One of the main objectives for introducing polymer banknotes is to reduce the level of counterfeiting. In 1988, the Commonwealth Scientific and Industrial Research Organisation (CSIRO) Australia, conducted the first research activities in the use of polymer banknotes. According to MIT research, the switch to polymer substrate is the result of an effort to reduce one of the highest rates of counterfeiting among the 20 largest economies.
The research conducted at CSIRO under the leadership of Prof. David Solomon developed non-fibrous hydrophobic polymer of which the banknotes were printed. The polymeric material used was biaxially oriented polypropylene (BOPP). Orientation of the semi-crystalline polypropylene film leads to a more alignment of the molecules thereby preventing diffusion of water vapour. The security features were developed by experts in various fields including; polymer chemistry, nano-technology, surface analysis, spectroscopy, etc. Plastic banknotes have several advantages over paper banknotes, these include: Non fibrous and non-porous; last longer at least four times longer in circulation than paper; harder to counterfeit; printing involves high technology that prevents duplicating the note; and can be recycled.
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