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19 January 2008
In 1983, Costa Rica and Haiti issued the first Tyvek and the Isle of Man issued the first Bradvek polymer (or plastic) banknotes; these were printed by the American Banknote Company and developed by DuPont. In 1988, after significant research and development by the Commonwealth Scientific and Industrial Research Organisation (CSIRO) and the Reserve Bank of Australia, Australia produced the first polymer banknote made from biaxially-oriented polypropylene (plastic), and in 1996 became the first country to have a full set of circulating polymer banknotes of all denominations. Since then, other countries to adopt circulating polymer banknotes include Bangladesh, Brazil, Brunei, Chile, Indonesia, Malaysia, Mexico, Nepal, New Zealand, Papua and New Guinea, Romania, Singapore, the Solomon Islands, Sri Lanka, Thailand, Viet Nam, Western Samoa and Zambia, with other countries issuing commemorative polymer notes, including China, Kuwait, the Northern Bank of Northern Ireland, Taiwan. Other countries indicating plans to issue polymer banknotes include Nigeria. In 2005, Bulgaria issued the world's first hybrid paper-polymer banknote. Polymer banknotes were developed to improve durability and prevent counterfeiting through incorporated security features, such as optically variable devices that are extremely difficult to reproduce. The uptake of polymer banknotes has however been comparatively slow with an estimated 1.5% of the Worlds banknotes now using this material. Problems with print durability and the very bulky nature of creased polymer notes rank high amongst the problems limiting polymer uptake. Some countries such as Thailand have reverted to paper after testing polymer notes in circulation.
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