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Canada completes polymer banknote conversion

November 11, 2013 by Brendan Burge

"Canada completes polymer banknote conversion" is much more than a headline about a national banknote series refresh.

Canada has now completed the release of its first series of polymer banknotes. The series incorporates five denominations: $5; $10; $20; $50; and $100.

These new notes represent a quantum leap forward in both counterfeit deterrence and banknote longevity. Most central banks are reluctant to publicize information regarding counterfeiting of their national currency, and the Bank of Canada is no exception. We support their stance on this topic.

That said, the new notes are among the most artistically elegant notes I have seen. The manner in which authentication features and art are interwoven is inspiring. Most significant is the telling of the Canadian story, albeit in abbreviated form, through images on the reverse of each banknote.

Although we have much to say (mostly good, some not so much), we will leave the final words with the Bank of Canada. After all, this is their day to be proud!

Polymer Series (2011)
Benefits for you
Polymer notes carry benefits that you'll appreciate as you make those basic transactions of everyday life. They are:
secure — their leading-edge security features are easy to verify and hard to counterfeit;
durable — they last at least 2.5 times longer than paper notes, reducing processing and replacement costs and environmental impact;
innovative — the detailed metallic imagery carried in a transparent area of the notes makes for one-of-a-kind currency; and
easy to handle — the new notes feel different from paper notes, but are just as simple to use.
Lifecycle assessment of Canada's polymer bank notes and cotton-paper bank notes
Read the executive summary of the assessment.
Read the full report prepared by environmental impact experts, PE Americas and Tryskele Sustainable Environment, Health & Safety.
The formal lifecycle assessment complied with ISO standards and was vetted by a critical review panel composed of experts on lifecycle assessment and on polymer and paper bank notes.
Better for the environment
The Bank of Canada commissioned a lifecycle assessment by experts in this field to evaluate changing Canada's bank note substrate from a cotton-based paper to a polymer material, and to compare the environmental impacts of producing and distributing both types of bank notes.
The study examined everything from the impact of growing cotton for banknote paper and producing the raw material for polymer to the destruction and disposal of worn bank notes.
The study found that polymer bank notes show benefits over paper notes for all the main phases of the lifecycle, including manufacturing and distribution. Since polymer notes will last at least 2.5 times longer than paper notes, fewer polymer notes will have to be manufactured and distributed over the life of the series. Furthermore, polymer notes weigh less than paper notes.
The study examined nine internationally recognized categories for life-cycle impact assessment, including global warming potential and primary energy demands. In all categories, polymer shows improvements ranging from a 29 percent to a 60 percent reduction in environmental impact. It shows, for example:
a 32 percent reduction in global warming potential; and
a 30 percent reduction in primary energy demand.
Recycling
At the time of the study, the Bank of Canada had not chosen a specific end-of-life scenario for polymer bank notes. So, for the sake of modeling, the end-of-life treatment currently in use for our cotton-based paper notes (i.e., landfill) was assumed.
The bank has since determined that it will recycle polymer notes once they become worn, which is expected to add to the environmental benefits.
Security
The new $20 note
A look at the security and design of the new $20 polymer bank note that features the Canadian National Vimy Memorial in France.