Trinidad’s Central Bank urges public to exchange old $100 bills

The Central bank of Trinidad and Tobago (CBTT) is urging the public to exchange their cotton $100 note which will cease to be legal tender tomorrow, January 1, 2020.

The Central Bank of Trinidad and Tobago in Port of Spain.

In a statement, the CBTT said people and organisations must take responsibility for exchanging their notes on time through commercial banks or the Central Bank, as a polymer note with additional security features will replace the old $100 bill after today.

The new bill was introduced into circulation on December 10 with the aim of countering fakes.

The front of the new polymer $100 note.

The Central Bank had facilitated exchanges over the weekend by opening on Saturday and Sunday, with working hours extended to 3:00PM today, December 31.

While some exceptions will be made to the notes being changed out today, those come with conditions and primarily apply to commercial banks which will collect the notes today and individuals who are able to prove that they were incapable of making the change before.

The back of the new polymer $100 note.

A previous release by the CBTT said “(Individuals) should come to the Central Bank with valid identification, proof of address and source of funds, and documentary evidence of inability to convert by December 31, 2019.”

Shortly after the introduction of the new note, the National Security Minister, Stuart Young, said there had been several reports of counterfeits. In response to the forgeries however, Young said “The coun­ter­feit would not be on poly­mer which is eas­i­ly iden­ti­fi­able by touch and it al­so doesn’t in­clude the var­i­ous se­cu­ri­ty fea­tures of our new $100 note, for ex­am­ple, the trans­par­ent win­dow.”