We've all heard that money doesn't grow on trees. Hopefully you know that money does not come from trees, as it it made of wool. But starting this year it will no longer.
This RCMP says that within the past year 2894 counterfit five dollar bills were seized, as well as 8342 phony ten dollar bills, 24762 fake twenty dollar bills, 5653 fifties, 25030 hundreds and 5 thousand dollar bills (yes, there is such thing!) Although this overall counterfit amount is much lower than prior years, especially in comparison with the pre-2004 bills it is still quite a large issue.
The Bank of Canada will begin producing polymer bills instead of cotton. Polymer is like a thin sheet of plastic, and is already used for bills internationally such as in Australia. The newly redesigned bills will feature many more and new security aspects in hopes of reducing counterfit cash. Furthermore, like the cotton bills these new bills will be durable when wet, but also will be more durable overall. They are said to be able to last up to 2.5 longer than current bills (which typically last from 5-10 years but do go to 20) which would mean a lesser amount would need to be produced which would be more economical and environmental. The fifty dollar bills are said to appear this November and the other bills arriving within the following year or so.
-Em
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