin the printing of the new plastic bills within the next eighteen months. Presently, the bills are made from a cotton based polymer. The latest initiative of the federal government to modernize the Canadian currency as well as prevent counterfeiting was revealed by Finance Minister Jim Flaherty on Thursday, as a part of the federal budget in the Parliament....

Canadian Money Plastic (NEWS)

Posted at March 7, 2010 10:48 AM