Currency
The focus of our currency function is the Bank's role as the sole issuer of Canada's paper money. As part of this function, we are responsible for designing and distributing new bank notes and replacing old ones when they get worn. The key objective is to ensure that Canadian bank notes are readily accepted and secure against counterfeiting.Bank notes are integral to supporting and maintaining economic activity in Canada. It should be noted that, even in a world where the use of electronic and other cashless payments is expanding, the use of cash in Canada has continued to grow each year.
Chances are that you have been hearing and reading more about Canada's bank notes in the media recently than you did, say, 10 years ago. There are two main reasons for this. There has been an increase in counterfeiting, driven mainly by advances in computer and photocopier technology. And the Bank of Canada has launched a new series of bank notes with new, more advanced anti-counterfeiting features.
This new series of bank notes, called Canadian Journey, was also designed to celebrate Canada's history, culture, and achievements. We have worked to preserve visual continuity with the previous series of bank notes, but in a way that allowed us to incorporate new security features in the higher-denomination notes.
In January this year, Halifax hosted the national unveiling of the new $100 note. And by now, I expect that many of you will have seen, and probably spent, a few of the new $20 bank notes that we issued in September. Just last month, we unveiled the new $50 note, which will go into circulation starting the 17th of November.
These three new bank notes incorporate a number of new anti-counterfeiting features. They include a metallic holographic stripe, a watermark portrait, a windowed colour-shifting thread woven into the paper, and a see-through number. Other security features have been enhanced, including the raised ink, fine-line printing, and the red and yellow fluorescence under ultraviolet light. I should add here that next spring, we will also upgrade the security features of the $10 note from the Canadian Journey series. The new security features will resemble those on the other higher-denomination notes in this series. The theme and images of the $10 note will remain unchanged.
Not only will these new notes be quick and easy for the public and retailers to verify, but they will also be difficult to copy. I can assure you that using these new anti-counterfeiting features is a lot simpler than trying to describe them. You can check a new note by touching it, tilting it, looking at it, and looking through it.
We are actively encouraging Canadians to make a habit of checking their bank notes, just as they check their change, their credit card receipts, and their sales slips. The Bank will continue to work closely with law-enforcement agencies, financial institutions, and the retail and hospitality industries across the country to familiarize them with the new security features. For example, here in the Atlantic Region, we are working in partnership with the Atlantic Chamber of Commerce to reach local chambers and other groups, such as the Nova Scotia Restaurants and Hotels Association and the Tourism Industry Association of Nova Scotia.
I can assure you that maintaining confidence in the safety and security of our bank notes will continue to be a key priority for the Bank of Canada.
