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The End Of Paper Money?

Updated on November 16, 2011
Austrian polymer Money
Austrian polymer Money | Source
Romanian Polymer Money
Romanian Polymer Money | Source

This year Canada will be yet another country the has opted to have their banknotes made of a polymer instead of paper. The new polymer money with new security features will make it almost impossible to counterfeit. When I first became aware of it I thought I was seeing a new standard by which the world would follow however upon reading further about it I have discovered the there are many countries using banknotes made of polymer material.

Beginning in 1988 Australia polymer based money began being used, over time many different forms of security have been added to the banknotes to prevent conterfeiting in each country where they are used. Besides the conventional security features added to current peper money (those sometimes very complex) the new polymer banknotes also incorporate.

Mexico polymer money
Mexico polymer money | Source
Brazil Polymer Money
Brazil Polymer Money | Source
Bangladesh Polymer Banknote
Bangladesh Polymer Banknote | Source

The new polymer money will incorporate an OVD (optical variable device) which is an intricate hologram which is almost impossible to counterfeit. Also the banknotes will be made to resist folding and wear as well as be water proof and washing machine proof. So if you do accidently leave your wallet in your pair of pants and it goes through the was you won't end up pulling your hair out thinking that hundred dollar bill has been reduced to a wet paper wad.

Overall I support this new innovation. I would say there are nothing but good things to come from polymer banknotes. Over the past several years with many things online and through cell phones electronic transactions have been on the rise and probably continue to do so. But if you still deal in cash as many banks, stores, businesses do this will certainly make your lives a whole lot easier.

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    • Paladin_ profile image

      Paladin_ 5 years ago from Michigan, USA

      A fascinating hub, terrektwo! I was completely unaware of the switch to polymer money. I wonder how it will work with vending machines...

    • terrektwo profile image
      Author

      Candle Hour 5 years ago from North America

      Hm, not sure, hopefully they won't have to completely release new machines just for the money that would be pretty harsh for the vendors.

    • lorenmurcia profile image

      lorenmurcia 5 years ago

      I definitely agree to using polymer on our bank notes. Our government work hard to fight counterfeiters. If you have a business, it affects you more since you are accepting money directly from the customers. We have experienced being paid with counterfeit money. Luckily, it was just a negligible amount.

    • Mysticalmoon profile image

      Mysticalmoon 5 years ago from Idaho Falls, ID

      I had no idea this kind of money was around let alone invented! We here in America still use the good old fashioned paper money. I wonder if America is looking in to it?

      Thank you for sharing!

    • Dewette profile image

      Dewette 5 years ago from NV

      Interesting! Thanks for today`s enlightenment :)

    • terrektwo profile image
      Author

      Candle Hour 5 years ago from North America

      lorenmurcia - it does sound safer for sure, I'm sorry to hear you got counterfeit money. Like you said though Polymer will be better for cash businesses.

    • terrektwo profile image
      Author

      Candle Hour 5 years ago from North America

      Mysticalmoon - I think the US is leaning in the direction, many countries are now I think for security of their bills.

    • terrektwo profile image
      Author

      Candle Hour 5 years ago from North America

      No problem Dewette

    • kenneth avery profile image

      Kenneth Avery 5 years ago from Hamilton, Alabama

      Hi, terrektwo, Amazing read. True to the word. The day IS coming, soon, when the USA will not use paper money, as well as the world at large. YOU are a very profound writer with tons of talent. I voted up, useful, awesome and interesting. These descriptions and more. Keep up the great work. Kenneth

    • hhunterr profile image

      hhunterr 5 years ago from Highway 24

      Interesting. I spent two summers earning Canadian money working across the country, based in London, Ont. Think I'll research this closer. thanx. By the way, if you leave your money in the washer, is that money laundering?

    • terrektwo profile image
      Author

      Candle Hour 5 years ago from North America

      hhunterr - he he, money laundering funny :)

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