The National Post reports in its Monday, Jan. 7, edition that hundreds of thousands of cash-handling machines across the country have had to be upgraded to handle Canada's distinctive new $10 bill, featuring a vertical portrait of Nova Scotia civil rights advocate Viola Desmond.
A Canadian Press dispatch to the Post reports that ensuring vending and other machines can read the new polymer note requires a software upgrade for each device.
Spencer Baxter, owner of Value Vending Services in Nova Scotia, said his 125 devices simply would not accept the new bills. Upgrading them all costs about $10 each excluding driving and labour time to get to the machines at various locations.
Since their introduction in mid-November, the Bank of Canada has made 19.6 million of the new notes available to financial institutions and almost 16.9 million of those are now considered to be in circulation. By contrast, a total of 158 million $10 notes were in circulation at the end of November, the central bank said.
"With about half a million cash-handling machines of various types in use across Canada, it stands to reason that they won't all accept this note from the day it begins to circulate," said BOC spokesman Rebecca Spence.
© 2019 Canjex Publishing Ltd. All rights reserved.