More countries switch to plastic currency notes

The Bank of England has announced that Britain will start using plastic currency notes starting 2015, after 320 years of using paper money. The decision came after a public consultation in which 87% of the 13,000 respondents favored the newly designed currency. The new polymer notes start with the ￡5 bill that features Winston Churchill in 2016 and ￡10 with Jane Austen a year after.  

Polymer notes combine security and performance. They are difficult to counterfeit and are more resistant to damages, unlike paper notes. 

Britain followed the footstep of other countries such as Canada and Australia where plastic currency notes are being used.     

Britain’s version of polymer notes features a see-through window and other new security features that would make it hard to counterfeit. In response to environmentalists’ concerns, the Bank also said that these polymer notes can last longer than paper notes. The durability can make up for the higher production costs, said the Bank, which estimates savings to reach ￡100m. Also, the polymer notes will only start to shrink and melt at 120 degrees Centigrade.