If we look at the frighteningly long list of disasters and crises in 2022 and the start of 2023, these events are random, often unexpected and usually large scale. What connects them all is the disruption of the ability to use digital payments. The knee jerk answer historically is to turn to cash.

January 2023 marks the 20th birthday of Currency News™, so we thought we would take a quick tour of the last two decades and provide a back-of-the-envelope analysis of the differences in the cash ecosystem, and issues and priorities, between then and now.

There was a palpable sense of optimism as 2021 concluded that – despite disruptions, restrictions, new lockdowns and a virus on the march again – things were finally improving and would start going back to where they were, or at the very least, to somewhere different but nevertheless better than the previous two years.

One of the defining characteristics of the mint industry, compared with the banknote industry, is the level of cooperation between the various producers. Another has been its apparent stability. Perhaps the two are related.

Most of us will have our own experience of what it is like to be in a situation where you can neither access cash nor pay with it.

There was palpable shock and surprise in the industry at the news that Portals is to wind down production of banknote paper, focusing instead on non-banknote paper and features.

In his review of the Global Currency Forum, Wolfram Seidemann, Chairman of the ICA, compared the priorities of the cash industry in the past with today. Then, he said, the key priorities were security, efficiency and quality of notes is circulation. Fast forward several years, and the priorities look very different now.

Across industry publications, conferences and reporting, sustainability now sits alongside other key topics such as security, technical excellence, efficiency, value for money etc. This industry has done a great deal of work and made a real difference in its operations across the key areas where it affects the environment.

War is brutal and yet here we are with war in Europe. Unbelievable. Yet again though, it underlines the need for cash. The run up to the war saw cyber-attacks on the Ukrainian ATM network and now the invasion has started the internet is not guaranteed, let alone power. Once again, cash is king.

All too often notifications arrive about a new study into an aspect of the cash industry, the cash cycle or payments. The trouble is that if it is written by an industry-insider, the competitive value is so high that the document has to talk in bland generalisations.