Polymer notes—a chronology of developments in their issue

By Trevor Wilkin (all rights reserved, the Italian translation is under permission as well as the reproduction of this article)

January 27, 1988 may well prove to be an auspicious date in the history of banknotes. As all Australians will instantly recognise, it is the day after their country’s bicentenary of European settlement. It, of course, was also the day that the polymer note, of the technology developed jointly by the then Commonwealth Scientific and Industrial Research Organisation (CSIRO) and Note Printing Branch of the Reserve Bank of Australia, was first issued. The Australian public fresh, or not so fresh as the case may be, from revelling in the joys of a Government sponsored celebration of the Bicentenary, was apparently very mindful of its convict beginnings. With typical Australian irreverence for things authoritative or institutional, it thus treated the Optically Variable Device (which features the portrait of Captain Cook) with suspicion and proceed to attempt to remove it by scratching it with a coin as one would the panel concealing a mystery prize on a “scratch” lottery ticket.

Such invasive measures may well have suited the authorities as the issue date was accelerated by the Federal Government to coincide with the Bicentenary, and, of course, the theme of the note was Bicentennial. Within days, the Reserve Bank announced withdrawal of the note on the grounds that the OVD was defective partly through rushed production schedules which of course became necessary to meet the Government imposed agenda.

This note was to disappear for several months, until July 1988 in fact, when the AB prefix circulation notes were reprinted and the AA prefix dated note ( 26 January, 1988) was released in the folder. Fortunately, prefixes of the withdrawn notes were recorded so it is possible to identify them. Detailed examination of the OVD also allows distinction as the second issue has additional lamination there.

Thus the polymer note had a difficult birth and to an extent controversy and speculation continues to surround it as other countries adopt the technology to varying degrees and experience, having a polymer note mixed with paper notes. It was the product of a long pregnancy with its origins relating back to Australia’s conversion to decimal currency in 1966, soon after which the $10 paper note became the target of counterfeiters. The extent of forgeries of the $10 alarmed the authorities and consequently they became determined to “build a better banknote”. As a result the polymer technology for banknote production is dating the term “paper money” and is offering not only a note with state of the art security features, but also one which is very economic due to its durability, albeit unit production cost may be higher, particularly for the more secure intaglio printing .

Whilst the terms polymer and plastic are generally interchangeable, I use the term polymer to identify those notes produced by the technology developed by the Australian authorities. I make this distinction because Australia was not the first country to issue a plastic banknote. Three countries issued plastic notes in the early 1980s; the records are not available to me to definitely state which was the first but it seems it was either Costa Rica or Haiti. In the late 1970s or early 1980s the American Bank Note Company (“ABNC”) began experimenting with plastic technology using a freely available commercial plastic, Tyvek®, developed by the Dupont Group of companies in the United States of America.

For the best part of 100 years, the ABNC has been a major banknote printer for many Central & South American countries. Presumably with the consent of the governments involved, the Company produced on Tyvek® certain then issued paper notes in trial or specimen form for a number of countries. Those notes identified include the 20 & 100 Colones of Costa Rica (P236 & P240 paper equivalent), the 10 and 100 Sucres of Ecuador (P115 & P118 paper equivalent), the 5 and 10 Colones of El Salvador (P134 & P135 paper equivalent), the 1,2,50,100,250 and 500 Gourdes of Haiti (P210, P211, P213, P205, P206 & P207 paper equivalent), the 10 Lempiras of Honduras (P64 paper equivalent) and the 10 and 20 Bolivares of Venezuela (P60 & P63 paper equivalent). No doubt ABNC promoted security and economics as features of Tyvek® notes to the respective authorities. However it was only Costa Rica with the 20 Colones (P 252) and Haiti with the 1,2, 50 (two types), 100, 250 and 500 Gourdes (P230b, P231b, P235b & c, P236, P237 & P238) which took up the offer. The Costa Rica is dated 28 June 1983, which is likely to be the date of print order rather than issue; annual reports of the ABNC indicate that the Haiti issues were released in either 1982 or 1983. Neither of these issues withstood the demands of a tropical climate and it is understood the ink literally came unstuck from the Tyvek®; their issue was relatively shortlived.

At this time the British security printer Bradbury Wilkinson was owned by ABNC and it approached the Isle of Man Government concerning a Tyvek®—or in this particular case—a Bradvek issue. Accordingly, in 1983 a one Pound plastic note (P 38) similar to the paper (P 34) was issued. Only 2,500,000 were issued and they can be readily identified by the serial number prefixes M, N or P to 500,000. Subsequently, Thomas de la Rue, another British security printer, acquired Bradbury’s from ABNC and it is understood that its licensing rights for Tyvek® / Bradvek were withdrawn. Coincidently, the Isle of Man one pound ceased to issue in 1988, the year when Australia’s second generation plastic—or polymer—notes appeared in the public domain.

Since then polymer notes have gone from strength to strength. By now 17 countries have issued polymer notes and the list is increasing regularly. They are in order of year of initial issue: Singapore, Samoa (Western), Papua New Guinea, Kuwait, Indonesia, Brunei, Thailand, Sri Lanka, Malaysia, New Zealand, Taiwan R.O.C., Romania, Northern Ireland, Brazil, China P.R.C., and, most recently, Bangladesh. Of course, Australia led the charge, completing the conversion to polymer with the issue of the $100 in 1996. Mexico is scheduled to issue a 20 Pesos polymer which is believed to be a trial and—if judged a success—will be a forerunner to a polymer series. A number of other countries are expected to announce new issues in the forthcoming months although perhaps not at the same rate as in the past year or two.

Without doubt polymer note issue is gathering momentum. There are now 45 distinctly separate polymer issues, 20 of which have occurred since the beginning of 1999. Date, signature or other varieties add substantially to the numbers, particularly with Australia’s contribution for which there are currently two or three signature varieties for each denomination and several date varieties. If all these varieties are included, there are well over 80.

Marketing this technology to the various central banks is not without its disappointments. Note Printing Australia (NPA, based in Melbourne, formerly the Note Printing Branch of the Reserve Bank) early in the piece promoted the commemorative note concept encouraging the issuing authorities to use such a note to celebrate an event of national significance. Hence the polymer note could be introduced to a country and its people on a trial basis. Many countries have not proceeded beyond a “one-off ” issue and there have been many false starts but a growing number are doing multiple issues. Understandably, there was a reluctance by issuing authorities to commit to polymer notes until Australia had done so. The reward for effort can be prolonged. For example, it is understood that Bangladesh explored the polymer note concept in the early 1990’s but it was not until December 2000 that the first issue occurred.

Many countries have their own banknote printing facilities and there is a reluctance for obvious political reasons to award a contract to a foreign country for banknote production, thereby exporting jobs. Mindful of this issue, Australia has developed facilities in Melbourne in a joint venture with a Belgian technology company to manufacture the polymer substrate, which is marketed under the name of Guardian, and which is used in local production or can be supplied to overseas printers to produce polymer notes on a licence basis. In some instances, outright sale of the polymer sheets may have occurred. Undoubtedly this suits NPA as it presumably collects a royalty on each note so produced as an alternative to considerable investment in additional printing facilities, whose utilisation may be spasmodic and is very much order-dependent. Because of their durability, there is not the repeat business which would be experienced were the notes paper, thereby limiting machine utilisation. It is apparent that polymer note technology has become a useful export earner for Australia.

I now propose to briefly review each of the polymer issues commencing with those by Australia. Unless otherwise indicated, all polymer issues are produced at NPA’s facilities in Melbourne.

On 7 July 1992, the first general circulation polymer of a new series was released. It was the grey and light pink $5. Queen Elizabeth II is being featured on the front and Australia’s new National Parliament in Canberra, which opened in 1988, is on the back. These notes were not dated. This note proved to be too drab and on 24 April 1995, a brighter version was produced. Two signature varieties of both exist; Fraser-Cole and Fraser-Evans for the first and Fraser-Evans and Mcfarlane-Evans (from 1996) for the second. Since 1993, commencing with the Fraser-Evans first issue, the first two digits of the serial number, which technically are part of the prefix, represent the year of issue.

Banjo Paterson, balladist and journalist, who is best remembered for “Waltzing Matilda”, features on the front, and Dame Mary Gilmore, poet, is on the back of the blue-grey $10. This note was released on 1 November 1993.

A year later, on 31 October 1994, the red-coloured $20 was issued featuring Rev. John Flynn on the front. In 1928 Flynn developed what became that uniquely Australian institution, the Royal Flying Doctor Service, which, with the advent of the “pedal wireless” and the aircraft, ensured the provision of medical services to people of the outback. Mary Reibey, convict, and after serving her time, becoming a successful business woman with substantial interests in property and shipping.

On 4 October 1995, the $50 polymer appeared. David Unaipon, an inventor and the first published aboriginal writer, features on the front, and Edith Cowan, Australia’s first female parliamentarian, is on the back. Just on seven months later, on 15 May 1996, the $100 appeared. Dame Nellie Melba, opera singer of international repute, is on the front, and General Sir John Monash, soldier and enginee,r is one the back of the note.

The $10, $20, $50 and $100 each have two signature varieties, Fraser-Evans and Macfarlane-Evans. Since dating commenced in 1993, dated issues appeared for most denominations up until 1998. Only the $50 and $100 notes were printed for 1999 and none were printed for 2000 as there were sufficient stocks—a testament to the durability of polymer. Stockpiling also occurred in the lead up to Y2K. A new signature will soon appear on these notes as Ted Evans has retired and his successor is Ken Henry. When naming signatories, by convention the name of the Governor of the Reserve Bank of Australia is quoted first and the Secretary to the Treasurer comes next although they do not always feature in that order on the note.

On 1 January 2001, Australia issued a commemorative $5 note celebrating 100 years of Federation. The “father of the Federation”, Sir Henry Parkes, features on one side, and Catherine Spence, a social reformer, is on the other. A packaged version with an AA prefix also contains the commemorative legend “1901-2001”.

In 1990. Singapore recorded 25 years of independence and the issue of a $50 commemorative polymer note was a central plank of their “One Nation, One People, One Singapore" 25^th Anniversary celebrations. It is the first Singapore note to be designed by a Singaporean. Early scenes of bustling activity on Singapore’s renowned harbour from an 1861 painting, together with Singapore’s modern port facilities feature on the front of the note. The back of the note shows the first parliament, which met on 9 December1965 under the leadership of Lee Kuan Yew, who guided the development of Singapore for many years, creating the successful city-state, which it has become. This is one of the few polymer notes to carry an OVD. In this case, Singapore’s first President, Encik Yusaf bin Ishak, who now features prominently on all current paper issues. A packaged version of the note is dated 9 August 1990, being the anniversary day. Dr Richard Hu Tsa Tau, the Minister for Finance and Chairman of the Board of Commissioners of Currency, signed the notes.

This issue too was not without its teething problems. For an early polymer note there is an abnormal amount of red in this note (red being an auspicious colour for many of an Asian background) and it is understood that this caused a high spoilage rate in the production process. In the initial years particularly, there were certain colours which were not friendly towards the grey polymer substrate, which accounts for the pre-dominance of blue-grey issues or other somewhat bland colours. Red was one such colour. Official figures indicate that 5.17m notes were issued for circulation and a further 300,000 were dated 9 August 1990 and released in a packaged format. The spoilage rate could have been 30% or more as at least 7 prefixes were used to produce the 5.17m circulating notes. Additionally, the prefix J was used as a replacement for error notes once the printing process was completed. It is not certain if the replacement notes were inserted into bundles or whether they were bulk delivered. Australia did away with star or replacement notes in the early 1970's’and NPA did not encourage their use by its clients. Specimen notes are rare and command a considerable premium.

Samoa (Western) was the second country to adopt the polymer technology other than Australia and although this was in the form of a one-off denomination—the 2 Tala in 1990, this denomination is still in use today, albeit that it has undergone a number of modifications. The first issue was a combination of intaglio and offset printing, bearing the serial prefix AAA. There was a technical problem, which was never fully explained ,but partly due to the demands of a tropical climate—the ABNC's experience—and relatively rough handling by the population, where a wallet is not necessarily a fundamental accoutrement. Within a short time, the issue was withdrawn to be replaced by the entirely offset AAC & AAD prefix issue which also has minor colour variations. Intaglio AAB prefix notes were issued in sheets of 35 notes.

In 1999, an AAE prefix has been issued as a further reprint. It appears Samoa was satisfied that the technical issues were overcome and part intaglio printing was restored for this issue. Again there are minor colour variations. Specimens of both intaglio issues are known, but both with the AAA prefix. This note was initially issued to commemorate 50 years of public service of His Highness, the Head of State of Western Samoa, Susanga Malietoa Tanumafili II. It lays claim to the longest polymer issue notwithstanding there are variations. From a predominantly blue note, it is now blue-brown in colour.

Papua New Guinea was an obvious target for a polymer note issue, as NPA produced its paper notes. Again, commemorative events were targeted. Between the 7 & 21 September 1991 Papua New Guinea hosted the 9^th South Pacific Games—regional Games in which 20 smaller countries of Mela and Micronesia participate. To mark this occasion, a 2 Kina polymer note, closely modelled on the existing green paper note but incorporating the logo of the 9^th Games (a stylised Bird of Paradise in the national colours ), was issued. The note is signed by Sir Henry ToRobert, the then-Governor, and Morea Vele (of whom we shall hear more later), the then-Secretary, Department of Finance.

Papua New Guinea has become a prolific issuer of polymer notes. A second 2 Kina commemorative note was released in September 1995 on Papua New Guinea’s 20 th anniversary of independence (16 September is the national day). Again, this note was closely modelled on the then circulating paper equivalent and is signed by Kioira Tarata, the Governor, and Gere Aopi, the Secretary, Department of Finance. There are very good reasons for similiarity with the paper 2 Kina, apart from the obvious economic one. Papua New Guinea is socially and culturally a highly diverse country with in excess of 700 ethnic groups speaking a similar number of languages. Any individual note design would cause controversy and the logistics of an educational process for a new note design would be considerable, quickly eroding the economic benefits of a polymer issue. In 1996, a regular circulating polymer 2 Kina  was introduced, signed initially by Tarata-Aopi and more recently by Tarata and Rupa Mulina (Secretary).

On 28 June 1999, Papua New Guinea issued a polymer Kina 50, again closely modelled on the orange-brown paper version and for the first time in the series adopting the serial numbering style incorporating the year of issue, which has become distinctive of polymer notes. By this time Vele had become Governor and duly signed the notes along with Brown Bai, Secretary, Department of Treasury (rather than Finance). All notes observed with this signature combination carry the prefix MV, which has been confirmed by the authorities to be the initials of the Governor, Morea Vele. However, this was shortlived, as Sir Mekere Morautu became Prime Minister within weeks of this issue (Morautu was one of the signatories to Papua New Guinea’s first issue in 1975, when he held the position of Secretary, Department of Finance) and the officials appointed by his predecessor were replaced. Accordingly, also in 1999, a more conventional prefix was released with a new signature combination being Wilson Kamit (Governor) and Tarata (a former Governor, but now Secretary, Department of Treasury), being Morautu appointees.

Year 2000 saw the issue of a Kamit-Tarata 10 Kina polymer, again closely modelled on the blue paper version but like the 2 Kina before it, with the conventional Papua New Guinea numbering system and font as used on paper notes—effectively the three alpha gothic style serial numbering used initially on Australia’s decimal paper notes. In September 2000, each of the polymer notes (and the 5 & 20 Kina paper) were overprinted with the 25^th anniversary of independence logo. All notes, including the paper, are signed by Kamit-Tarata and all the adopted the polymer style numbering system.

It remains to be seen if Papua New Guinea will issue a 5 & 20 Kina in polymer. The chances are that it will thereby become fully polymer. There were some delays issuing the 20 Kina, 25^th anniversary commemorative, which may be attributed to the need to reset printing presses to cope with paper or to other technical and logistical reasons. Does NPA carry stocks of paper now? Most certainly not at the level it previously did. The 5 Kina has been produced by Thomas de la Rue in Singapore for several years when they successfully tendered on a lower cost basis. Perhaps therefore an economic argument could be mounted for a 5 Kina polymer. It is understood that some of the more recent polymer issues have been printed by Canadian Banknote Company, presumably because NPA’s facilities were fully utilised. Specimens are difficult to acquire as the Bank of Papua New Guinea has adopted the approach that specimens are not given out to other central banks but are supplied on loan to be recalled at any time.

Kuwait issued a commemorative one Dinar (PCS1) on 26 February 1993, being the second anniversary of the end of the Gulf War and its liberation from Iraqi forces. The note features the map of Kuwait on the front and a listing of the 34 allied countries which participated in Desert Storm. Battle and reunification scenes are on the back. This note also has an OVD, comprising the falcon’s head, which is the standard watermark on Kuwait paper notes, in a field of stars. For whatever reason, this is not a legal tender issue, but it apparently did trade at face value within hours of issue. Perhaps Kuwait has an aversion to commemorative notes or simply does not wish to upset Saddam Hussein too much whilst he retains power in Iraq because on 26 February 2001 Kuwait issued a similar One Dinar non legal tender commemorative for the 10^th anniversary of the war.

This note shows a victorious Kuwaiti soldier waving a flag and a citizen releasing doves of peace. Again, this note has an OVD (a fingerprint), which is an expensive process for a non-legal tender item. The fingerprint is the symbol of those oppressed under Iraqi rule. So far the only prefix observed is CB, which is a different system to the normal Kuwait serial numbering and perhaps aids making a distinction between this note and legal tender ones. All 1993 One Dinar issues which I have observed have a similar two letter prefix.

Indonesia was the next to issue a polymer note on 1 March 1993, with a 5,000,000 limited issue grey-blue 50,000 Rupiah note, commemorating 25 years of economic development under President Soeharto, “The Father of Indonesian Development”. A plan to issue sheets of notes was abandoned, however individual notes were issued in presentation folders. Oddly enough, this polymer was the forerunner of an Indonesian produced paper version, which underwent a number of date changes until both varieties were recently withdrawn following Soeharto’s fall from grace. Soeharto’s portrait features prominently on the face of the note and is incorporated in the OVD; the back shows a Garuda jumbo jet taking off from the Soekarno-Hatta international airport. There were unfulfilled dreams in this note as the illustrations were meant to signify the development and the take-off of the Indonesian economy under Soeharto’s fatherly hand. However the Asian economic crisis intervened and slowed development.

Almost seven years later, in December 1999, Indonesia issued its second polymer note, a 100,000 Rupiah. Whilst double the value, it had less than the international purchasing power of the 50,000 Rupiah at the time of its issue. This is a regularly circulating note without any commemorative overtones although it is the first of a new series of banknotes for Indonesia, in which many of the trappings of the Soeharto regime have disappeared. Soekarno, for many years out of favour, features prominently on the note along with Dr. Hatta. The back shows the National Parliament. At the time this note was produced, NPA had a busy production schedule with other issues and consequently part of the issue was printed by NPA and the remainder was printed at the Thai Banknote Printing Works. The initial print run is understood to be 500,000,000. There was also some urgency with this issue as Indonesia planned to rely upon stocks of this note should there be a heightened demand for currency, given Y2K concerns

Between 1992 & 1996 Australia progressively converted to polymer and production scheduling left reduced scope to accommodate the requirements of other countries. There was also the issue that potential users were waiting to see Australia totally commit to its technology. Hence there was a gap in new issues for other countries.

Early in 1996 Brunei issued one (blue), five (green) & ten (red-brown) Ringgit in polymer as regularly circulating notes. Each features a portrait of the Head of State His Majesty Sultan Haiji Hassanal Bolkiah and displays a variety of flora representative of Brunei. As for all Brunei notes, the Sultan is the signatory. A limited run of a five digit serial numbered notes was issued in presentation folders. Specimen notes are very scarce.

Thailand is the next convertee and has produced the most complex series to date. To commemorate the 50^th Anniversary of the reign of the King Bhumibol Adulyadj, Rama IX , a gold 500 Baht was released on 9 July 1996 (initially scheduled for 6 June) and a light blue 50 Baht followed on 3 December 1996. The 50 Baht entered general circulation whereas the 500 Baht (legal tender) was issued at a premium in an impressive silk clad pack amidst great fanfare befitting the reverence held for the King. One million of the 500 Baht were printed together with 100,000,000 of the 50 Baht. Specimens are available of each. Notwithstanding that both are “one-off” commemoratives, there are two signature combinations of each. However, such were the changes in signatories at the time (Governor of the Bank of Thailand and Ministry of Finance); only one signature combination is common to both.

Close inspection of the 500 Baht reveals a rectangular panel over the serial number area without the clear plastic film, which is a hallmark of the finish to polymer notes. Thai notes have a Western and Thai serial number and at the time of printing, it is understood that NPA did not have Thai numbering machines. Accordingly, the notes were shipped to Thailand where the serial numbers were applied at the Thai Banknote Printing Works in the non-laminated space.

By the time the 50 Baht hit the printing presses it seems as if the Thai numbering machines had arrived as those observed do not have the clear area. Understandably, Rama IX features prominently on both notes, although his portrait is a standard feature of Thai notes.

On 18 August 1997, Thailand issued a second, but deep blue, 50 Baht. This is a regular issue which shows Rama IX on the face and Rama IV, who was a “great builder”, on the back. It continues to circulate and there are now three signature combinations—the first combination was printed in Australia (thought to be 100,000,000) and the subsequent ones are printed in Thailand under licence. Replacement notes were also issued by use of a specific prefix: the prefix which normally denotes a replacement in Thailand is “S” and such is the case for the 500 Baht and the 50 Baht regular. For the 50B 1996 commemorative, the letter “T” was used. At this stage I am unsure if this is in addition to “S”.

On 4 February 1998, Sri Lanka celebrated 50 years of independence from Britain. To mark the occasion, a deep blue and pale yellow 200 Rupees commemorative was issued. Glimpses of Sri Lanka’s history through a collage of scenes from the earliest Buddhist times, through to Portuguese, Dutch and then British colonisation and post independence achievements are depicted. Whilst this note widely circulated, it is a “one-off” denomination; there has not been a 200 Rupees either before or after this issue. It was also available in a presentation pack which has red instead of the normal black serial numbers. Judging by prefixes observed, the production run for this note may have approximated 20,000,000.

In 1998, Malaysia became the first Asian country to host the Commonwealth Games. To mark this event, a commemorative polymer 50 Ringgit (yellow and blue) note was issued by Bank Negara Malaysia in co-operation with the Games authority. Whilst legal tender, it is understood that the note was generally meant as a souvenir for games vistors and locals alike. The design of the note pays tribute to Malaysia’s development and prominently displays the new games stadium in Kuala Lumpur and the games logo. Each note bears the prefix KL/98, which, together with a six digit serial number, indicates that a maximum of 1,000,000 notes may have been issued.

This note also features an OVD containing the portrait of the Yang Di-Pertuan, Tunku Abdul Rahman, the first King of Malaysia (post independence). It is signed by the then-governor of Bank Negara Malaysia, Tan Sri Dato’ Ahmad Mohd Don.

On 7 April 1998, the Reserve Bank of New Zealand officially announced that it would adopt Australia’s polymer note technology. The Currency Chief Manager specifically stated: “plastic notes also allow for superior security features to deter forgeries; there has been an increase in forgeries in the last year or two, which has influenced today’s announcement; one of the new features will be a transparent window, which is very difficult to forge; in Australia, the introduction of plastic bank notes in 1992 has resulted in reported forgeries there falling significantly; we expect similar results here.”

To streamline conversion, New Zealand did not change the fundamental design and colours of its currency. These paper notes had only been introduced from 1992 so perhaps it was felt that the public was not ready for a major design change. Alternatively, the concerns about counterfeiting were perhaps greater than the Bank let on and a quick release was desired. Nevertheless, the first polymer note, the $20, was released on 3 May 1999 and the issue was concluded with the $50 on 20 March 2000; in the meantime the $100, $10 and $5 appeared. New Zealand thus became the first country after Australia to fully convert to polymer notes. Notes continue to be signed by Governor Donald Brash . It entered into a three year contract with NPA to produce its notes. Such has been the durability of the issue that only one printing has been made. The prospect of producing a dated series for general circulation has not eventuated.

In November 1999, New Zealand was one of the first of many countries to issue a note commemorating the Year 2000 and the new Millennium. It issued a new and avant guard polymer design, featuring scenes from Maori history and favoured recreational pursuits—sporting—of our closest neighbours. The November issue was in a packaged format with a distinctive NZ prefix, a red serial number and the logo of the Reserve Bank embodied in the note. On 2 August 2000, this note entered circulation. The circulation issue may be identified through the more standard AA, AB etc. prefix, a black serial number and no logo. Some of the packaged variety were released into circulation when accidentally intermingled with issued notes. All in all, approximately 2,000,000 of the commemorative were produced.

For 1999, these notes are available to collectors in packs of singles or uncut pairs and uncut sheets. For 2000 and 2001 matched numbered dated sets are also available; the only issue date is 1999. Again, specimen polymer notes are only supplied to central banks and may be recalled at any time. A specimen $20 appeared in auction in Europe last year and was withdrawn before the sale, possibly at the instance of the Bank of New Zealand.

On 15 June 1999, Taiwan R.O.C. issued a polymer $50 commemorating the 50^th anniversary of the issue of its currency, following its split from mainland China. This is the most recent of the notes to feature an OVD, in this case the national flag. It is understood that 30,000,000 of these notes were issued. They were printed under licence at the Taiwan Note Printing facility using substrate supplied by NPA, with the OVD embedded. It is one of the few notes which feature other notes on it—a Taiwan 50 Cent note of 1949 and a current issue $100. Other design elements include appropriately the central bank building and various buildings and structures, evidencing Taiwan’s development over the last 50 years.

Romania became the first European country to issue a polymer note when on 2 August 1999 it issued a new denomination, a 2000 Lei (dated 11 August) to commemorate the very prominent Northern Hemisphere eclipse of the sun. A location just to the west of Bucharest was where the eclipse was the longest. Whilst having a blue background, its colours are quite vivid and it is possibly the most visually catching of the polymers issued to date. There is a map of Romania on the face in the blue, yellow and red national colours, upon which is superimposed the transit of the eclipse across the country. The back shows a colourful solar system. One million notes with the prefix 001A were issued in a presentation folder.

On 15 September 2000, this issue was followed with a green 10000 Lei based on the then-circulating paper note. The face of the note features Nicalae Iorga, a noted Romanian writer, historian and journalist, and the back a famous cathedral, the Curtea de Arges.

In quick succession, on 23 October 2000, Romania also issued a 500000 Lei in honour of the engineer and inventor, Aurel Vlaicu. He was an early pioneer of flight and one of his aircraft, the Vlaicu II, is shown on the back. This also is quite a colourful note with a mix of red, brown, green and light gold. Both the 10000 and the 500000 are signed by Emil Ghizari (Governor) and Ionel Nita (Chief Cashier).

NPA had a further European success when in December 1999 the Northern Bank of Northern Ireland issued a five Pounds polymer note. Northern Ireland is one of the few remaining countries where private banks issue currency. Again a predominantly blue note, it was produced in commemoration of the new Millennium by the Canadian Banknote Company, whose “CBN” imprint appears on the note. Chief Executive Price is the signatory. Unusually for a new note it was issued just before Christmas and naturally attracted much comment. The issued version has the Millennium prefix MM and is dated 8 October 1999. This date would be the date of placement of the note order, which is often the practice for dating notes and two of the current paper notes of the Bank also bear this date. A packaged variety with a Y2K prefix and dated 1 January 2000 is also available. In total, 2,000,000 notes are on issue.

In early April 2000, Brazil issued a 10 Reais polymer note in commemoration of 500 years of European settlement. The Portuguese navigator Pedro Alvares Cabral features prominently on the face of the note together with several sailing ships on his voyage of discovery. Portraits of various Brazilians of Indian and European descent are shown on the back, attesting to the country’s cultural & ethnic diversity. This note in orange-blue is being produced under licence by the local banknote printer, Casa De Modea do Brazil. All in all, 250,000,000 will be issued over two years. The Banco Central Do Brazil has announced that this issue is a trial and it may lead to adoption of polymer as the banknote medium. An occasional specimen has appeared on the market.

There are two varieties of this note, both signed by the President of Banco Central, Armino Fraga, and the Minister for Finance, Pedro Malan. The first issue does not state Cabral’s name in full, simply Pedro A. Cabral by the portrait, whereas the second has Alvares in full. Additionally, the religious phrase Deus Seja Louvado (“God is praised”) on the first issue can scarcely be discerned as there is little contrast with the background colour. This changes in the second variety, so that it is more prominent.

On 24 November 2000, China P.R.C. issued a 100 Yuan polymer note. This was unusual as it was only a little more than one year since a newly designed paper 100 Yuan arrived on the scene. Perhaps the polymer issue by Taiwan R.O.C. made an impression upon China P.R.C. It is a striking note, blending the favoured Chinese colours of red and gold, which are held to be symbols of good fortune and prosperity. It features a rampant dragon on the front —being issued in the Year of the Dragon—and shows the Chinese Altar for the New Century in Beijing on the back. Thus this note commemorates the Year of the Dragon and the new Millennium. It too, was produced under licence in China at the government note printing facility. Sources indicate that between 10m and 20m were produced, however, this has not been confirmed. Nevertheless, it is a startlingly small number for such a massive country. Those with an “I” prefix are understood to be replacements; the regular note has a “J” prefix.

At the time of writing, Bangladesh is the latest country to issue a polymer note—a reddish pink 10 Taka produced by NPA. The Governor of Bangladesh Bank has announced that all the country’s notes will ultimately be polymer because of enhanced security features. This issue however has not been without its troubles. Initially 4.8m notes arrived in Bangladesh and were released two days before Bangladesh’s national day which falls on 16 December. It created much interest but on 21 December the Bank announced that the issue was suspended due to insufficient stocks. It seems that the remaining 45m notes arrived in Chittagong in January 2001 and an early resumption of the issue was anticipated. Apparently, however, there was some civil unrest, which delayed a formal handover of the consignment and difficulties were encountered in transferring the notes from Chittagong to Dacca. Eventually, however, this issue was completed in March 2001.

Sheik Mujibar Rahman’s portrait features on this note. He was Bangladesh’s first leader and was assassinated in August 1975. It is understood that all immediate members of his family living in Bangladesh were murdered; a daughter living overseas at the time survived. Between 1972 and 1976, Bangladesh notes carried Mujibar’s portrait. Several years ago, the daughter became the Prime Minister and re-instated her father’s portrait to the country’s notes in a new series of paper & polymer, which is being progressively released.

Other plastic

To commemorate the Year 2000 , the Chatham Islands, some 700 miles east of Christchurch, issued a series of tourist or trade dollars. They are made in New Zealand of a commercial plastic by a commercial printer. Denominations are 2, 3, 10 and 15 New Zealand Dollars—NZD is the circulating currency. Two issues are available. The first issue has a silver seal with the motif “1^st” and the second has a gold seal. The notes are negotiable tender on the Chatham Islands during the Millennium Year 2000. They were used as currency throughout the Islands, however, they were not legal tender which was quickly pointed out by the Reserve Bank of New Zealand.

These notes captured the collecting public’s imagination . There may be several reasons. The Islands were the first populated land mass to experience a sunrise on 1 January 2000; they are made of plastic; they are the only note issue of the Islands or whatever. Each denomination features a bird’s head on the face—the Chatham Islands Taiko—which proved to be very popular in Asia.

Such was the demand that the first issue quickly ran out. When further stocks were re-ordered, they were printed with a gold seal. The silver seal issues, which, if returned to the Chatham Islands, would be redeemed (certainly in 2000); the gold seal issue, and by far the larger in number, would not be redeemed.

The 2001 is made of Tyvek® and is printed in Thailand. It consists of $3, 5, 8, 10 & 15 denominations. Whilst the bird is retained on the face, the backs are markedly different.

Summary

A significant number of countries in a relatively short time have issued polymer notes. Its is apparent that the OVD is not favoured for the regularly circulating note and there could be a number of reasons for this, ranging from what is most likely a higher unit production cost to technological considerations for cash handling equipment.

It thus seems that the see through panel in the note has stepped up to take the place of the OVD and in doing so has developed more sophisticated security features. Colours are now being used. For example, the Indonesian 100,000 Rupiah has a red flower and the China PRC 100Y a multi-coloured pagoda.

The lack of follow-through to complete polymer series is no doubt a concern. There are, however, very encouraging signs that other countries will totally convert. It seems only a matter of time until Papua New Guinea becomes fully polymer with three of its five denominations in circulation having changed over. Romania too in a short time seems to be heading that way with three of seven denominations now polymer. It seems fairly certain that Bangladesh will go down that road and Mexico is entering a fairly serious trial mode initially through the issue of a 20 Pesos note, which, if adjudged successful, may lead to a general polymer issue.

Canada is understood to have field tested the plastic concept by laminating paper notes two or three years ago. Undoubtedly it considered polymers, however not for now, as a new paper series has just commenced. The Bureau of Engraving and Printing (USA) laboratory tested Australia’s bicentenary polymer note shortly after its issue and more recently it is understood to have tested NPA polymer purchasing sufficient substrate to produce 1,000,000 bills (the writer is unaware of the denominations), which presumably went into circulation—these volumes would exceed any laboratory testing requirements. The results of these tests are unknown and it is understood that all such notes have been destroyed.

Other countries are understood to be considering at least a “one-off” polymer issue. India is understood to be engaged in preliminary testing a 10 Rupees note, which may result in a formal issue and there are sure to be those whose intentions have not yet been announced.

This article is an attempt to document developments in polymer notes. There is much yet to be understood and the article simply serves to emphasis how much is yet to be learnt. It is hoped that over time, more will become apparent . The author conducts a "market watch” and thus endeavours to keep pace with all developments in polymer note issues.

***

Trevor Wilkin can be contacted at trevorsnotes@bigpond.com.

 References:

Editors Colin Bruce and Neil Shafer. Standard Catalogue of World Paper Money. Krause Publications (Pick references).