Canada's new plastic money

[HC]

As a former bank employee I approve this: http://www.theglobeandmail.com/news/politics/canadas-new-plastic-banknotes-will-be-nearly-impossible-to-fake/article2068559/

 

[Sam Mills 51]

But how will this look buried under center ice?

;D

 

[Buck]

That's interesting.
Have you seen anything about the cost?

 

[HC]

Don't know about cost but the link to Quick Facts lists a number of benefits for the new style currency. Apparently, 30 other countries are ahead of Canada in adopting polymer-based bills.

 

[Buck]

I can imagine there are a lot of benefits.
I'm curious what the per unit production cost is vs. tradition cloth-paper money. You'd have to add that with an estimated transition, then balance it against the savings you'd realize through fewer counterfeiting losses and potentially less policing/prosectuion costs associated with counterfeiting.
Very interesting stuff.

 

[slappy4428]

I can imagine there are a lot of benefits.
I'm curious what the per unit production cost is vs. tradition cloth-paper money. You'd have to add that with an estimated transition, then balance it against the savings you'd realize through fewer counterfeiting losses and potentially less policing/prosectuion costs associated with counterfeiting.
Very interesting stuff.

You also get to print fewer bills, because in theory they won't wear out so there's less replacement... If a paper bill lasts 18 months, this may last 54.

 

[Buck]

Good point.
There are a lot of possible advantages.
There are always significants costs for a transition, but I'd imagine the savings and benefits would pay off quickly.
Heck, the U.S. just wasted money on a currency transition. We could have waited another five years and gone this route.

 

[Rumpleforeskin]

We call them credit cards in the United States. Just kidding.

 

[Huggy]

Reminds me of that Barney Miller episode where they bring in a guy who robbed a Canadian tourist and ended up getting nothing more than her Canadian money: "It sure looks nice but have you ever tried to spend it? $20 for a coffee and danish!"