The new $5s and $10s are coming – is your business ready?
Unveiled on 30 April 2013, the new polymer $5 and $10 bank notes will enter circulation in November 2013. For many business owners, this begs the question: Is my cash-handling equipment polymer-ready?
The lower-value $5 and $10 notes will be used extensively in vending, self-serve retail checkouts, as well as parking and transit machines. To help ease the transition, the same gradual approach used for the introduction of the polymer $20 notes will be adopted for the new $5s and $10s. But don’t delay. Note acceptors should be upgraded (or in some cases replaced), to be ready to accept or dispense the new $5 and $10 notes when they begin circulating in November.
By issuing the final two polymer notes at once, the Bank of Canada is doing their part to help the cash-handling industry plan their machine upgrades. Working together with manufacturers, the Bank has provided information to help determine the types of adjustments their equipment required. Also, several months in advance of the notes entering circulation, the Bank offered manufacturers and suppliers advance bank notes to test on their machines.
If you have machines with note acceptors, contact your supplier to find out if there are upgrades necessary.
These are now available for manufacturers to proceed with the adaptation of the equipment that they supply to the Canadian market.
Transitioning to polymer
During the introductory phase of the new notes, both paper and polymer $5 and $10 notes will circulate together.