Australia introduced the world’s first polymer banknote for general circulation in 1988. The commemorative $10 note marked the bicentenary of European settlement and used a flexible plastic substrate instead of traditional paper.
The note was developed by the Reserve Bank of Australia with the Commonwealth Scientific and Industrial Research Organisation and the University of Melbourne. It included a transparent window, a feature that became a major security advantage.
Polymer notes are more resistant to moisture, dirt, and tearing than cotton-paper notes. They can also incorporate complex transparent elements that are difficult to reproduce, although they still require careful design and security updates.
Australia later converted its regular banknote series to polymer. Other countries, including New Zealand, Romania, Canada, and the United Kingdom, subsequently adopted polymer notes in some or all denominations.