As previously reported in the STAR, the EC dollar is set to undergo a major facelift. Starting this month, the Eastern Caribbean Central Bank will begin rolling out new $50 polymer banknotes, to be followed by the $10, $20 and $100 bills in August and September, and the $5 note next year. The new notes are touted to be more durable, difficult to counterfeit and will include a tactile feature to make it easy for the blind and visually impaired to use them. The $50 note will now feature a portrait of former ECCB governor Sir Dwight Venner on the back.
Speaking at the regional launch on Wednesday, ECCB governor Timothy Antoine asked: “Why are we moving from paper to polymer?” Simply put, he said, “It is to enhance security and usability of our EC notes”.
To arrive at the decision of switching from paper to polymer notes, governor Antoine said the ECCB considered four options. Sticking with the cotton notes; switching to a cotton-polymer combination; using an endurance high quality paper; or using polymer. He says that although the polymer notes are more expensive to produce up-front, they are more cost-effective. He explained that because the notes have an extended life span, they will be replaced less often. Additionally, there will be a reduction in transportation and handling costs, reducing the overall cost of cash for the ECCB, commercial banks, and credit unions.
“Today is indeed a happy occasion for our currency union,” said Antoine. “Fellow citizens and residents of the Eastern Caribbean Currency Union, your new notes are considerably better, hence the tagline for our public education campaign: Cleaner, Safer, Stronger. Moreover, they look good! They are aesthetically pleasing. Above all, they are a symbol of regional accomplishment. And when we touch them and use them everyday, we must never forget that.”
As for the future of the Queen’s image on the notes, Antoine said: “There are no plans to have Her Majesty replaced on our banknotes. Until such time as we decide otherwise, that is part of our notes. As a legal matter, if we have to change the image of Her Majesty, we have to seek her permission. And obviously that’s a process and that takes time.”
He went on: “Perhaps equally important at this stage is that within our currency union we do have two members that are British Overseas Territories: Anguilla and Montserrat. So the notion of removing Her Majesty really is a very involved conversation that will be required across the currency union and, to be quite honest, we did not feel at this particular time we wanted to invest energy in that regard. There are far more important things in our strategic plan.”
Governor Antoine highlighted that Queen Elizabeth II is the head of state in most of the countries in our currency union (with the exception of the Commonwealth of Dominica). She’s also the head of state of Barbados and Jamaica, yet not depicted on any of their banknotes.
