Britain's biggest advantage in issuing plastic banknotes is durability
According to the British Sky Satellite News reported on the 17th, the latest Central Bank of England Bank of England bidding contract for printing banknotes included provisions for printing plastic banknotes. This new banknote printing contract will begin in 2015 and continue into 2025.
At present, several countries in the world are already using plastic banknotes, including Australia, Romania, Vietnam, Mexico and Malaysia. The biggest advantage of plastic banknotes is durability. According to estimates, the Australian AUD 5 banknotes are used for about 40 months, while the UK GBP 5 banknotes are only used for about 6 months. According to statistics, from 2003 to 2011, the Bank of England received a replacement request worth £ 747,000 due to the damage of the paper money in the washing machine, and another 8.625 million paper money was damaged in the fire or flood.
Before issuing plastic banknotes, the Bank of England requires a consultation period of at least 12 months, and facilities such as electronic teller machines also need time to install the relevant settings.
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