Saturday 26 September, 2020

Central Bank offers first look at designs for new polymer notes

Citizens can expect to see new polymer notes in the $50, $20, $10, $5 and $1 denominations soon.

This follows the changeover from the old cotton-based $100 bills in December to polymer banknotes.

The Central Bank has unveiled concept designs for the new notes, which are consistent with the $100 polymer introduced last year.

Some denominations of the new notes will be available from September 2020.

As with the demonetisation of the old $100 bills, the new polymer notes will co-circulate with the existing notes as legal tender.

The changeover to these new bills will have a longer redemption period than with the $100 bills.

As the changeover period gets underway, the old notes will continue to be legal tender at least until the end of 2021.

In keeping with the Central Bank’s commitment to tradition, the new bills (except the $50 bill) will maintain their current colours.

The redesigned $50 note appears to be of a slightly more orange colour.  

All the new designs feature T&T Coat of Arms, the national flag above the bills’ denominations and a clear window which can be seen from the front and back of the note.

Polymer notes are more durable, cleaner options to cotton-based notes and offer increased levels of security as it is more difficult for counterfeiters to forge. These notes need to be replaced less frequently than the cotton-based ones, which means overall cost savings.  

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