Home » Posts » Central Bank unveils high security polymer banknotes to be released in December

Central Bank unveils high security polymer banknotes to be released in December

by Marlon Madden
5 min read
A+A-
Reset

The Central Bank of Barbados has unveiled modern, more attractive and durable banknotes with enhanced security features that make them harder to forge, as Governor Cleviston Haynes declared that despite this being the age of digital payments, cash will not become obsolete in the near future.

The new polymer banknotes, which will officially go into circulation in December, are expected to last about two and a half times longer than the existing paper notes.

During an unveiling ceremony at the Frank Collymore Hall on Wednesday, Governor Haynes said he did not see the use of cash coming to an end anytime soon.

“We envisage that even in the age of digital payments, cash will remain a part of the mix,” he said in a pre-recorded message. “Indeed, cash remains popular. In 2021, the value of currency in circulation was $960 million, the equivalent of almost 10 per cent of GDP (gross domestic product). Simply put, cash continues to be widely used.”

However, he added that it was expected that over time, “technology will displace some of the cash in circulation”.

“Indeed, promoting the increased use of alternative forms of payments is a crucial element of our focus as an institution. We have challenged our financial institutions to join us on that journey, by ensuring the availability of cost-effective modalities of payment in the modern age.

“In the interim, however, our commitment is to ensure that there is an adequate supply of currency in circulation and that the banknotes and coins we issue can be used with confidence,” the Central Bank Governor said.

Describing the new series of banknotes as attractive and modern, Haynes said he was confident they would be “harder to replicate but easy to authenticate”.

Outlining some of the benefits of the new series of currency, Gareth Evans, Country Director for Currency at De La Rue, the England-based company that is responsible for producing the banknotes, said in addition to lasting longer they have new features that make them more accessible to members of the visually impaired community.

“Polymer allows for the inclusion of big, bold, innovative security features that make the banknotes very difficult to replicate but easy for the public to authenticate,” he added.

Barbados’ first-of-its-kind banknote series, which is printed on tear-resistant material, comes with bigger pictures of the featured individuals in vertical format rather than the landscape format of the existing paper currency. It also features several pictures on the backside of the note.

On the $5 bill, Sir Frank Worrell is now portrayed in a cricket uniform on the front. There is also a picture of him superimposed at the batting crease on the backside of the note, which shows a lot more of the 3W’s Oval.

Meanwhile, the vignette on the back of the $20 bill features the Parliament building from a different angle. The faded pictures are also reproduced on the $20, $50 and $100 as holograms at the bottom of those notes.

Other security features include a small broken trident at the top right of each note that reveals the denomination of the note when held up against the light. The other broken trident on the notes also light up under ultraviolet light, as well as highlighted lines of the National Anthem on the back of the notes.

When placed together in sequence with the $2, $5 and $10 bill on top and the $20, $50 and $100 bills below, a map of Barbados runs through the notes.

The features for the visually impaired are more pronounced with tactile markers of various shapes to differentiate the denomination of each note. The colours on the banknote are also more vibrant.

The old banknotes will continue to be in circulation when the new series of banknotes are released in early December.

Officials are expected to carry out major education and awareness campaigns in coming months, as they highlight the various security features.

Commercial banks, credit unions and other financial institutions, vending companies and those who use banknotes in their various machines will also be required to recalibrate their systems so they are able to take the new polymer banknotes without any challenges.

Director of Currency and Payments Oversight at the Central Bank of Barbados, Octavia Gibson, said the Bank has already reached out to those businesses.

She opted not to disclose the level of investment that was required for the new series of banknotes but gave the assurance that a cost analysis was done and there would be savings to the Central Bank since new banknotes will last longer.

Gibson added that the likelihood of individuals forging the new banknotes was reduced.

“Barbados does not have a high level of counterfeiting. In fact, in 2020 we removed just over 100 notes from circulation, and in 2021 [there were] just about 55 or so that we removed from circulation,” she said.  marlonmadden@barbadostoday.bb

You may also like

About Us

Barbados Today logos white-14

The (Barbados) Today Inc. is a privately owned, dynamic and innovative Media Production Company.

Useful Links

Get Our News

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Barbados Today logos white-14

The (Barbados) Today Inc. is a privately owned, dynamic and innovative Media Production Company.

BT Lifestyle

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. Accept Privacy Policy

-
00:00
00:00
Update Required Flash plugin
-
00:00
00:00