2019-08-05 Mon

The Eastern Caribbean Currency Union has introduced cleaner, safer and stronger currency notes for their country. Officials state that they would feature beautiful designs that represent the country’s identity. The new notes will have more security features which will drastically reduce the number of counterfeiting activities.

The bank was considering different materials for the new notes like cotton paper, cotton and polymer, highly durable paper and polymer. Polymer notes are cost-effective even though its production is expensive. This is because they last much longer and will not have to be replaced frequently. Transportation and handling costs will also be cut down. The central bank has also taken an opinion from officials from Bank of England, Scotland and Canada on this subject. Polymer notes do not attract dirt and moisture. World-class security features can be incorporated on them. Since the last three times longer than paper notes, they are environmentally friendly as well. Tactile features have been included to help visually challenged people to identify denominations.

EC$50 note is the first note from this new series. It features a picture of late, Governor, K Dwight Venner. Both polymer notes, as well as paper notes, will remain in circulation. Paper notes will be gradually replaced by polymer notes. New $100, $20 and $10 banknotes will be released in September and the $5 note will be released in September 2020. The printing firm De La Rue has been given the contract for producing the new notes.

Image Courtesy: The ECCU