20-12-2013, 11:22 AM
22
Re: Plastic Notes
Originally Posted by Pats
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Polymer is apparently more environmentally friendly than paper b~v.
The link I give says quite the opposite. Given that paper biodegrades naturally (and plastic doesn't), I think paper is better.
What I think is, they now have a mountain of plastic waste and have no idea what to do with it and have come up with this hare-brained idea.
20-12-2013, 12:45 PM
24
Re: Plastic Notes
Originally Posted by ben-varrey
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I think the key word in that sentence is 'apparently' Pats!The link I give says quite the opposite. Given that paper biodegrades naturally (and plastic doesn't), I think paper is better.
What I think is, they now have a mountain of plastic waste and have no idea what to do with it and have come up with this hare-brained idea.
Polymer notes last longer and are recycled - paper notes are always burned
20-12-2013, 01:17 PM
25
Re: Plastic Notes
Originally Posted by Bruce
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I think you forgot your glasses.Polymer notes last longer and are recycled - paper notes are always burned
Wasn’t it treating our cash as money to burn that helped us to get into this mess to start with.
20-12-2013, 07:26 PM
27
Re: Plastic Notes
Originally Posted by Bruce
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I think you forgot your glasses.Polymer notes last longer and are recycled - paper notes are always burned
However, I have read your link:
Given that your link is to the Bank that wants to use these notes, it's hardly a neutral view.
Here is another link: http://www.private-eye.co.uk/section...ack&issue=1353
“Polymer banknotes are cleaner, more secure and more durable than paper notes. They are also cheaper and more environmentally friendly.”
Australian propaganda
Experts say the bank’s claims about plastic currency read more like publicity material from Securency, the Australian firm that dominates the market in polymer for notes, than dispassionate analysis.
The company has been wooing the Bank of England for years – backed by the Reserve Bank of Australia and the Australian government, which have supported plastic with hidden subsidies since Australia became the first country to convert to plastic notes in 1996. The Reserve Bank has now reduced its support following a corruption scandal. selling its 50 percent stake in Securency to its partner Innovia, which renamed the business Innovia Security. This is the firm most likely to win the contract to supply polypropylene film if the Bank of England does go for plastic, and all the indications are that it has swallowed the Australian propaganda in one gulp.
The bank says, like Innovia, that polymer notes are “more secure”. But the plastic substrate – the underlying material to which ink and coating are applied – does not have any intrinsic security features, whereas cotton banknotes have a watermark and security thread. Canada, which has just made the switch, experienced the first forgeries of its polymer notes almost as soon as they were in circulation. In Australia, the Daily Telegraph reported earlier this year: “Sydney has been flooded with counterfeit cash that is of such high quality some banks are struggling to detect it.” Wherever plastic notes have been introduced, from Mexico to Vietnam, the story is the same.
The next claim is that plastic is “also cheaper”. Polymer banknotes cost more than double paper banknotes, and the claim that they last twice as long is more expectation than fact. The print rapidly fades and falls off the plastic – one reason Nigeria decided this year to scrap its plastic notes and return to paper. And of course plastic banknotes bring huge indirect costs to ATMs and note-handling equipment which will have to be modified or replaced.
Finally, there’s the claim that polymer is “more environmentally friendly”. Plastic banknotes are made of non-renewable raw materials, whereas cotton-paper banknotes use a renewable that is a waste product from the textile industry.
Polymer currency has been able to penetrate no more than 2-3 percent of the global market.
I would be interested in your thoughts on those comments.
Finally, the Bank of England stated it wanted public agreement before going ahead with this change to our currency; I can't speak for others but I don't think I've ever been asked - so it would be interesting to see if others did vote in favour of it.
21-12-2013, 06:38 AM
28
Re: Plastic Notes
Originally Posted by ben-varrey
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The bank says, like Innovia, that polymer notes are “more secure”. But the plastic substrate – the underlying material to which ink and coating are applied – does not have any intrinsic security features, whereas cotton banknotes have a watermark and security thread. Canada, which has just made the switch, experienced the first forgeries of its polymer notes almost as soon as they were in circulation. In Australia, the Daily Telegraph reported earlier this year: “Sydney has been flooded with counterfeit cash that is of such high quality some banks are struggling to detect it.” Wherever plastic notes have been introduced, from Mexico to Vietnam, the story is the same.
[I]
The next claim is that plastic is “also cheaper”. Polymer banknotes cost more than double paper banknotes, and the claim that they last twice as long is more expectation than fact. The print rapidly fades and falls off the plastic – one reason Nigeria decided this year to scrap its plastic notes and return to paper. And of course plastic banknotes bring huge indirect costs to ATMs and note-handling equipment which will have to be modified or replaced.
I can only speak as an end user but plastic notes have been around for a long time now, I have never seen a faded one and only rarely a torn one. Despite what the report says as far as I can find out there as been very little counterfeiting. (I would treat anything the Sydney Daily Telegraph says with a great deal of caution - Murdoch probably has shares in a paper company)
Indeed the actual statistics are: Counterfeit notes per million in circulation - Australia 5, UK 250. I think those figures speak for themselves. If you look at the Canadian figures you will see that counterfeiting has actually declined since the introduction of Polymer notes. Nigeria has NOT gone back to paper money.
As I understand it ATMs, poker machines and other cash counting devices handle polymer notes better than paper. One of the characteristics of plastic notes is they are hard to crease and tear.
The information you quoted seems to be largely rubbish and totally without any foundation in fact.
21-12-2013, 07:04 AM
29
Re: Plastic Notes
I love quotes which are selective of what people want to believe. The full quote about Nigeria is as follows:In August 2012, Nigeria's Central Bank attempted the switch back from polymer to paper banknotes, saying there were "significant difficulties associated with the processing and destruction of the polymer banknotes" which had "constrained the realisation of the benefits expected from polymer banknotes over paper notes". But President Goodluck Jonathan halted the process in September 2012[/B]
We have had polymer notes since 1988 and I haven't seen a faded one yet and I haven't ever heard about a counterfeit one in this state. Nor have I lost one in the wash - they come out looking sparkling clean. The Sydney Daily Telegraph is like reading The Sun in the UK.
21-12-2013, 12:18 PM
30
Re: Plastic Notes
Originally Posted by Bruce
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I can only speak as an end user but plastic notes have been around for a long time now, I have never seen a faded one and only rarely a torn one. Despite what the report says as far as I can find out there as been very little counterfeiting. (I would treat anything the Sydney Daily Telegraph says with a great deal of caution - Murdoch probably has shares in a paper company)Indeed the actual statistics are: Counterfeit notes per million in circulation - Australia 5, UK 250. I think those figures speak for themselves. If you look at the Canadian figures you will see that counterfeiting has actually declined since the introduction of Polymer notes. Nigeria has NOT gone back to paper money.
As I understand it ATMs, poker machines and other cash counting devices handle polymer notes better than paper. One of the characteristics of plastic notes is they are hard to crease and tear.
The information you quoted seems to be largely rubbish and totally without any foundation in fact.
I stick by my previous sentiment - no more plastic stuff. I know it's in Australia's interest to boost their industry and economy but if it was that cost-beneficial, I'm sure other countries would have leapt on it by now and I'm puzzled why that hasn't happened.
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