Follow Canada Investment Immigration and Canadian Economy news: The Bank of Canada released the new $5 and $10 polymer banknotes simultaneously in Montreal and Vancouver on the 7th (local time). The railway motif on the back of the new $10 note is designed to commemorate and honor the thousands of railway workers, including Chinese laborers.
This is the first time the Bank of Canada has released two denominations into circulation simultaneously since 1954. The Globe and Mail and the Toronto Star reported that the Bank of Canada believes the security features of the new currency make it the most difficult to counterfeit.
The currency launch events were held simultaneously in both cities. Bank of Canada Governor Stephen Poloz announced the official circulation of the new $5 note at the Canadian Space Agency in Montreal, while Senior Deputy Governor Tiff Macklem announced the circulation of the new $10 note at the Pacific Central Station in Vancouver, with the two locations connected via a live video link.
Both the new $5 and $10 notes are blue and feature a transparent window running from the bottom to the top on the right side of the front. When held up to the light, the word "CANADA" and the numbers "5" and "10" are visible in the transparent section. The edges of the transparent window are decorated with maple leaf patterns. The backs of the notes feature the Canadarm and a Pacific railway train, respectively. Ming Pao quoted Bank of Canada Governor Stephen Poloz as saying: "The $5 and $10 notes tell the story of our frontiers and our universe."
Bank of Canada Senior Deputy Governor Tiff Macklem pointed out that the railway motif on the back of the new $10 note commemorates the transcontinental Pacific Railway, which was completed 128 years ago. This year marks the 128th anniversary of the completion of this railway. The railway was an extremely important project in Canadian history. At the time, British Columbia had just joined the Confederation, and the railway connected the province to Eastern Canada. Construction began in 1881 and was completed in 1885, with over 15,000 Chinese laborers participating.
The Sing Tao Daily reported that this railway not only established Canada's national territory but also unified the country and consolidated the foundation for national development.
At the press conference in Vancouver, the "Last Spike" of the railway was also on display. The passenger train No. 6403, depicted on the $10 note, was also parked at the Vancouver train station for comparison with the banknote design.
Canada has been issuing new banknotes in phases since 2011, with the $100, $50, and $20 polymer notes already in circulation. The Bank of Canada estimates that it will take about two years to fully introduce the new $5 and $10 notes. A spokesperson for the Royal Canadian Mounted Police stated that the number of counterfeit notes has dropped significantly since the introduction of polymer currency.
As for rumors that the new banknotes "contain maple syrup" or will melt if left on a dashboard in the summer, the Bank of Canada clarified on the same day that they contain no maple syrup and will not melt at high temperatures.
