Fellow classmate, Jeffrey Lu-Shao recently blogged about the release of the new polymer $100 bill. After reading, I wanted to extend on a few points he made. One essential element that Jeffrey did not touch on was the improvement of economic and financial welfare of the country. An article published from the Bank of Canada website claimed that there was a large reduction of the number of counterfeit bank notes throughout the past few years. This will help the economy because it prevents inflation. A few counterfeited bank notes might not influence the whole economy, but we also need to consider the counterfeits of the $50, $20, and $10 bills.
New $100 bank note
Fortunately, the Bank of Canada will be introducing new bank notes for these bills in the next couple of years, which will further enhance the security. Also, not only does the new bank not have a more eco-friendly impact to the environment, but it is also less costly to produce because it can last 2.5 times longer than the previous cotton-paper made bank-note. Overall this improves the reputation of the Canadian economy, as it will eventually be recognized internationally. If the economy maintains a strong reputation for high security, in the long run, tourists will more likely be attracted.