Money or currency has been made out of a variety of materials, depending on the environment, available technology and resources. Leather, shells, precious metals, paper and most recently plastic or polymer have all been used to make money. Marco Polo in the 13th century after return to Europe from his travels recommended the use of paper rather than coins. The earliest paper bank notes were issued by the Bank of Stockholm in 1661.

These days the world has realised the disadvantages of paper notes. These notes are not environment friendly. Besides, they get spoiled and mulilated fast, and involves replacement cost. Many countries are switching to polymer notes. Australia was the first country to issue polymer notes in 1988. However, Haiti developed the first polymer bank note in 1980. The Bank of Canada issued polymer notes in 2011. The Bank of England too issued Series G notes between 2016 and 2021. Polymer notes are difficult to counterfeit. In September 2022, the UK will not have paper notes which continued for a period of 300 years.

The UAE too has issued 50-dirham polymer bank notes. Philippines and Pakistan too have issued polymer notes. Trinidad and Tobago have also issued polymer notes. Of the 195 countries in the world, 76 countries are using polymer notes.

Some suggest hybrid notes of polymer and paper.