The UK could see plastic banknotes in circulation as early as 2015, after the Bank of England revealed details of the process by which future money would be produced.
An article in The Telegraph last week claimed that De La Rue – the company that currently prints the bulk of Britain’s cash – might not have the lion’s share of production in 2015 when the a new contract comes in place.
Instead, polymer banknotes could be introduced as an alternative to paper, to increase the longevity of the UK’s money.
The move would see the UK follow the likes of Australia, which in 1988 became the first country to issue the plastic currency, and has since gone 100% polymer. Twenty-three other nations also use polymer banknotes, including Brunei, New Zealand, Papua New Guinea, Romania and Vietnam.
The imminent arrival of Bank of Canada governor Mark Carney – who is set to replace Sir Mervyn King as the governor of the Bank of England in July next year – could be a factor in the Bank’s decision to speed up the transition to more durable currency.
In November 2011, the Bank of Canada began circulating $100 polymer banknotes in an effort to combat counterfeiting and reduce costs. The country claimed its $100 bill was the world’s most advanced banknote, as it includes a hologram within the note’s transparent window and a circle of numbers that matches the value of the denomination when held up to light.
A $50 polymer denomination followed in March this year, with a $20 bill expected soon. By the end of 2013, new $10 and $5 bills will have been introduced, and all Canadian currency will be printed on polymer.
Blue & Green Tomorrow recently explored the pros and cons behind a move to polymer banknotes, which are said to be cleaner and more environmentally friendly, but come with added production costs.
A Bank of England spokesperson said that no plans had been finalised yet.
What do you think of Blue & Green Tomorrow? Complete our short reader survey and be in with a chance to win an iPad mini or a Kindle Fire. Survey closes December 21.
Like our Facebook Page
How to Raise Money for Your Non-Profit or Charity: 7 Steps to Take
Solar-Powered Solutions for Lowering City Infrastructure Carbon Footprint
How to Prioritize Sustainability When Studying Abroad
EHS Management is Making the Construction Industry Greener
Best Sustainable Practices in the Construction Industry in 2024
Comparing Renewable Energy: Solar Power, Wind, Hydro & Bio
Maximizing Home Efficiency: The Renewable Way
10 Easy Ways To Make Your Home More Eco-Friendly
Energy Management Mastery: 4 Tips for Green Property Owners
Wonderful Ways to Make Your University Lifestyle Greener
Insider Tips for an Eco-Friendly Dubai Vacation in 2024
Polythene Bags and Food Safety: Crucial Role in Food Packaging
5 Tips for Creating a Sustainable Living Space
Solo Eco-Tourism Misconceptions That Need To Be Debunked
How Can Field Service Companies Reduce Their Carbon Footprint?
Embracing Sustainability: 7 Tips for Eco-Friendly Shopping
Crypto Market Makers Are Becoming More Eco-Friendly
Eco-Friendly Benefits of Energy Efficient Mortgages
Experience Thailand at Sea Yacht Chartering as an Eco-Tourist
5 Reasons Eco-Tourists Should Plan a Barcelona Getaway
- Features8 months ago
What is the Eco-Friendliest Option to Wash Your Dishes?
- Environment12 months ago
6 Home Improvements You Can Make to Help the Environment
- Editors Choice11 months ago
7 Tips to Minimize the Negative Impact Businesses Have on the Environment
- Environment12 months ago
The Truth About The Environmental Impact of Dogs