Last September, the Bank of England released its new £5 polymerA substrate used in the printing of banknotes, made of biaxially oriented polypropylene (BOPP) polymer. Polymer banknotes were first introduced in Australia and are widely used around the world. More banknoteA banknote (or ‘bill’ as it is often referred to in the US) is a type of negotiable promissory note, issued by a bank or other licensed authority, payable to the bearer on demand. More joining the club of about 30 countries which have already switched from cotton to plastic. The £5 was manufactured by the Australian company Innovia, which accounts for 99% of the world’s polymer note production.
Polymer was first introduced in 1980 by the Reserve BankSee Central bank. More of Australia, which was seeking a heat-resistant and hard-to-counterfeit solution for its banknotes. The initial tests proved that polymer lasts five times as long as cotton paperSee Banknote paper. More notes and that it’s especially resistant to water, albeit being twice as expensive.
In addition to traditional security features such as holograms or colour-shifting inks, Innovia’s notes carry a chemical signature that can be scanned for authenticationThe process of proving that a banknote or security document is genuine. More purposes by banks and retailers, strengthening their security. Indeed, the Bank of Canada reported that the number of counterfeits fell from 400 notes per million to only one per million after its shift to polymer.
Mark Robertshaw, CEO of Innovia, reminded that, contrary to one might believe, the demand for cashMoney in physical form such as banknotes and coins. More is rising and is not about to disappear, a view shared by Victoria Cleland, Chief CashierInitially, the person who is responsible for the safe, its opening and closing, and the contents that are safeguarded inside it. Nowadays, at a central bank, the person who is responsible for matters related to the treasury and cash. Their signature would usually appear alongside others on the banknotes issued by the bank. More of the Bank of England. Thanks to incessant innovation in this sector, banknotes are still extremely secure and are increasingly sophisticated and complex: critical attributes for putting off fraudsters and counterfeiters.
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