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Why do so few economies use plastic currency?
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May 27th, 2011
Australia started issuing polymer currency in 1988. Our bank notes include many security features that are not possible with paper notes, and they are practically indestructible in terms of daily life (washing machines, tug-of-war, excessive handling etc).
A friend of mine recently got some Euros for a trip to Europe, and I was surprised to see that the notes were paper. I expected that a currency only recently introduced would have gone straight to polymer notes, since they were printing new currency anyway.
So is there some advantage to paper? Why are so many countries so slow to change over?
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