A recent study has shown that viruses such as that causing the new coronavirus disease (COVID-19) can survive on plastic for three days, two days on stainless steel, cardboard for 24 hours, and copper for four hours. There is no direct study on banknotes but this SARS-CoV-2 is apparently nasty when it comes to surviving on surfaces. Banks in China were aware of this early on such that they were sterilizing banknotes through ultraviolet (UV) and heat treatments and subjecting them to "quarantine" for seven to 14 days before releasing them.
Banknotes and cons are potentially underestimated vectors for viruses, not to mention fungi and bacteria, because they are thoughtlessly circulated quickly across communities and beyond lockdown borders. So how can we sanitize money that we bring into our household?
COINS are easy to sanitize. Soak them in water with soap or detergent, rub their surfaces a bit, and you are done. Soap and detergents are designed to burst the structure of viruses and wash them away in pieces.
BANKNOTES are more tricky but the surest way is still washing them in soap or detergent. Polymer notes may be rubbed down like coins but absorbent banknotes made of paper, cotton, and other fabric will need to be soaked for a few minutes. They are designed to survive this unusual treatment but drying them will take some time. Alternatively, ironing non-polymer banknotes in high heat subjects them to surfaces in excess of 200°C and should kill viruses with a few seconds of pressing. Do not iron polymer notes as high heat can damage them.
Finally, whenever possible, use contactless payments.
Fake News: New Generation Currency II 2020
False information has been circulation on social media regarding the issuance of a new set of Philippine peso bills, including a new PHP 5000 banknote. The graphic, showing poorly edited images of the supposed new bills, originated from a fake Bangko Sentral ng Pilipinas page on Facebook. Despite the poor quality of the graphics, they might have been passed as concept notes and they were shared widely on Facebook.
The Bangko Sentral ng Pilipinas has expressly denied the plan to issue new banknotes. Further, the public is advised to only follow the official BSP Facebook Page.
