Plastic money: the future, today

plastic-moneyLast week it was announced that the first plastic bank notes in Great Britain will be put into circulation next year.


The Scottish Clydesdale Bank will issue 2 million polymer £5 notes before the Bank of England makes this new form of note commonplace across the country.


But what are the benefits of the plastic fivers? Great Britain won’t be the first country to adopt the new style of note: Australia developed the money before putting it into its circulation in the mid 1990s, and now there are more than 20 countries which now use polymer notes as their currency.


In fact, it’s not the first time that the UK has experiemented with plastic money. In 1999 the Northern Bank of Northern Ireland created a plastic note to commemorate the millennium, while back in 1983, the Isle of Man adopted a plastic note but later withdrew it due to problems with the ink.


This time round however, these problems have been resolved. The notes are cleaner, more secure and last 2.5 times longer than the old paper notes.


Money forgery may soon become a thing of the past with the introduction of these new polymer notes, plus the introduction of a new 12-sided £1 coin is sure to mean that plenty of businesses will benefit from traditional money being brought firmly into the 21st century.

This entry was posted in economics and tagged . Bookmark the permalink.