What's in your wallet?
If the Bank of Canada's plan to roll out its new notes goes off without a hitch, Canadians can expect to be carrying a lot more plastic.
In a press conference held yesterday, Bank of Canada Governor Mark Carney unveiled the new polymer $100 bill which will begin circulating this November.
The remaining notes will be phased in over the next two years, starting with the $50 and $20 next year, according to a press release issued by the Bank of Canada.
"This new series of banknotes combines innovative technology with Canadian ingenuity," Carney said during the conference, noting that the introduction of the new notes was "borne out of necessity" in response to a rash of counterfeiting that peaked in 2004, but has been an ongoing issue for the Bank and the RCMP over the past several years.
The notes, which were originally announced last year, are designed with a number of security features specifically intended to curb counterfeiting. These include holographic images in the bill's large window, raised ink large numbers and "Bank of Canada" text, and a hidden number in the maple leaf window.
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Bank of Canada Governor Mark Carney
The features, when combined with a program to educate retailers about what they should look for on the new bills, will make them "nearly impossible to fake," according to an article from the Globe and Mail.
The bills are also designed with durability and environmental sustainability in mind, according to Carney.
"The new bills will last at least two and a half times longer than cotton-based banknote paper, and after being removed from circulation, for the first time in Canada, they will be recycled into other products," he said. "Safer, cheaper, greener: these new banknotes are a 21st Century achievement in which all Canadians can take pride, and in which all Canadians can place their confidence."