New Canadian bills and coins coming
Most carwash operators should know that the Bank of Canada is converting bank notes
to a new polymer format. So now, when you say plastic money you’ll have to be more
specific as to what you’re referring to.
What this means for the industry is that bill acceptors and counters will need to
be upgraded to accept the new bank notes. If you haven’t already, it is time to
contact your equipment supplier to discuss upgrades. The $100 bill was released
last November, and the $50 bill will be released in March 2012, with the $20, $10
and $5 notes to be released by late 2013.
According to at least one Bank of Canada document, the new notes carry innovative
features designed to be “seen” only by note-handling equipment to ensure that these
machines can authenticate the notes. Some industry people the CCA has spoken with
have indicated, however, that there is a divergence of opinion on how easy that
will be. Some of the current equipment senses the end of the notes by the presence
of light shining once the bill passes through completely, as a consequence, the
clear part on the new bills poses a challenge.
According to Bob Lessard of Broker House in Toronto, Standard Change-Maker has closed
shop in Canada and will themselves not be manufacturing equipment to handle Canadian
polymer notes. Lessard did add that there are OEM suppliers that are supporting
the new bills and can be used to retrofit most existing Standard Change-Maker equipment.
CCA did speak with a technical representative of Standard Change-Maker received
confirmation that they will themselves not be manufacturing equipment to take the
new notes, but the company intends to use an OEM supplier for their existing Canadian
installations instead.
What you might not be aware of is that new Loonies ($1 coins) and Toonies ($2 coins)
are being released that will also require re-calibration of coin acceptors and counters
as well. Apparently, there are one billion Loonies and 700 million Toonies in circulation
now. Starting in late March 20 million of the new coins will be released as well.
The new coins will look and feel the same to the average consumer but coin machines
will be able to tell them apart, meaning that if equipment is not calibrated to
accept them retailers should expect unhappy customers.
Todd Reinberger, Manager – Canadian Circulation of the Royal Canadian Mint tells
the CCA that they have contacted most coin acceptor and counter machine vendors
to help them prepare for the changeover. The Mint does have a package of “tokens”
which they are making available to manufacturers on a loan basis. There is a “large
deposit” required to obtain these coins, which is refunded once they are returned
to the Mint.
Chris Stegehuis of Coin Acceptors Canada feels that, at least with the equipment
his company carries, only a software upgrade will be required. Stegehuis did admit,
however, that it depended on the age of the equipment. Machines made before 1996
may have to go back into the shop to be retrofitted and upgraded.
The advice the CCA has for its members is that operators should contact their equipment
supplier as soon as possible to be ready for the coming changes in equipment.
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