HOUSE BILL: The Currency of Atlasia Act (Passed - Sent to VP/PPT)

[Clyde1998]

First off, I'd like to propose this amendment:

You must be logged in to read this quote.

Polymer banknotes are cleaner, safer and more durable than paper notes and I feel that this opportunity should be used to move Atlasia towards the polymer banknotes. I've added a clause that will allow for current dollar bills to remain legal tender for two years following this bill going into affect to allow for the transition to occur.

I echo the concerns raised by Dereich about limiting the federal reserve the ability to print higher domination banknotes, should it be required in the future. Although, I recognise that this bill could be amended to allow for that to happen.

[Clyde1998]

"Cleaner", "safer" and "more durable"?


Those are nice qualities, but what is the cost of the polymer versus the current material?

The Bank of England have spent £24m on producing 275m £5 banknotes since introducing polymer notes last October, or 9 pence per note (approx 12 cents). This is apparently 50% higher than the previous materials, but they have a longer shelf life. The Bank of England predict that moving to polymer notes will save them £100m over ten years, due to them being more durable than the previous paper notes.

[Clyde1998]

I'm happy to abolish the penny, as it serves no really purpose in everyday usage and costs more money to mint that it's actual value (as others have pointed out).