New higher-denomination bills are on the menu for a currency overhaul scheduled to go into effect in 2010.

The printing of ¢20,000 and ¢50,000 bills is only part of a paper money revamp that will also include an art redesign, a change in size and possibly change in material, from cotton paper to plastic, said Ricardo Rodríguez, treasury director for the Central Bank.

Rodríguez said the bank has decided to release the higher denomination bills to achieve a “more equal distribution” of money. Right now, 70% of cash circulating is in ¢10,000 bills.

In addition to including beefier nominations, Rodríguez said the new series of bills will vary in length to make them recognizable to the blind.

The ¢1,000 bill will be 125 mm long, with the length increasing by 7 mm in each denomination up to the ¢50,000 note, which, at 156 mm, will be the length of the current bills. The width will not vary.

Rodríguez said the bank made the decision to issue variable-length bills after extensive studies and workshops with blind focus groups. Mexico and Australia have similar currency systems.

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