The Central Bank of Barbados (CBB) has indicated that the new series of Barbadian banknotes to be introduced in December is a proactive measure to ward off counterfeiters.

The CBB noted that the new notes, which will be printed on polymer, allow the bank to incorporate new and enhanced security features that are specific to that material. This change is expected to make the notes harder to replicate but easier to authenticate.

“Central banks around the world upgrade their banknotes periodically to try to stay ahead of counterfeiters. Technology has increased significantly since 2013, when the Central Bank of Barbados last changed Barbados’s banknotes, so we decided it was time to upgrade our notes to incorporate strong new security features. We also took the opportunity to modernise the design of Barbados’ currency and to switch to a substrate that is more durable,” the CBB noted on its website.

The bank admitted that Barbados doesn’t have high levels of counterfeits but said it is taking a proactive approach as counterfeit technologies evolve.

“Incidences of counterfeiting in Barbados are generally quite low. However, the bank believes it is better to prevent a problem than to correct one, so we are introducing this new series in an attempt to stay ahead of counterfeiters.”

But polymer banknotes are not entirely safe from counterfeiting, Barbadians are encouraged to still exercise their due diligence when transacting using cash.

“No note is counterfeit-proof because once someone accepts a fake note, the counterfeiter has been successful. However, the new polymer notes will include security features that are harder to simulate while at the same time easier to authenticate. This means that if you pay attention when making cash transactions, you will quickly spot when something isn’t right. Remember, no matter how secure banknotes are, you still need to do your part and check your money as soon as you receive it,” The CBB informed.

At the same time, the bank said now is the ideal time to introduce the new notes, given the developments in the technology over the years.

“Polymer banknotes are not new, but in recent years there have been significant technological advancements that allow for stronger security features to be built into the substrate. Because of these enhancements, we felt it was time to make the switch. The fact that polymer banknotes are more durable and last two to three times as long as paper banknotes was also a factor in our decision,” the bank stated.

With that said, the CBB indicated that it expects to save significantly from the transition to polymer banknotes.

“Polymer notes are more expensive than paper notes, but because of their longer lifespan, the bank will see cost savings in the medium to long term. The increased durability also means that the bank will have to destroy fewer damaged notes, which is better for the environment. Moreover, the polymer on which the notes are printed can also be recycled and turned into other products,” the bank explained.

But the notes won’t be indestructible, “While polymer notes are generally difficult to tear, it is possible, especially if the note already has a slight cut in it. That is why it is important not to staple polymer banknotes or poke holes in them.”