British plastic banknotes: do you know the advantages or disadvantages?

According to British media reports on the 17th, the UK plans to introduce plastic banknotes in the next three years to gradually replace paper currency that has been used for more than 300 years.

British banknote printing company Delaru signed a contract with the Bank of England as early as 2003 to contract its banknote printing business. According to the Bank of England ’s latest bidding plan, Deraru will be responsible for printing 1 billion pounds of plastic banknotes by 2015.

It is estimated that the Bank of England may start to change from lower denomination bills, such as the most widely used and most easily rolled 5 pound bill. Chris Salmen, the chief cashier of the Bank of England, revealed that plastic banknotes are seen as an alternative to paper money, and the bank is still investigating the feasibility of issuing plastic banknotes.

Application: Active promotion in many countries

According to reports, plastic banknotes were first introduced by Australia in 1988 in order to combat the crime of counterfeiting paper currency. This plastic banknote has been successful in Australia.

In 1999, in order to greet the new millennium, Northern Ireland issued a sterling plastic banknote of denomination of £ 5 as a memorial. In addition, Canada also officially launched a new set of high-tech plastic banknotes in November 2011. Currently, countries that plan to issue plastic banknotes globally include New Zealand, Romania, Papua New Guinea, Mexico and Vietnam.

Advantages: environmental protection, durable and difficult to copy

Compared with traditional paper money, plastic banknotes have many advantages. First, plastic banknotes are more durable. For example, a AUD 5 denominated plastic banknote can last about 40 months, while a denomination of GBP 5 can only last 6 months. Second, plastic banknotes are more hygienic than paper money because its smooth surface absorbs less bacteria and it is also waterproof.

More importantly, the planned plastic banknote is designed with a window with a light-variable image, which can disperse the light into the component colors of the image, making the plastic banknote extremely difficult to copy.

Disadvantages: high cost and high temperature resistance

However, due to material issues, the production cost of plastic banknotes is higher than paper money. In addition, the initial cost of putting plastic banknotes into use will also be high, because in order to adapt to the materials of new banknotes, almost all ATMs and vending machines need to be modified or updated.

In addition to cost issues, plastic banknotes also face the question of not being able to withstand high temperatures. Plastic banknotes issued by Canada in November 2011 have frequently been melted by heat sources and even melted by the sun. Therefore, high temperature resistance is the soft underbelly of current plastic banknotes.

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