Some types of plastic money include the Canadian dollar, the Romanian leu and the Papua New Guinean kino. These banknotes are made of a polymer that allows for greater security against counterfeiting by creating intricate designs that are difficult to imitate. The first known testing of polymer banknotes occurred during the 1980s, when Canada was developing and evaluating them to replace its previous currency.Know More
As of 2014, polymer banknotes are in full use by Australia, Bermuda, Brunei, Canada, New Zealand, Papua New Guinea, Romania and Vietnam as well as more than a dozen other countries in a limited capacity. Some other countries have released commemorative banknotes that are not used in normal circulation.
Polymer banknotes possess a large number of security features, including windows and the possibility to allow light to shine through them to reveal further security details. The ability to counterfeit these notes is hindered by the complexity of the notes, resulting in notable drops in counterfeiting in those countries that employ them.
The plastic used to create these notes is called "Guardian polymer," serving the specific purpose of use in currency. This polymer allows for shadow images in the form of watermarks, embedded security threads and complex background patterns.Learn more in Economics
The main characteristics of money are durability, divisibility, portability, acceptability, limited supply and uniformity. Money serves as a store of value, a unit of account and as a medium of exchange.Full Answer >
In a currency system, most items have a predetermined value, making transactions fast and standardized. When consumers know the cost of an item in advance, they can simply present the cash necessary to purchase the item. Paying with money also allows consumers to make purchases without worrying about finding high-demand items to trade.Full Answer >
The primary use of money is for the purchase of goods or services. Money allows for a one-sided purchase transaction, which is typically less complex than a barter system where one person exchanges an item of value for a similarly valued item owned by the other party.Full Answer >
According to Nationwide Insurance, college students spend the largest part of their money on discretionary expenses (46 percent), followed by room and board (26 percent), tuition and fees (19 percent), and miscellaneous other expenses (12 percent).Full Answer >