News

09 november 2012

Here we go again!

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(Bank of Canada/Canadian Press)
The new $20 banknotes are designed to be harder to counterfeit, but they aren't recognized by old vending machines.

The Canadian Mint has just introduced a new $20 bill. The new bill is made from polymer instead of the typical cotton based “paper”. The new banknote isdesigned to be much more difficult to counterfeit, and should last longer before a bill becomes too worn and has be withdrawn from circulation.

However, vending machine operators, casinos, and banks all have to modify their machines to accept the new banknote.

Not long ago a row was raised with the introduction of newer versions of the one dollar and two dollar coins. Again vending machines had to be modified for the new lighter coins. Especially galling was the fact that tens of thousands of parking machines accepted the coins, but wouldn’t register the time on the meter. This has since been rectified, but not before many people complained they were “ripped off”

Owners of vending and other machines say that last year in order to accept the new coins, a computer chip had to be changed at a cost of about $50 per machine.
(MM)


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