The adoption of polymer as a banknote substrate took another hit on May 9 when Caribbean News Weekly revealed that the new Jamaican bank notes have cost the Bank of Jamaica, in the past three years, over 1 billion Jamaican dollars, or about U.S. $7 million per year, to print.

The bank refused to account for the exact costs but acknowledges that costs are significantly higher than for its old currency. The bank said, “For the upgraded banknotes, the cost will initially be higher, given the significantly larger quantities to be ordered as the redesigned notes will fully replace the current notes over time — the new substrate, polymer that will be used; enhanced security features to combat counterfeiting; and the new designs for each denomination.”

In an effort to quiet the skeptics, it said that, over the long term, there will be a cost savings because the useful life of the currency will increase by 50%.

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