Suggestions spreading on social media and mobile phone messages that banknotes carrying the prefix “Z” in serial numbers were fake were struck down by the Central Bank today.
The Central Bank’s Deputy Director responsible for the nation’s currency Octavia Gibson, confirmed that the Bank does indeed issue banknotes with “Z” serial numbers.
“From time to time, the Bank issues notes of all denominations that carry the prefix “Z” in the serial number. These notes are what we call replacement notes. If there is an issue during the production process and some notes cannot be used, the notes issued in their place are given serial numbers with the prefix “Z”. That is why there will be notes of all denominations with that prefix. Having replacement banknotes is standard practice around the world,” she said in a statement.
The practice of issuing replacement banknotes with “Z” serial numbers goes back “at least as far back as the early 1990s” she said. “However, because these notes are fairly uncommon, people are sometimes concerned when they receive them.”
“The fact that a Barbadian banknote, whatever the denomination, has a serial number with a “Z” prefix does not mean that it is counterfeit,” Gibson said, as she urged users to “check the note, as you should every note you receive, and once it has the appropriate security features, you should accept it”.
The central banker urged members of the public to learn about their currency’s security features by downloading the Bank’s banknote app, visiting its website or Facebook page or come to Bank’s currency division themselves.
“You can even give us a call if you would like someone to walk you through the security features. We certainly encourage anyone who has a question or concern about Barbadian money to contact us so that it can be clarified and they can have peace of mind,” she said.