Should we switch to plastic bank notes?
in MoneySaving polls
15 replies 2.6K views
Former_MSE_Debs Former MSE
Poll started 24 Sep 2013The Bank of England is planning to scrap paper bank notes in favour of polymer (plastic) notes, as used in Canada and Australia.
They’re more durable than paper notes and they survive money laundering – being put in the washing machine – but not ironing. They can be folded, but aren’t as easy to roll in a wad. Concerns so far include cleanliness and whether they can be used for magic tricks.
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But I definitely think making the notes more durable would be better. No more taped together £5 notes!
I'm sure the plastic or Polymer material will last longer but notes will still become soiled and there will be a need to destroy them.
Currently the paper ones are burnt, would burning plastic notes not be harmful to our environment?
Also, how would the forgery detectors work with polymer notes? Could the metal strip still be put in them?
How ironic that the Bank of England is more concerned with combatting counterfeiting, which probably has nil affect on the value of the currency, while refusing to address the impact of QE on savings and pensions.
The term penny wise and pound foolish springs to mind.
In answer to westyuk at post #6. My understanding is that when polymer notes are taken out of circulation they are melted down and formed into other products such as wastebins so they're friendlier to the environment than linen banknotes.
Then they started switching to plastic notes and coins. People hated the coins so much that they are phasing them out again. The plastic notes are already beginning to look a bit worn.
1) Make all the notes smaller - £50 notes stick out of wallets too much.
2) Stick with paper for £20/£50.
3) Go to plastic for £5/£10. Also have £1/£2 notes. So much lighter than those wretched coins.