By: Kimberly Ramkhalawan
May 6, 2022
Barbados has launched its suite of polymer notes. The Central Bank of Barbados unveiled the modern, more attractive and durable banknotes with enhanced security features making it difficult to counterfeit.
Its Governor, Cleviston Haynes declared that despite this being the age of digital payments, cash will not become obsolete in the near future. In a pre-recorded message, Governor Haynes said “Indeed, cash remains popular. In 2021, the value of currency in circulation was $960 million, the equivalent of almost 10 per cent of GDP. Simply put, cash continues to be widely used.” While acknowledging with time the impact technology will have on cash in circulation, he said “promoting the increased use of alternative forms of payments is a crucial element of our focus as an institution. We have challenged our financial institutions to join us on that journey, by ensuring the availability of cost-effective modalities of payment in the modern age”.
Gareth Evans, Country Director for Currency at De La Rue, UK-based company that has designed and produced the notes says the “Polymer allows for the inclusion of big, bold, innovative security features that make the banknotes very difficult to replicate but easy for the public to authenticate”.
The bank notes come on tear-resistant material as well and holds features for the visually impaired are more pronounced with tactile markers of various shapes to differentiate the denomination of each note, while the colors on the banknote are also more bold. Distinctive attractive features also include larger pictures of the same individuals on their original notes, however in vertical format rather than the traditional landscape, and historical images are now taken from newer angles.
Security features include two tridents on the bill, one is a small broken trident at the top right of each note that reveals the denomination of the note when held up against the light, while another broken trident can only be seen when held under ultraviolet light. An interesting feature is the highlighted lines of the National Anthem on the back of the notes, and when placed together in sequence with the $2, $5 and $10 bill on top and the $20, $50 and $100 bills below, a map of Barbados runs through the notes.
Barbados Central Bank assured that the old banknotes will continue to be in circulation when the new polymer banknotes officially go into circulation in December this year.