TL;DR: Mauritius has introduced a redesigned 100-rupee polymer banknote with a transparent Dodo window and modern security tech. For U.S. gold and silver investors—and coin and currency collectors—this is a timely case study in how fiat design upgrades affect durability, counterfeiting, and collectability, and why banknote changes often appear alongside periods of economic recalibration.
Why the Mauritius 100-rupee polymer banknote matters now
In June 2025, the Bank of Mauritius began circulating a new 100-rupee polymer banknote, updating the long-running paper design (1999–2024) but retaining its iconic portrait and colorway. The headliners are a transparent windowfeaturing Mauritius’ extinct Dodo and an iridescent Swing™ feature, all embedded into CCL Secure’s GUARDIAN™ polymer—developed in collaboration with Oberthur Fiduciaire. For investors, traders, and collectors, the note is a fresh example of how central banks modernize cash to counter fraud, cut replacement costs, and reaffirm confidence in their currency.
Just months earlier, Mauritius rolled out a 1,000-rupee polymer with similar visual and security upgrades and confirmed that a new 200-rupee would follow in 2025. Importantly, all redesigned polymer notes co-exist with the earlier paper issues as legal tender, a detail that matters for collectors and everyday users alike.
Quick background: what changed on the note?
- Substrate: Shift from paper to GUARDIAN polymer.
- Security windows: A transparent “egg-shaped” window with color-shifting effects (Swing™).
- Iconography: An updated Dodo motif—the national symbol and a nod to endemic fauna—now integrated into the security design.
- Continuity: Portrait of politician Renganaden Seeneevassen and the orange-brown palette remain, preserving recognizability for users.
The bigger picture for investors: fiat design vs. hard money
For precious metals buyers, banknote upgrades often arrive alongside efforts to shore up trust in fiat systems. Mauritius’ redesign coincides with a period of fiscal and inflation recalibration: official statistics show headline inflation easing into mid-2025 relative to the prior year, while other trackers show annual inflation hovering in the mid-single digits through late summer. Political changes and debates over data quality have also kept macro conditions in focus. These dynamics tend to heighten investor interest in store-of-value assets like gold and silver—and in collectible currency that may command numismatic premiums.
Polymer vs. paper: durability, security, and cost
Why are central banks switching to polymer?
- Longer life: Independent studies cited by leading issuers suggest polymer notes last ~2–3× longer than paper in circulation, reducing replacement costs and environmental footprint.
- Cleaner & tougher: Polymer resists moisture and dirt; notes stay crisp longer, which matters in tropical climates like Mauritius.
- Security windows & effects: Clear windows, color-shifting inks, and movement effects are hard to replicate on the street, helping lower counterfeit risk.
- Evidence from early adopters: In the U.K., after a staged move to polymer (2016 onward), counterfeits became a very small share of notes in circulation—under 0.0019% in 2024—illustrating how substrate and feature upgrades can support anti-counterfeiting outcomes. (Counterfeits never go to zero, but the trend is instructive.)
A quick comparison
| Factor | Polymer (e.g., Mauritius 100-rupee polymer banknote) | Paper (legacy notes) |
|---|---|---|
| Average life in circulation | ~2–3× longer on average | Shorter; more replacements |
| Key security elements | Windows, motion/iridescent effects integrated into substrate | Watermarks, threads, foils |
| Cleanliness/durability | Resists moisture/dirt; less tearing | More wear in humid/tropical climates |
| Environmental impact | Fewer reprints; recyclable programs exist in some countries | Higher replacement volume |
Sources: Central bank communications and industry life-cycle studies.
The Mauritius rollout: dates, legal basis, and co-circulation
The Bank of Mauritius announced the Rs100 polymer on June 20, 2025, referencing a public notice from December 2, 2024 issued under Section 35 of the Bank of Mauritius Act 2004. The bank reiterated that while the new polymer note closely resembles the paper version, the transparent Dodo window and Swing™ feature distinguish it on inspection. Crucially, paper and polymer notes circulate together—preserving continuity for cash users and avoiding abrupt demonetization shocks.
For collectors tracking series progressions: the Rs1,000 polymer landed first in December 2024, and the Rs200 polymeris slated to follow in 2025, each with related security aesthetics (transparent windows, Dodo cameo), and modern color-movement features.
What this means for different audiences
For gold & silver buyers (U.S. and abroad)
- Signal vs. substance: Banknote tech upgrades signal a commitment to currency integrity, but they don’t change fiat’s underlying inflation and credit risks—the traditional reasons investors diversify with bullion. Consider polymer as an operational improvement, not a macro hedge.
- Macro read-through: Mauritius’ inflation has moderated vs. 2024 on some official measures; other trackers still show mid-single-digit prints in 2025. In similar environments, many investors maintain core bullion allocationsand opportunistically add when premiums retreat.
For coin & currency collectors
- Collectability: First-year polymer issues, transitions between substrates, and notes with culturally resonant icons (like the Dodo) often see collector interest, especially in uncirculated grades or fancy serials.
- Variant hunting: Co-circulation with paper creates short windows where both substrates are obtainable from banks; sealed bricks, first-run prefixes, and low serials can be targets for specialists.
- Authentication: Learn the transparent window, Swing™ effect, and other tactile/visual cues to avoid swaps or counterfeits in online trades. The clearer the security, the easier it is to explain provenance to buyers later.
For bullion dealers and marketplaces
- Inventory synergy: Offering a limited run of polymer starter packs (Rs100 + Rs1,000) alongside bullion can attract crossover collectors.
- Education sells: Short video explainers that demonstrate the window and movement effects build buyer confidence and reduce returns.
Expert perspectives (paraphrased)
- Central bank view: Polymer is “cleaner, safer, stronger”—issuing authorities emphasize longevity and user-friendly security that is “easy to check, hard to fake.”
- Industry view (substrate provider): The Dodo cameo and window features showcase what polymer can do that paper cannot, with security elements integrated into the substrate rather than applied on top.
- Collector view: Early-series polymer notes from smaller issuers can trade at premiums in high grade, particularly if initial print runs are modest or if design motifs (like national fauna) resonate beyond the local market. (Market observation; verify against auction comps before speculating.)
Risks and trade-offs
- Counterfeit migration: Polymer raises the technical bar, but fraudsters adapt. Rely on official feature lists and buyer education to keep the edge.
- Condition sensitivity: Polymer corners can crease or ink can scuff under friction—still gradeable, but condition standards matter for value retention.
- FX exposure: Collectors outside Mauritius take on MUR/USD exchange risk; premiums can widen or compress based on local supply.
- Opportunity cost: For pure metal investors, capital tied up in collectible notes is not compounding in bullion; keep speculative bets position-sized.
Case study: anti-counterfeiting lessons from polymer adopters
The U.K.’s multi-year shift to polymer notes provides a public data trail. By 2024, the share of counterfeit notes in circulation sat at <0.0019% (under 1 in ~52,600)—not a direct cause-and-effect from polymer alone (design, enforcement, and public education matter), but supportive evidence for the directional benefits of modern substrates plus layered security.
How to engage with the Mauritius 100-rupee polymer banknote (practical steps)
- Learn the tells: Memorize the transparent Dodo window, Swing™ iridescence, and placement relative to the portrait.
- Buy smart: Prefer uncirculated (UNC) notes from reputable dealers; if sourcing locally, request sequential notesor original bands with bank receipts.
- Store correctly: Use mylar sleeves sized for polymer; avoid PVC. Keep away from high heat to protect inks and lamination.
- Track print progress: Add the Rs1,000 (2024) and upcoming Rs200 (2025) polymer variants to build a matched mini-set.
- Mind the macro: Watch inflation releases and fiscal updates; macro shifts can influence collector demand and FX.
Mauritius 100-rupee polymer banknote and your portfolio
- If you’re a bullion-first investor: Treat the note as a numismatic satellite position—a small, interesting add next to core gold/silver holdings.
- If you’re a currency collector: Target eye appeal and grade, then consider serial strategy (solids, ladders, radar).
- If you’re new: Start with a low-cost Rs100 polymer before branching into higher denominations or fancy-number hunts.
FAQs
Q1: Are old paper Rs100 notes still legal tender in Mauritius?
A: Yes. The Bank of Mauritius confirms co-circulation; paper notes remain legal tender alongside the new polymer issue.
Q2: What’s special about the Dodo window?
A: It’s a transparent security window—a hallmark of polymer—featuring the Dodo and Swing™ color movement, making quick visual checks easy for cash handlers and the public.
Q3: Does polymer really reduce counterfeiting?
A: Polymer is part of the toolkit. In the U.K., the counterfeit share of notes in circulation is extremely small, illustrating how substrate and modern features help.
Q4: What’s the inflation context in Mauritius?
A: Official data show headline inflation easing into mid-2025 versus the prior year, while monthly trackers still show mid-single digits later in 2025.
Q5: Will the new note appreciate in value?
A: It can—condition, serials, and market demand drive outcomes. Treat appreciation as speculative; don’t replace core bullion allocations.
Ideas for internal links (if publishing on a bullion/numismatics site)
- Guide to polymer banknotes vs. paper: Deep dive on substrates and security features.
- How inflation informs bullion allocations: Position sizing and rebalancing playbook.
- Beginner’s guide to currency grading: Protecting value with proper storage and grading tiers.
- Mauritius country profile for collectors: Economy, currency history, and collecting themes.
Conclusion: a modern note with classic lessons
The Mauritius 100-rupee polymer banknote blends symbolism (the Dodo), substrate science (GUARDIAN™ polymer), and practical security (transparent windows, Swing™ effects). For U.S. gold and silver investors, coin collectors, and bullion buyers, it’s a live example of how central banks sustain confidence in cash even as macro narratives ebb and flow. The takeaway isn’t that polymer replaces the role of hard money; it’s that resilient designsupports the day-to-day function of fiat while investors continue to diversify with bullion for long-term purchasing-power defense. If you’re building a world-notes collection—or just want a topical conversation piece next to your silver rounds—the new Rs100 polymer is a smart, low-barrier starting point.