The Central Bank of Barbados today announced that beginning in July 2007, Barbadian circulation coins will be manufactured using “multiply” technology, a newer more sophisticated technology.
“After careful consideration, we decided to switch to this new technology that offers a high-quality product while providing considerable cost-savings,” said Victor Springer, Deputy Governor, Operations at the Central Bank of Barbados.
The coins, which will be produced by the Central Bank’s long-time coin manufacturers, Royal Canadian Mint, will have at least a 25-year lifespan and will be very resistant to humidity and sweat. They will also be resistant to corrosion caused by household products.
Despite the change in technology, however, Barbadians probably will not notice any major difference between the new coins and the existing ones. “The new coins will be almost identical to those currently in circulation, except that they will be shinier and slightly lighter,” explained Springer.
Initially, both coins will be in circulation simultaneously, however, the older coins, which are marked “2006” or earlier, will gradually be removed from circulation.
“We are working with the relevant players including the commercial banks, the vending industry and the mint to ensure the smoothest possible changeover.”