FAQ on $2 polymer bank notes

 

 

Monetary Authority of Singapore

2006

 

Q1 Why is MAS issuing $2 polymer notes?

A1 MAS received favorable feedback from the public, banks and note handling machine operators for the $10 polymer notes introduced in 2004. The polymer notes proved to be more durable, cleaner and cost effective. They are suitable for lower denomination notes like the $2, which are subject to more wear and tear and are replaced frequently.

 

Q2  What should the public do with $2 paper notes?

A2 The public is encouraged to deposit old and soiled $2 paper notes with banks. They should also use the $2 polymer notes that they receive for their day-to-day transactions.

 

Q3 Will MAS continue to issue $2 paper notes?

A3 The $2 paper notes will continue to be legal tender and we anticipate that there will still be some demand for them. MAS will monitor the situation and continue to re-issue $2 paper notes from those in circulation.

 

Q4 Are machines able to accept $2 polymer notes?

A4 MAS has worked closely with banks, transport companies and note handling machine operators to recalibrate the various machines. Unlike $10 notes, the range of machines that accept $2 is limited. Most of the banks' Cash Deposit Machines only accept notes above $5, while some operators have converted, or are already in the process of converting, their note-accepting machines to card-based ones. Others are in the process of adopting cashless means of payment and so do not intend to recalibrate their machines to accept polymer notes.

 

Q5 Is the $2 polymer notes issuance a limited one, like the $10 polymer notes?

A5 No. Going forward, new $2 notes will be issued in polymer.

 

Q6 What are the new security features on $2 polymer notes?

A6 As with the $10 polymer notes, the $2 polymer notes have the following security features unique to polymer technology:

  • Two see-through windows: one on the top-left hand side, and the other at the bottom-right corner.

  • A stylized gold Singapore Lion symbol with a hidden image, beside the top-left hand window. An image of the Singapore Arms will appear at varying angles.

  • The security thread now takes the shape of the Singapore island instead of a straight line.

 

Q7 What are the security features on $2 paper notes that have been retained for the polymer notes?

A7 The conventional security features retained are:

  • Engraved portrait of President Yusof bin Ishak.

  • Perfect registration of the Singapore Lion symbol.

  • Intaglio (raised) prints on the engraved portrait, the word "SINGAPORE" and other areas on the front and back of the note.

  • Lithographic prints on both sides of the note.

  • Micro-printing of the text "Monetary Authority of Singapore".

  • Asymmetrical serial numbers (horizontal and vertical).

  • Fluorescent ink on the serial numbers and on the seal of Chairman, MAS.

  • Anti-colour copying line structures.

 

Q8 What is the cost of printing $2 polymer notes?

A8 The cost of $2 polymer notes is only marginally higher when compared to paper. As polymer notes are expected to last 3 to 4 times longer, they are more cost effective over the lifespan of the notes.

 

Q9 Will the $2 polymer notes be arranged in sequential order in each packet of 100 pieces? A9 The $2 polymer notes will generally be in sequence, although some notes may have been automatically sieved out by machines as part of the quality control process. A packet of 100 pieces may thus not start with "001" or end with "100". However, the public can be assured that the packets are stringently controlled and packed accurately.

 

Q10 Why is a new design not adopted for the $2 polymer notes?

A10 MAS has continued with the portrait series for the $2 polymer notes as the public is familiar with the series. By doing so, modifications to note handling machines can be minimized.

 

Q11 Will there be any commemorative $2 polymer notes?

A11 Unlike the limited edition commemorative $10 polymer notes which were printed to mark the first issue by MAS, the $2 polymer notes will be issued as circulation notes only.

 

Q12 Will MAS issue other denominations in polymer?

A12 Each denomination has unique considerations (e.g. security features, lifespan, usage) and we would need to consider each on a case-by-case basis. In addition, we need to assess the counterfeiting threats, the effectiveness of the notes in circulation and the cost-benefits of doing so.

 

Q13 Why are $10 polymer notes not available at all ATMs?

A13 Selected ATMs were configured for $10 polymer notes as only 10 million pieces were issued in 2004. It would have been costly for banks to recalibrate their entire ATM networks for this quantity of polymer notes.

 

Q14 Will MAS issue more $10 polymer notes?

A14 As the feedback from the public and machine operators was favorable, we would consider issuing more $10 polymer notes when the current stocks of $10 paper notes are depleted.

 

Q15 How are unfit polymer notes destroyed?

A15 For the time being, polymer notes will be shredded and incinerated like paper notes. It should be noted that paper notes are difficult to recycle at the end of their useful life. However, polymer notes can be granulated and recycled into useful plastic products like plumbing fittings and other household/industrial products. We will evaluate the environmental factors and cost effectiveness of adopting such an approach.

 

Q16 What has become of the $50 polymer notes issued in 1990?

A16 The $50 polymer notes were issued to mark Singapore's 25th year of independence and to test the new technology then. About 5 million of such $50 polymer notes were issued. To date about half that quantity is still in circulation, although they are mainly kept by the public as souvenirs.

 

Q17 How does MAS intend to raise public awareness (e.g. retailers) of the new note? 

A17 As part of our continuing currency education and awareness efforts, MAS will disseminate relevant information to help the public and businesses familiarize themselves with $2 polymer notes. This will be done via online publications, brochures and the MAS website, and released in due course. Posters will also be put up at appropriate locations, such as banks, bus interchanges, MRT stations, shopping malls, supermarkets, etc. There will be workshops/seminars for major cash handlers like banks, security couriers, etc, to provide handling tips and better knowledge of the notes.

 

Q18 What are the key properties of polymer notes?

A18 Polymer notes are:

  • Non-porous - they do not absorb water and other liquids.

  • Non-fibrous - they do not break-down physically with repeated folding.

  • Sturdy - it is difficult to initiate a tear.

  • Heat/Cold resistant - they remain robust and there is no effect at temperatures between -40 degree Celsius and 120 degree Celsius in laboratory trials and note usage situations. For temperatures above 120 degree Celsius, they will begin to shrink slightly, and will eventually melt at significantly higher temperatures.

  • Dirt/Bacteria resistant - they do not stain or accumulate dirt easily, and there is also a lower propensity for bacterial growth.

 

Q19 Are polymer notes difficult to count by hand?

A19 No. Initially, there may be adhesion between the notes, but this occurs to some extent for new paper notes as well. To count any stack of paper or polymer notes, one can separate the notes by shuffling and fanning out the pieces first.

 

Q20 Are polymer notes difficult for cash handlers to manage?

A20 No. Although polymer notes tend to be harder to fold, by adopting slightly different handling techniques, initial inconveniences can be overcome. Polymer notes should preferably be stored flat. If they need to be unfolded, place the notes under slight pressure on a flat surface, and this will help smoothen them out.

 

Q21 How should one handle polymer notes that have been soaked in water?

A21 As polymer notes are non-porous, one can wipe and dry a wet note with a normal cloth. Although polymer notes can withstand heat, it is not advisable to dry them directly or indirectly with a hot iron.