Banknote buzz

Christine Grant could not contain her enthusiasm to witness the launch of Jamaica’s new banknotes, so much so that she travelled all the way from the northwestern parish of Hanover to be one of the first individuals from the parish to get their hands on the banknote that was officially released into circulation yesterday.

The launch of the notes was held yesterday at the Bank of Jamaica (BOJ) in downtown Kingston.

Speaking with The Gleaner, Grant, who is from the community of Green Island, said her interest in the note was piqued after viewing television advertisements about what they would look like.

She said when she finally had the chance to hold one of them, the bright colours of the notes immediately caught her eye, especially given that she was more accustomed to the darker tones of the old notes, which she said are not as aesthetically pleasing.

“These are nice. It feel like say me deh a foreign,” she said, describing her initial reactions. Grant has compared the notes to looking like the British Pound and the Canadian dollar.

Grant, who returned to Hanover after receiving the notes, said she wanted to take the opportunity to alert customers to carefully inspect the notes and ensure that they pay keen attention to the ones being used in their everyday purchases. She admitted that, because she was still unfamiliar with the notes, she mistook the $5,000 bill for a $500 bill and spent the wrong note during her transaction.

“A when me reach home me realise because me a look for the money and ma say no man, instead of the $500 me give the $5,000 note. So, now, I can’t make that deh mistake again,” she said.

She also commended the Government for making an “inclusive” note which assists the blind in easily identifying the notes.

Matthew Wheatle was the first person in queue and through the doors of the BOJ to complete his exchange transaction to obtain the banknotes. He noted that the Government had taken an evolutionary stride in the security changes, among other features of the new notes, and that the day now held historic significance.

According to Richard Byles, governor of the BOJ, who spoke to The Gleaner, the new Banknotes have received excellent feedback.

Many people, he said, commented on the new banknotes’ design, calling them “modern,” which he said was the BOJ’s intention.

“It has more security features on it which is great, [it is] good for the blind, it is very tactile you can feel which note is of what denomination and you can’t mix up the $500 and the $5, 000 again [because it’s] different colours. So, all those are pluses,” he said, of the first-world features.

Although there had not been many cases of counterfeiting of the previous notes, Byles said, he noted that “keeping up with the times” was crucial as “what didn’t happen in the past can happen in the present”.

He further mentioned that the inclusion of more national heroes and deceased prime ministers “was wonderful”.

“When they were on the coins, who pay any attention nowadays. Nobody... so we’re really proud of the new notes and I think Jamaicans are going to love them,” he added.

He added that the notes were meticulously planned out and took nearly three years for completion. This new series is comprised of six denominations, given the introduction of a $2000 note

Byles is of the view that the newly created $2,000 note will be considerably more popular among Jamaicans than, for instance, the $5,000 note. He added that it will benefit the Jamaican people by reducing the quantity of notes that people will have to travel with.

He stated that, currently, the BOJ changes out its notes every two and a half to three years but, given the polymer paper used to print the new notes, it is expected to last twice as long and would result in less spending on the Government’s part to print notes.

Byles could not comment on whether banks islandwide had sufficient new notes for every one of their customers to receive them, but stated that “as the banks bring in old, dirty money and we give them new money, the new notes will be given. So, as the days go by, you’ll find more and more of the new notes in the economy,” he said.

He said the older notes would be legal tender for another two to three years, but that they would not be redistributed to the general population after they are returned to the BOJ by the banks.

“But, if someone has an old note two years from now, [it’s] still good,” he said.

asha.wilks@gleanerjm.com

Features of the new Banknotes:

• Enhancing the security of the banknotes to combat counterfeiting by incorporating state-of-the-art security features in the new series.

• Better satisfying the needs of the visually impaired: Each of the current banknotes has one feature that is dedicated to the visually impaired, that is either large numbering or tactile printing (recognised by touching and feeling). However, because of the substrate used, the effectiveness of these features on the current banknotes decreases over time with continued use of the notes. Consequently, this new banknote series includes an upgrade of the substrate which will allow for the longevity of the features for the visually impaired.

• Ensuring a clear distinction between the different denominations: The redesign of the banknotes ensures that each denomination is clearly distinguishable given the distinct colours.

• Ensuring that the principles of fair trading are satisfied.