New cash is coming. Are you ready?
The Bank of Canada (BoC) revealed its new polymer $5 and $10 bank notes on April 30, 2013. They will soon be in circulation says the bank. During November 2013 to be precise. Furthermore, the Bank has recently posed the question to businesses, “Is my cash-handling equipment polymer-ready?”
The BoC says that the new lower denominations will be used, “Extensively in vending, self-serve retail checkouts, as well as parking and transit machines.” The Bank will be adopting the same gradual approach as it did for the $20 polymer notes. However, BoC is urging acceptors not to delay any upgrades that may be required to accept and dispense the new notes when they are circulated. The Bank says that, “If you have machines with note acceptors, contact your supplier to find out if there are any upgrades necessary.”
The BoC says that by introducing the final two denominations of polymer notes at the same time that it is helping the cash-handling industry to plan machine upgrades and the Bank says that it has provided information as to the type of equipment adjustments that may be required. “Several months in advance of the notes entering circulation, the Bank offered manufacturers and suppliers advance bank notes to test on their machines,” said the BoC in a statement. The Bank also says that there are test notes available to equipment manufacturers and in the introductory stage of the new notes both paper and polymer $5 and $10 notes will circulate together.
circulation– noun – The passing of something, such as money or news, from place to place or person to person.
“Old and damaged bank notes are usually taken out of circulation.”
furthermore– adverb – In addition; moreover
“Video games are getting cheaper all the time; furthermore, their quality is improving.”
denomination– noun – One of a series of kinds, values, or sizes, as in a system of currency or weights.
“Cash registers have compartments for bills of different denominations.”
urge– verb – To force or drive forward or onward; impel.
“I know you have decided but I urge you to reconsider.”
acceptors– noun – One who accepts (something). *This word is not common in spoken English. It’s only useful in understanding the story.
“The Bank of Canada is urging acceptors not to delay any necessary upgrades.”
dispense– verb – To deal out in parts or portions; distribute.
“At a drug store the pharmacist dispenses medicine.”
The current five-Canadian dollar features a picture of Canada’s seventh Prime Minister Sir Wilfrid Laurier
The current ten-dollar note is features a picture of Canada’s first Prime Minister Sir John A. Macdonald
The Canadian $20 note is the most common banknote of the Canadian dollar. The newest version, the polymer note, was released on November 7, 2012.