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New Barbados currency coming

May 23, 2013 News

 

On the heels of recent warnings against counterfeit currency, the Central Bank of Barbados has announced that it will begin circulation of new currency notes from June 4.
The changes are for notes of all denominations – $2, $5, $10, $20, $50, and $100 – and the Bank stated that they will feature not only a new design, but also very modern and up-to-date security features.
Recently there have been advisories concerning circulation of fake $20 and $100 bills. The Bank said in a release, that introduction of the new series of banknotes was motivated by its commitment to counterfeiting deterrence efforts.
According to the Bank, the specific features chosen for the new bills were based largely on two factors: the types of security characteristics most used by the public to authenticate their notes and developments in anti-counterfeiting technology.
Deputy Director, Currency, Octavia Gibson, gave two examples of how these factors influenced the choice of security features for the new series. She said most Barbadians are familiar with the watermark on the current banknotes, the map of Barbados and use this feature to authenticate their notes.
Gibson explained, “For the 2013 series notes, the Bank wanted to keep this type of security feature but at the same time upgrade it. Instead of a single watermark for all denominations, we incorporated six different images. Because we understood it would be a challenge for the public to remember multiple watermarks, we made the watermark the same as the portrait. So Sir Grantley on the right, the ghost image of Sir Grantley on the left.”
Gibson also described another major change to the security features on the new notes, “Since foil patches were first introduced on Barbados’s two highest denominations, there has been a great deal of advancement in the banknote printing industry. So for the 2013 series, these patches have been upgraded to holograms. Instead of simply catching the light when the notes are tilted, the images on the hologram shift, change colour, and take on a three-dimensional appearance”.
Prior to the new series, the most recent upgrades were done in 2007. The Bank explained that it has a policy of reviewing the security features on local banknotes every five to seven years, which is in keeping with industry best practice.

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