Polymer banknotes, often referred to as “plastic money,” have garnered significant attention and interest from experts in the field.
Advantages of Polymer Banknotes
Polymer banknotes are highly durable and long-lasting due to their flexible synthetic material, which is resistant to tearing and soiling.
This resilience allows them to withstand the rigours of circulation, resulting in a longer lifespan than traditional paper-based banknotes.
Paper banknotes can easily get damaged by moisture and liquids, while polymer banknotes are water-resistant and can withstand challenging environmental conditions, making them more durable and valuable.
Polymer banknotes have transparent windows included in their design, which can be intricate patterns or shapes. This feature adds visual appeal and serves as a security measure, as it is difficult to counterfeit.
Polymer banknotes have raised printing, which creates a tactile element on their surface for easy identification by individuals with visual impairments. This technique also adds a unique texture to enhance their overall aesthetic appeal.
Best World Bank Note of 2022
The IBNS awarded the new Philippines 1000 Pesos banknote as the “Best World Bank Note of 2022,” highlighting its exceptional design and features and elevating the country’s currency to a prominent global position.
The IBNS gives a prestigious award to the new Philippines banknote, affirming commitment to excellence in currency production and inspiring competition and innovation in the industry.
The Reserve Bank of Australia and its wholly-owned subsidiary Note Printing Australia printed the “Award-winning banknote” for the Central Bank of the Philippines.
There could be a noteworthy move towards polymer banknotes as governments and central banks delve into the advantages of this groundbreaking currency.