Upgraded $5 in Nov 2006
A new $5 note with the same security features as larger denomination banknotes will go into circulation on Nov. 15, the
Bank of Canada announced Tuesday.
The upgraded features - already incorporated in $10, $20, $50 and $100 bills in the Canadian Journey series - include a
metallic holographic stripe, a watermark portrait, a windowed colour-shifting thread woven into the paper, a see-through
number and enhanced fluorescence under ultraviolet lighting.
The bank said the new notes will make it easier for consumers and cash handlers to detect counterfeits.
RCMP figures show that 13,202 fake $5 bills were passed in 2005 and another 889 seized. That represented just over
three per cent of all counterfeit bills passed, which totalled 402,303 with a value of $9,339,697.
Typically, counterfeiters prefer larger denominations, with $10 and $20 notes combined accounting for about 82 per cent
of all the fakes removed from circulation last year.
To ensure the smooth introduction of the new $5 bill, the bank said it will provide manufacturers of automated banking
machines, change machines and automated ticket dispensers, with the information they'll need to modify their equipment.
It will also work with financial institutions to remove old bills from circulation and replace them with new ones.
"This will ensure that Canadians have the most secure notes as quickly as possible to reduce opportunities for
counterfeiters," the banks said in a release. "Older versions of the $5 note will, however, remain legal tender."
Canadian Paper Money
Powered by Joomla!
Generated: 9 May, 2006, 08:10