Bang! A gunshot rings through the air. A pair of masked men enter the glass door, pointing their guns. Their outstretched hands hold an empty duffle bag. A clerk shaking with fear stuffs money into the duffle bag, and goes back to cowering behind the counter. The pair grin and run off in glee. A few days later on an island resort in the Pacific, the police arrest a pair of men relaxing at the beach. "How did you find us?" "Polymer banknotes."
polymer banknotes are the uprising fad in the financial world. The United Kingdom (UK) has stated it will use them in the near future, Canada has been using them for their five-dollar notes, and Australia has implemented them for all their bills and notes. The proposed advantages of polymer banknotes are significant and one would expect other nations to follow suit and begin using them.
▲ In Australia, polymer notes have fully replaced paper notes. Provided by realitypod. |
Yet there also exist certain issues that need to be addressed before the full implementation of polymer banknotes. Obviously, due to the materials associated with the manufacturing process, polymer banknotes have a higher upfront production cost than do paper banknotes. While on the long run the durability of polymer banknotes may offset this issue, the initial cost may still serve as a formidable barrier for many nations that have more pressing problems. Similarly, in order to gain full advantage of these new notes, recycling facilities need to be built, which obviously would require major funding.
From bartering to coins to paper banknotes to polymer banknotes, humans have made technological strides that benefit society as a whole. As long as some of the issues on polymer banknotes can be tackled, it would be wise to seize the opportunity to use polymer banknotes and their advantages.