Damon Mcknight
Canada's currency is made from plastic, not paper. In 2011, the Bank of Canada started replacing paper currency with plastic money, which is harder to damage through bending or twisting, and is also waterproof. Plastic currency is also beneficial because it is harder for bacteria to cling to, and it is cheaper in the long run as it has a longer life.
| Characteristics | Values |
|---|---|
| Currency in Canada | Plastic |
| Currency in Australia | Not found |
| Year of replacement of paper currency with plastic money in Canada | 2011 |
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What You'll Learn
Canada's plastic currency
The benefits of Canada's plastic currency are numerous. Firstly, it is more durable than paper money, lasting 2 to 5 times longer. It is also more resistant to damage from bending, twisting, and washing machines. Plastic currency is also less susceptible to counterfeiting due to its complex security features, such as transparent windows, hidden numbers, metallic holograms, and minuscule text. As a result, fake bills in Canada have dropped by 74%.
Additionally, plastic money is less likely to spread diseases as bacteria struggle to cling to its slick, non-absorbent surface. It also stays cleaner and becomes less grubby than paper money as it does not absorb perspiration, body oils, or liquids. Furthermore, plastic currency is more environmentally friendly, with a 32% reduction in greenhouse gas emissions and a 30% reduction in energy needs over its entire life cycle. It can also be recycled and used to manufacture other plastic products.
The introduction of plastic currency has also resulted in cost savings for Canada. While the plastic banknotes cost more to print than paper ones, their longer lifespan means that fewer bills need to be printed over time, resulting in significant cost savings for the country.
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Benefits of plastic money
Plastic money, also known as credit and debit cards, has become a preferred payment method for many consumers. It offers a range of benefits, including:
Convenience
Plastic money is highly convenient as it can be used almost anywhere, including most stores, restaurants, and online retailers. It eliminates the need to carry cash, making transactions quick and seamless. With a simple swipe or tap, payments can be made in just a few seconds, which is much faster than handling bills and coins. It also reduces the need for frequent trips to the bank and carrying large amounts of cash, which could be a safety concern.
Security
Plastic money offers enhanced security compared to carrying cash. The risk of robbery and theft is reduced as hacking a card's PIN is more difficult and requires specific knowledge. Additionally, credit and debit cardholders can have greater confidence in the security of their funds.
Rewards and Benefits
Many credit and debit cards offer rewards and benefits such as cashback, airline miles, and discounts on purchases. These rewards can be particularly advantageous for frequent shoppers or travellers, providing significant savings.
Easy Access
Credit cards provide easy access to funds, allowing individuals to make transactions even when they do not have immediate access to cash. This can be beneficial in emergencies or when travelling, eliminating the worry of finding an exchange or calculating prices.
Tracking Spending
Plastic money can help individuals track their spending more effectively. With cash transactions, it is easier to lose track of expenses, whereas card transactions provide a clear record of purchases, enabling better financial management.
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Recycling paper currency
To get started, locate a recycling centre near you that pays for paper waste. Recycling centres often pay by weight, so even a modest collection can turn into a tidy sum. You can refer to your phone book or online resources like Earth911.com to find nearby recycling centres and learn about their specific offerings and prices.
Once you've identified the recycling centres, start collecting paper waste. You can collect from your household, neighbours, family, friends, or even your workplace with their permission. Don't forget to include items like newspapers, magazines, cardboard boxes, and discarded mail.
After you've amassed a substantial amount, transport your paper waste to the recycling centre and get paid. The price per ton of recycled paper varies, typically ranging from $50 to $75 per ton. While it may not provide a steady income, it can be a nice bonus, and you'll be contributing to the reduction of deforestation and pollution.
Additionally, consider contacting paper production companies, as some may be willing to pay for recyclable paper. By dealing directly with the paper manufacturers, you might find more lucrative opportunities and establish a consistent source of income.
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Cost of plastic vs. paper money
The cost of producing currency includes variable printing costs such as paper, ink, labour, and direct overhead costs to print each note. Polymer notes, made from plastic, are said to be produced at a lower cost to taxpayers and the environment. Polymer banknotes were first introduced in Australia in 1988 and are now used in over 30 countries.
Polymer banknotes can have a longer lifespan than paper cash, meaning fewer notes are needed to provide the same function as a given quantity of paper money. This results in fewer raw materials being needed to produce plastic money. Polymer notes can also be recycled and transformed into new plastic items.
The Bank of England spent three years studying the potential effect of switching from cotton and linen paper notes and concluded that plastic was the way to go. The Bank of Canada also began its move to polymer banknotes in 2011 after assessing the environmental impact of producing paper and plastic bills.
Ordinary users have mixed reactions to plastic notes. Some people dislike the plasticky feel, while others appreciate that they are cleaner than paper bills, which can get grimy.
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History of Canadian currency
The history of Canadian currency dates back to the early 19th century, when various colonies and provinces in Canada issued their own paper money and treasury bills. For instance, in 1790, Prince Edward Island (then known as the Island of St. John) issued £500 in treasury notes, in values of up to £2. Other colonies, such as New Brunswick, Nova Scotia, and Newfoundland, followed suit in the early 1800s. During the War of 1812, the British Army issued "Army bills", which were redeemable for government bills of exchange in London, totalling £1.5 million.
In the mid-1800s, there was a disagreement between the British and the Canadian colonial governments over currency policy. The British wanted its colonies to use sterling to facilitate trade within the Empire, while the Canadian colonies favoured linking their currencies to the US dollar due to strong local trade links. Eventually, the Canadian colonies prevailed, and their currencies were linked to the US dollar. This led to the adoption of the Halifax rating system in 1841, where the new Canadian pound was equal to four US dollars, making £1 sterling equal to £1.4s.4d. Canadian.
As Canada unified in 1867 with the union of the Province of Canada, New Brunswick, and Nova Scotia, their currencies were merged into a singular Canadian dollar. The Canadian Parliament passed the Uniform Currency Act in 1871, standardising the currency across all provinces. When British Columbia joined Canada in the same year, the Canadian dollar replaced the British Columbia dollar. The gold standard was abandoned during World War I and definitively abolished in 1933.
Today, the Canadian dollar (CAD) is the official currency of Canada and is the fifth-most held reserve currency in the world. It is divided into 100 cents and is commonly abbreviated as $, with unique abbreviations like Can$, CA$, and C$ used for distinction. Due to the depiction of a common loon on its reverse, the dollar coin is often referred to as the "loonie" by Canadians. The value of the Canadian dollar is primarily of interest to Canadians in relation to the US dollar due to the significant trade relationship between the two countries.
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Frequently asked questions
No, Canadian money is not made in Australia. Canadian money is made in Canada.
Since 2011, Canadian money has been made of plastic.
Plastic money has a lot of benefits. It stays cleaner and is less likely to get grubby or damaged. It's also waterproof and harder to accidentally destroy. On top of that, it's harder for bacteria to cling to, so it's less likely to spread disease. Finally, it's cheaper in the long run because, although it costs more to print, its longer life means fewer bills need to be printed overall.
Before switching to plastic money in 2011, Canada used paper currency.
Yes, worn-out paper currency can be recycled and used to make other products like pencils, coffee mugs, and piggy banks.
