Canadian currency to go plastic next year – thestar.com

Canadian currency to go plastic next year

Published On Fri Mar 05 2010 Staff Reporter

Paying with plastic will take on a whole different meaning next year as the Bank of Canada begins introducing plastic dollar bills.

The federal government announced in its budget yesterday that it is “taking steps to modernize Canada’s currency and protect against counterfeiting,” introducing a new currency printed on a polymer material.

Plastic bills have proven to be more durable than the current cotton-based money, reportedly lasting four times as long.

Polymer money has other benefits too: it is cleaner, cheaper to produce and harder to counterfeit than cotton-based paper bills.

The bills are also more green — because the money lasts longer, it will cause a lower impact on the environment, the federal government contends.

The plastic banknote was first introduced in Australia and several countries have since adopted the polymer money, including New Zealand, Mexico and Vietnam.

According to the federal budget, Canada’s loonies and toonies will also be undergoing a transformation in 2011, with a new composition that uses the Royal Canadian Mint’s cheaper “patented multi-ply plated steel technology.”

Posted via web from Toronto Real Estate News | Blog

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Dear Readers, I am a dedicated Toronto, Ontario based real estate professional who has been successfully meeting and exceeding the needs of his clients for past several years. I am actively involved in the insurance, financing, and mortgage industry. Real estate is not only my career – it is my passion. I strive to continuously provide my clients with exceptional service to ensure they are fully satisfied when it comes to their real estate needs. For any real estate related inquires contact me today, I will be happy to assist you. Best wishes, Tariq Sultan

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