Thanks to an email alert from a colleague, I learnt about the essay by Prof. David Solomon titled Australia’s Plastic Banknotes: Fighting Counterfeit Currency:
Worlds first banknote printed on clear plastic film and using optically variable devices (OVDs) was issued in Australia in 1988 after twenty years of research and development. In the course of this, a great deal of technical as well as logistic issues had to be solved.
A must-read and fascinating piece! Here is the press release from Wiley.