Fiji governor unveils first polymer banknote

Barry Whiteside, the governor of the Reserve Bank of Fiji, has unveiled the first polymer banknote in the country's history, alongside a coin to replace the $2 note.

The new $5 note incorporates new security features, Whiteside said, as well as being more durable. The polymer notes should last about 2.5 times as long as paper notes but will cost 1.5 times more. "Print and copy technology development moves so fast now and it is imperative that we move with the changes," the governor said. "If we don't, the counterfeiters will have a field day."

But Whiteside said not all new notes will necessarily incorporate polymer substrates. "The introduction of our first polymer banknote should not necessarily be seen as a sign of future changes," he said. "We are quite pleased with the performance of our higher denomination paper substrate banknotes." The paper notes had been strengthened with a platinum coating, Whiteside added, which increased their durability.

For the first time in 78 years, the new note will not include an image of the British monarch. "While some of us will be saddened by this, we need to look ahead and embrace change," Whiteside said. Instead, new notes from now onwards will feature Fiji's flora and fauna.

In addition to the banknote, Whiteside revealed the new coin that is to replace the $2 note, is also aimed at increasing durability and lowering costs. Although the price of metals was rising, Whiteside said the coins would typically remain in circulation for 15 years, compared with the old notes, which tended to last less than one year.

The coins were designed and minted by the Royal Canadian Mint, and the banknotes designed and printed by De La Rue.