Nicaragua completes full family of notes on Guardian polymer
31 July 2019
The Central Bank of Nicaragua has become the first in Latin America to print all its banknote denominations on polymer substrate, and has continued to choose Guardian as the substrate of choice.
In July, the release of new 500 and 1,000 cordobas banknotes on Guardian completed the country’s polymer banknote family.
The production of Nicaraguan banknotes using polymer dates back to 2007 when Guardian notes were first issued on the 10, 20 and 200 cordobas. In 2015, with the launch of a new family, Guardian was used on the new 10, 20, 50, 100, and 200 cordobas. This new Guardian family was met with an exceptionally positive response from the public.
Speaking at the time, Mr Ovidio Reyes, President of the Central Bank of Nicaragua said, “Polymer banknotes last longer than paper banknotes – that has been confirmed by our experience.”
The redesigned 200 cordobas became the world’s first circulating banknote to feature an image in the Guardian security feature LATITUDE™, taking the shape of a guardabarranco, which is Nicaragua’s national bird.
In 2016, the new note was honoured with the Regional Banknote of the Year Award by Reconnaissance International, in recognition of improved aesthetics, increased durability, enhanced differentiation and recognition between the notes, and improved resistance to counterfeiting.
The recent move to transition the two highest denominations was approved by the Board of Directors of the Central Bank in October 2017, with the objective of boosting security, while meeting the public’s desire for quality high-denomination banknotes, and replacing notes that had been removed from circulation due to deterioration.
There have also been recent announcements from both the Bank of England and the Central Bank of Costa Rica, sharing their plans to issue all notes on polymer going forward.
This June, CCL Secure continued our partnership with the Bank of England and entered into an eight-year contract to supply the polymer substrate for the next £50 banknote, completing the full family on polymer.
While the Bank of England has reported experiencing durability and environmental benefits from its Guardian polymer £5 and £10 notes, the bank cites the primary decision to move the £50 to polymer as a need for increased security.
Earlier this year, the Central Bank of Costa Rica announced it will transition its full series of banknotes to Guardian polymer substrate, following the successful introduction of a new 1,000 colones in 2011.
Bank officials stated the new note lasts three times longer than its cotton-based substrate equivalent, and that no counterfeits have been detected. Switching the 1,000 colones banknote to polymer has reportedly already saved the central bank around US$15 million.
A growing number of central banks around the world have been adopting Guardian polymer banknotes since 1988, with exceptional results. Nicaragua, and soon Costa Rica and England, will join Australia, Brunei, Canada, Mauritania, New Zealand, Papua New Guinea, Vanuatu and Romania with a full family of notes on Guardian.