The Bank of Canada has started to introduce new plastic bills that have more security features that will make them harder to counterfeit. I find that my opinion is divided regarding this decision, mostly because I don’t specific information concerning the upgrade is available yet.
Initially, I was enthusiastic about the switch. The new currency is more practical and durable- not only is it waterproof and harder to rip but it also can be recycled after its use. As well, the heightened security of the bill has instinctive appeal, because it would limit the problems associated with the circulation of counterfeit bills.
However, in looking into the counterfeiting problem in Canada I was surprised to find that counterfeit bills make up less than one percent of all bills circulated. This lead me to thinking, “how much will this introduction of the new bills cost?”. The answer is not very clear, especially if you factor in the effort put into taking older notes quickly out of circulation. Although the benefits might well outweigh the costs, it would be interesting how much the new money is worth. All things considered I would say I am for the introduction of the new currency.