Bulgaria will meet the requirements to join the eurozone by January, leaving the final decision to Bulgarian politicians, according to the Governor of the Bulgarian National Bank (BNB).

Covestro has formally introduced its new polymer substrate for banknotes and secure documents, which it has branded CERTEVO®, stating that it marks a ‘significant advancement in document security, sustainability, and printing technology, combining performance and environmental responsibility.’

Levels of euro counterfeiting remain low in 2023; Currency News™ comes of age; what goes round comes round in the minting industry....

The fourth edition of the Directory of Circulating Coins has now been published – the first since 2019.

Giesecke+Devrient (G+D) has introduced the latest generation of its banknote processing systems – the BSP® C evo, which is an evolution of the BPS C2 and C2 mid-size sorters for commercial cash handlers.

There is a perception that in 2022 and 2023 the currency ‘industry’ was a little flat, even lacking self-confidence, in the face of the fall out from the pandemic and the huge surge in digital payments as societies rapidly went online. The evidence of 2024 tells a rather different story.

De La Rue has announced its half-year results for the six months ending September 2024. The company reported lower revenues but continued growth in its order book, and strategic development with the proposed sale of its Authentication business to Crane NXT.

The Korea Minting, Security Printing & ID Card Operating Corporation (KOMSCO) held a ‘Currency By-Product Utilisation Seminar’ earlier this month to launch its new venture to reuse currency by-products slated for disposal – both end-of-life banknotes and waste from production. Around 500 tonnes are generated annually, of which 90% is incinerated.

Last month, the International Association of Currency Affairs held a webinar titled ‘Cash Visibility: How the Royal Canadian Mint Manages Canada’s Circulation Coins in Real-Time’, where the Mint detailed their strategies and systems for managing cash visibility for coin in Canada.

The International Hologram Manufacturers Association (IHMA) has a new name – the International Optical Technologies Association (IOTA). The change is part of the industry body’s strategic plan to broaden its scope to better serve evolving markets and new technology frontiers, particularly in optical security.

The Reserve Bank of India (RBI) has extended the deadline for responses to its Expression of Interest (EOI) for services related to the modernisation of India’s currency management infrastructure 4 December 2024.

In this periodic series of articles covering cash information in central bank annual reports, this month we take a look Down Under, with a review of the reports from Australia and New Zealand.

Continuing on its acquisition trail to penetrate the brand protection market, Crane NXT has now bought the smart packaging assets of TruTag Technologies, which will be incorporated into its OpSec business.

Most central banks will classify their counterfeit banknotes to determine the types of threats presented by the counterfeiters. This may be as simple as identifying the printing processes on the counterfeit as digital or traditional. Or it could be an in-depth analysis of the individual characteristics of the printed image along with the security feature simulations.

Security Printing & Minting Corporation of India Ltd recently released its 2023/24 Annual Report, registering a rise in production, but a small drop to Rs 47.14 billion (US$555 million). Costs were up 7.7% to Rs 36.95 billion.

The Royal Dutch Mint (RDM) has signed a multi-year agreement with Finland’s Ministry of Finance for the production, marketing and distribution of circulation and commemorative euro coins. The announcement follows the Mint of Finland’s announcement last month that it would cease operations in 2025, following the completion of its existing commitments to customers and suppliers – which it expects to fulfil early next year.

Not content with being a leader in banknote substrates, features and print, Crane NXT is certainly gunning for the brand protection market, having acquired three companies in this area since the start of the year.

In a management earnout of up to 100%, Currency Research’s CEO and President Jens Seidl and Vice President Shaun Ferrari will become majority shareholders of the company. The founder, and current sole shareholder, Richard Haycock will sell all his shares and resign from the Chairman position, effective 1 January 2025.

Banknote expert and author Antti Heinonen has written a new book on the history of Finnish money, focusing on international and particularly German influences in the early development of Finnish means of payment.

The Swiss National Bank (SNB) has announced that it is to begin developing the country’s 10th banknote series in order to ensure that Swiss banknotes continue to meet the latest standards for functionality and security.

The Bermuda Monetary Authority (BMA) is introducing new polymer $2 and $5 banknotes on the theme of ‘Same Look, Smarter Design’.

The introduction of a new series of banknotes in Pakistan next year, enhanced with advanced security features and modern designs, has the potential to play a transformative role in the country’s economic landscape.

The Coin Conference 2024 – which focuses on the future of circulating coinage and its challenges – took place in 28-30 October in Lisbon, Portugal. Organised by the publishers of Currency News™, the conference hosted more than 200 delegates, from 102 organisations across 42 countries, with 40% from central banks, monetary authorities and treasury departments.

As described in last month’s issue of Currency News™, at the recent Global Currency Forum (GCF) in Oman, industry players showcased house notes with new security features on themes ranging from butterflies, meadows and the ocean to Venus. To that can be added chameleons.

SICPA unveiled the latest version of its SPARK® technology – SPARK Flow® STREAM – at the recent Global Currency Forum in Oman.

A functioning cash supply is a stabilising factor in our society, both in normal times and especially in times of crisis. At the same time, the demands for a robust and efficient cash circulation system are increasing.

Many countries and regions are strengthening regulations to control environmental pollutants, chromium being a case in point as its emissions significantly impact the environment and human health. As a result, numerous countries have implemented strict standards and control measures to reduce chromium pollution.

In a comprehensive modernisation of its currency system, Denmark is undertaking an ambitious series of changes that reflect its unique position as both a digital payment pioneer and a steadfast protector of cash rights.

China Banknote Printing and Minting has been implementing a series of clean production and carbon reduction measures in the production of raw materials such as paper, thread, and ink, in order to make the production of the renminbi and other currencies more environmentally friendly.

De La Rue has announced that it will sell its Authentication Division to Crane NXT for a cash consideration representing an enterprise value of £300 million.

The Central Bank of Lesotho is issuing new 10 and 20 maloti banknotes which have the same design as the current notes but which will be the first to feature Anima™ security threads from Oberthur Fiduciaire, via its partnership with (and subsequent acquisition of a majority stake in) Rolling Optics.

The winners of the 2024 IACA Excellence in Currency Awards for Coins were announced by IACA Executive Director Marci Chavez at a special presentation ceremony during the Coin Conference in Lisbon on 29 November.

At the Global Currency Forum, Daniel Schwarzbach, Innovation Director at Orell Füssli Security Printing (OFS), unveiled the company’s new tool for measuring the environmental impact of banknotes – BEES® (Banknote Environmental Evaluation Software), which it believes is the first design-oriented LCA (Life Cycle Assessment) tool not just for banknotes, but for any sector.

Giesecke+Devrient first unveiled its new Banknote Fiber Extractor® (BFE) in July 2023, which extracts fibres from banknote waste that is suitable for high end repurposing. It has now announced the achievement of another milestone – namely the successful conversion in the first real-life test case of fibres from old banknotes into high quality cardboard at an industrial scale.

On 3 October, the Argentinean media went wild announcing that Milei’s never- a-dull-moment government would be restructuring and, possibly closing, the Argentine Mint (Casa de Moneda República Argentina – CAMOAR).

Further to the news that De La Rue has agreed a sale of its Authentication business to Crane NXT – a move that will alleviate the financial pressures that have hung over the company in recent years – Currency News™ spoke to Ruth Euling, Executive Director and Managing Director of the remaining Currency division, to find out more about the sale and what it means for the company in terms of production, investment, and its customers.

Currency Research, organiser of the upcoming EMEA Cash Cycle (ICCOS) & Payments Seminar in Cape Town, South Africa (25-28 November), says this year’s edition is shaping up to be one of the best-attended regional cash events in years.

The programme has now been published for High Security Printing™ (HSP) Asia, which takes place 2-4 December 2024 in Bangkok, Thailand.

New Zealand’s Commerce Commission has cleared the way for Evergreen NZ Holdings to acquire 100% of the shares of ACM New Zealand. Evergreen already owns Armourguard, the country’s dominant supplier of CIT and related service, and the acquisition of ACM from its parent Linfox Armaguard will create a monopoly.

In last month’s issue of Currency News, we provided details of Oberthur Fiduciaire’s new house note series, on the theme of the Art of Butterflies, comprising five different designs and five different security threads printed on one sheet.

In this new periodic feature for Currency News™ we report on the latest tenders and contract awards for banknotes, coins and related services.

Sesami Cash Management Technologies Corporation, a subsidiary of security services firm Gardaworld, has acquired the UK-based Consillion Group (previously known as Banking Automation), a provider of cash automation systems which also operates in Australia, New Zealand, and Singapore.

In the first half of 2024, Spectra Systems achieved sales of $22.74 million, an increase of 96% compared to the first half of 2023.

The Brazilian President has nominated Gabriel Galípolo to be the next Governor of the Central Bank of Brazil.

The Reserve Bank of India (RBI) has announced a comprehensive plan to revamp its currency management infrastructure over the next 4-5 years, mainly to ensure adequate storage and handling capacity to cater to the growing economy’s future cash needs.

Titled ‘Change’, the Royal Australian Mint’s 2023 annual report is aptly named for an organisation that experienced multiple significant changes over the course of last year, including the introduction of the new royal effigy on its circulating coins and the extensive renovation of its visitor centre.

Estonia is set to introduce new rounding rules next year, with the country also planning to stop minting 1 and 2 cent coins.

The saying ‘made of money’ is often used as an idiom to describe wealthy people. In the case of De La Rue, its interpretation of the term under its new #madeofmoney campaign is literal – namely, consumer items that are made out of recycled polymer banknote waste.

The Central Bank of Samoa is issuing limited-edition commemorative banknotes, designed and printed by De La Rue, honouring Samoa’s historic hosting of the 2024 Commonwealth Heads of Government Meeting (CHOGM), held in Apia, Samoa from 21-26 October 2024.

Recent months have revealed the significant financial pressures mints face as they contend with declining demand in a competitive and crowded market characterised by oversupply.

Oberthur Fiduciaire introduced a new family house notes at the Global Currency Forum, on the theme of ‘The Art of Butterflies’.

Intergraf is best known in the banknote community for its biennial Currency+Identity conference and for its certification scheme for security printers. But it provides a range of services and tools for the broader print industry, two of which have relevance to banknote printers.

The finalists for the 2024 IACA Excellence in Currency Awards for Coins have been announced, with the presentation of the winning submissions scheduled to take place at this year’s Coin Conference in Lisbon, Portugal.

In last months’ Currency News™, we reference the Bank of Guyana’s upgrade of its $500 and $1,000 banknotes with Rolling Star® LEAD Pure security foil from Louisenthal on the former, and Crane’s RAPID® Vision security thread on the latter. In this article, we provide more details of the $500.

Sweden’s Riksbank is threatening banks with the prospect of regulation to ensure business access to cash services.

The first Directory of Currency Suppliers™ was published in 2004. This year has seen the publication of the seventh edition. Here, we take a look at changes between the sixth edition from 2018 and today, and a slightly higher level look at 2004 and today.

The inaugural Security Designers Forum was held in Warsaw, Poland, from 10-13 September 2024. An initiative of the security design community, it was the successor to the International Banknote Designers Conference and was a full-capacity event, attracting 176 delegates from 82 organisations spanning 32 countries.

The Guatemalan currency, the quetzal, was introduced in 1924. The Q1 commemorative banknote, released in September 2024, is only the second commemorative banknote in the history of Banco de Guatemala (Banguat), and commemorates the 100th anniversary of the adoption of the quetzal as the national monetary unit.

Described as the cash industry’s pre-eminent gathering since its inception in 1992, for more than 30 years the Currency Conference has provided a unique platform for senior-level central bankers, representatives of printworks, and leading industry suppliers to deliberate and engage with peers on the most vital topics impacting currency policy and the issue function.

Reconnaissance, the High Security Printing™ (HSP) conference organiser, has announced that registration is now open for the upcoming HSP Asia event, scheduled for December 2-4, 2024, in Bangkok, Thailand.

Another company launching a new house note during the Global Currency Forum is KURZ. The note, dubbed Meadow, has been designed to promote the company’s ‘KURZ THREADS with KINEGRAM COLORS®’ portfolio.

Danmarks Nationalbank has provided details of the themes for its new banknotes series, which will consist of four denominations – 50, 100, 200 and 500 krone – and will be issued from 2028 onwards, replacing the current 2009 series featuring Danish bridges and ancient artefacts.

According to the hit single I’m Your Venus (from the Dutch rock band Shocking Blue in 1969 and then again from the UK girl band Bananarama in 1986), ‘Venus is the name of the game’. It’s also the name of Louisenthal’s latest security feature – specifically RollingStar® Venus, an upgrade on the company’s portfolio of threads based on its micro-mirror technology.

Currency News™ began to publish global annual updates on banknote demand in 2017. This update will start with an analysis of the development of banknote circulation in value terms during recent years.

€11 million sophisticated counterfeiting print shop dismantled in Naples.

In this periodic series of articles covering cash information in central bank annual reports, this month it is the turn of Malaysia, Thailand, and Tunisia.

Belgium is one of many countries with a coin circulation problem, and the Treasury has launched a social media campaign – #spendyourchange – encouraging citizens to use their loose change.

Earlier this year, the US Mint published a proposal to abolish its Mutilated Coin Redemption Program, relating to the face value exchange of bent, partial and fused coins.

Austrian-based film and foil specialist Hueck Folien, a leading supplier of security threads and foils for banknotes, is taking a number of steps to put its products at the forefront of sustainability and reach its goal of ecologically-neutral production by 2035.

Laos’ Parliament has removed Bounleua Sinxayvoravong as Governor of the Bank of the Lao PDR, a position he held since 2022.

The usual picture that comes to mind of a counterfeiter’s modus operandi is one of clandestine operations carried out under cover of darkness. But what happens when the illegal activities are carried out in plain sight and what is the industry doing to prevent them?

Bangko Sentral ng Pilipinas (BSP) has so far collected almost PHP 888.7 million from the coin deposit machines introduced last year. The number of transactions reached 214,475 as of the middle of August, with 236 million coins having been deposited and exchanged for e-wallet credits or shopping vouchers.

In this periodic series of articles covering cash information in central bank annual reports, we turn our attention this month to England, Iceland, Kazakhstan and Switzerland.

On 3 July 2024, the Bank of Japan started issuing a new series of banknotes consisting of 10,000 yen, 5,000 yen, and 1,000 yen notes: a historic moment in Japan, as this is the first time in 20 years that a new series of banknotes has been introduced.

Intaglio is a quintessential feature for high-security designs. Its unique look and tactility make it easy to authenticate banknotes and identity documents within seconds. The Escher® method, developed by Orell Füssli, uses three-dimensional (3D) models for intaglio designs.

Last month we reported on the broadly positive interim results for two leaders in the currency sector – Orell Füssli and Prosegur. This month is the turn of Brinks, NCR Atleos, Diebold Nixdorf and Crane NXT.

Bank Al-Maghrib has issued new 50 dirham banknote, the third in its new series.

The Cash Cycle Seminars (ICCOS) are annual events from Currency Research (CR) that bring global knowledge to regional markets in the Americas, Asia, and EMEA.

Last month, the uncertainty over the future of the authentication business of Meta Materials was resolved by the acquisition of its assets by Authentix. This is the latest in a string of acquisitions that has seen Authentix grow from its early days as a developer of taggants for fuel integrity programmes to a full service and solutions provider to the banknote industry of covert technologies, sensors, overt features, security print and design.

The Mint of Finland (Suomen Rahapaja) is to cease operations and wind down in an orderly manner by next year, its Managing Director Jonne Hankimaa, has announced, bringing to an end a 160-year business which first began minting coins in 1864 under the Russian emperor Alexander III.

The Coin Conference takes place in Lisbon 28-30 October, against a backdrop of considerable change (no pun intended) in the world of circulating coins. Not surprisingly, the agenda is busy and full of substance, reflecting the key challenges, and opportunities, that face issuers and producers.

Currency Research has launched the AI Bootcamp, facilitated by The Centre for Alternative Finance at the University of Cambridge Judge Business School, which will explore AI tools and strategies for revolutionising supervisory innovation, with practical insights and a tailored roadmap for AI adoption.

State security printers in Asia are transforming as a result of a fast-changing economic and technological landscape. Traditionally known for producing banknotes, coins, and secure documents, these institutions are now repositioning themselves as digital identification and authentication (DIA) players, as this article, adapted from sister publication Authentication & Brand News, explains.

A team from the Canada Border Services Agency (CBSA) has received the Bank of Canada’s counterfeit deterrence award for its work analysing international shipments, leading to the seizure of large volumes of counterfeit banknotes.

The UK banking system is reported to be storing indefinitely around £4 million worth of unwanted copper coins.

In what was termed a ‘grand reveal’, the Centrale Bank van Curaçao en Sint Maarten hosted simultaneous events on both islands to unveil the designs of the banknotes and coins of its new currency, the Caribbean guilder.

The news that the Mint of Finland is closing down will no doubt be cited by many as another grim reminder that cash is on the way out. Certainly, that was the reason given by the company when it announced that it is winding down and will cease operations next year.

This month we report on the interim results for two leaders in the currency sector – Orell Füssli Security Printing and Prosegur Cash.

Researchers at Griffith University of Australia have investigated the representation of native fauna on banknotes to identify geographic hotspots and taxonomic patterns, and determine whether threatened and endemic species were more readily represented.

Today, located in City of London, the Bank of England, with a history of more than 300 years, is a pioneer of modern finance. It is also one of the world’s oldest central banks.

Last month, we celebrated the 25th anniversary of the introduction of polymer banknotes in New Zealand. But all is not well with cash ‘down under’, with usage in rapid decline and the cash infrastructure in decline as well – both in response to falling demand and also a driver for it.

The Bank of Mongolia has issued a limited edition 5,000 tugrik commemorative banknote to mark the 100th anniversary of the establishment of the central bank and the strengthening of the modern banking system in Mongolia. The banknotes are in the same design as the circulating 5000 tugrik but include a number of new security features.

The National Bank of Kazakhstan (NBK) introduced the newly designed 10,000 tenge banknotes into circulation at the end of June. This release marks the second instalment in the ‘Saka Style’ series, which draws inspiration from elements of the ancient Saka culture, a key precursor to traditional Kazakh ornamentation. The series aims to evoke national pride, deepen cultural awareness, and promote environmental stewardship among Kazakhstan’s citizens.

The 2024 Global Currency Forum (GCF) – which takes place in Muscat, Oman from 30 September-3 October – is set to host a series of panel discussions that promise to delve deep into the evolving landscape of global cash and currency. This year’s forum features an impressive lineup of experts who will share their insights on various topics, from the role of banknote design in national identity to the sustainability of cash.

Some were in Frankfurt for the European football in the final week of June, but not all. The second Cash Sustainability Forum saw two and a half days of discussion, presentations and debate focused on reducing the environmental impact of cash and the cash cycle.

The next edition of the Directory of Circulating Coins is currently being compiled, and is scheduled for publication this Autumn. First developed by the publishers of Currency News in 2014, the upcoming issue will be the fourth edition.

The high-level programme and award categories for the next edition of The Coin Conference have been announced, with the event scheduled to take place 28-30 October in Lisbon, Portugal.

In an age where consumers, companies and central banks are seeking to reduce raw materials use and close the loop on waste, banknote recycling has never been more important.

This short phrase is a truism. Another is ‘you get what you pay for’. When security fibres are used in banknotes, it is fair to say both truisms apply. Security fibres may be very small, but the level of security they provide certainly gives value for money.

In recent weeks, Da Afghanistan Bank (the country’s central bank) has incinerated c. 2 billion worn-out Afghani banknotes. In 2023, it collected and incinerated approximately 5.2 billion banknotes.

The Royal Mint has announced its results for 2023-24, which are in sharp contrast to the success of the previous year.

The Federal Reserve Bank of New York has announced that it plans to transition its cash operations in East Rutherford, New Jersey to a new next-generation cash services centre within the Second District.

In this periodic series of articles covering cash information in central bank annual reports, we turn out attention this month to Canada, the ECCB, India, Ireland, and Spain.

Counterfeit deterrence requires a three-pronged approach. Banknote design security, public education and law enforcement.

The many security features integrated into a banknote make them virtually impossible to counterfeit. These features instil confidence in the currency and enable various users to authenticate genuine banknotes throughout the entire cash cycle.

In this periodic series summarising counterfeit currency around the world, we focus on the latest news from Hong Kong, Libya, Scotland and Ukraine.

Spectra Systems’ annual report, released at the end of June, showed revenues for 2023 increased by 3.4% to $20.28 million and operating profit, EDITDA (before stock compensation expenses) by 3.9% to $8.39 million.

De La Rue has released a comprehensive set of full year results for FY2023/24. These results were in line with market expectations and its previous trading update.

The Belgian Competition Authority (BCA) has begun an investigation into the phasing out of hundreds of bank cash machines and their replacement by a new consolidated network of ‘neutral’ Bancontact- branded ATMs. The investigation focuses on accessibility to the ATMs, and therefore to cash, as well as on the quality of service, notably in terms of waiting time.

Texas-based security solutions provider Authentix has announced the completion of an asset purchase agreement for Nanotech Security Corporation (NCS), the security subsidiary of Meta Materials, which offers solutions for banknote authentication and brand protection. The purchase price for the assets is understood to be in the region of $10 million.

When systems go down, they can go down big-time. As happened recently with the CrowdStrike software update glitch that caused a multitude of Microsoft systems around the world to crash, hitting hospitals and healthcare, transport, hospitality, retailers and payments. Cash, once again, was the fallback option.

Commemorative coins are a common way for countries to mark their participation in international sporting events, particularly if they are hosting those events. Less so for commemorative banknotes, but they are becoming more popular.

In May’s issue of Currency News™, we featured Bundesdruckerei’s new Ignis house note as the Banknote of the Month. Here, we continue the theme with the presentation of four new house notes – one from Casa de Moneda de Chile and three from Polish Security Printing Works.

A bulletin published by the Banque de France describes its work on environmental sustainability. The paper offers up a model for others to consider, detailing the Bank's work on areas it controls directly and its collaborative work with others in the cash cycle.

The prestigious Regional Banknote and ID Document of the Year Awards form part of the industry’s High Security Printing (HSP) Latin America conference. This year’s event was held in Santiago, Chile, with the awards presented at a special ceremony, during the conference dinner on 4 June.

The 2024 High Security Printing™ (HSP) Latin America conference took place, for the second time in its 12-year history, in the longest and narrowest country on Earth, filled with starkly contrasting landscapes that stretch from the driest desert in the world to ancient glaciers still waiting to be discovered. That country is Chile.

The frequency of the introduction of a new series or an upgrade was addressed in the April issue of Currency News. In this article, Antti Heinonen continues the debate by addressing the topic from a historical perspective.

According to the Centrale Bank van Curaçao en Sint Maarten (CBCS), a significant milestone concerning the new Caribbean guilder has been reached, namely the printing of the first new banknotes.

Banco de Moçambique has launched a new series of banknotes and coins to coincide with the 50th anniversary of the central bank and the 45th anniversary of Mozambique’s currency, the metical.

Researchers at the Centre for Pattern Recognition and Machine Intelligence (CENPARMI) at Concordia University in Montreal, Canada have utilised image-mining techniques and machine learning algorithms to identify flaws in counterfeit coins, enabling greater detection of fakes.

At the Optical & Digital Document Security™ (ODDS) conference in in Lisbon this April, Michael Natan, President of Diametryx Inc, presented his new company’s intriguing colour-change particles in which the effects change not only by tilting, but shaking as well.

In June’s issue of Currency News™, we covered the rebirth of CPS and its new strategy. As part of this strategy, CPS has worked with its sister-company Enterprise Cash Management to develop ECM™ – Centralised Control.

After a gap, this month we return to the periodic series of articles covering cash information in central bank annual reports, with news from Bahrain, Bangladesh, Bhutan, Bosnia and Herzegovina, Denmark, the ECB, Ghana, Nepal, Philippines and Saudi Arabia.

New Zealand adopted polymer banknotes in 1999. At the time, Brian Lang was Head of Currency at the Reserve Bank of New Zealand (RBNZ). To mark the 25th anniversary of polymerisation, we sat down with Brian to discuss the rationale behind the transition and assess its results.

The Bank of England has now put into circulation the new series of notes bearing the portrait of King Charles III.

Is dollarisation a cure-all for unstable, hyper-inflationary nations? It is very hard to make that judgement, especially since stronger currencies, whether it be the dollar or euro, are also subject to changes in their value which may or may not benefit the dollarised economies in the short-term.

Koenig & Bauer Banknote Solutions (KBBNS) has run its ‘Equinox’ customer event in parallel with the DRUPA print conference and through into June. It has used the event to showcase what it does, to launch a number of new developments, particularly its AKTINA™ product, and to make the case for thinking about banknotes, and banknote printing differently.

The Federal Council of Switzerland has appointed Martin Schlegel as the new chairman of the governing board of the Swiss National Bank (SNB). He succeeds Thomas Jordan at the helm, who is retiring after more than 12 years in the position.

Koenig & Bauer, in its report on its first quarter results, gave further details of its Spotlight programme, launched earlier this year to prioritise initiatives and business models that boost earnings and financial strength, deprioritise initiatives that do not directly impact earnings and optimise the group and segment organisation as well as the indirect cost structure to make processes even leaner and more customer-friendly.

The Royal Canadian Mint (RCM) has once again been ranked among Corporate Knights’ Best 50 Corporate Citizens in Canada. The ranking is based on 24 quantitative key performance indicators relating to resource management, employee management, financial management, clean revenue, clean investment and supplier performance.

Q&T Hi-Tech Polymer (Q&T), the latest arrival to the polymer substrate market, has announced that it has made remarkable progress since its establishment three years ago by securing its third contract for supply of Polysecure for the Vietnamese currency.

At the Banknote Conference in May, Guilmar Ernesto Moncayo Ponce from the Bank of Mexico provided information about progress on the first of a three phase project looking at the presence and role of micro-organisms on banknotes.

Glory – the Japanese developer of cash handling, management and automation systems for the financial, retail, vending, transportation and gaming sectors – has reported an impressive increase in sales for 2023-24 and a return to profit, driven largely by a resurgence in the domestic market.

In this article, Kerre Corbin of Kerrency details what happens to counterfeits when they are handed in and considers whether these notes included in the counterfeiting statistics reported by central banks.

Three of the main mints have recently published their annual results for 2023. It’s something of a mixed bag, with overall positive results, but not necessarily driven by circulating coins.

The Bank of Canada has issued a progress update on the new $20, which will feature King Charles III as the portrait subject, replacing that of the late Queen Elizabeth II. The back will continue to feature the Canadian National Vimy Memorial.

The National Bank of the Kyrgyz Republic (NBKR) has issued the new 5,000 som banknote, the seventh and last banknote of the fifth series, completing the modernisation that started in May 2023. The new series includes denominations ranging from 20 to 5,000 som – all featuring RAPID HD® Detect from Crane Currency.

The winner of the IACA Best New House Note at this year’s Banknote Conference was Bundesdruckerei (BDR), which launched its new note – Ignis – from the ExNihilo series during the conference.

The IACA 2024 Excellence in Currency Technical Awards, which are sponsored by Currency News, were presented at the dinner on the last evening of the Banknote Conference, 15 May.

Towards the end of 2023, Royal Dutch Kusters Engineering (Kusters) carried out an extensive survey involving central banks globally, in partnership with Reconnaissance International.

The CBDC Conference take place from 10-12 September in Istanbul. The conference organiser has now published the first tranche of confirmed speakers, 15 of whom are from central banks, as well as the International Monetary Fund.

A forum is a meeting where ideas and views on a particular issue can be exchanged, and that is the aim of the Cash Sustainability Forum, providing the opportunity for all stakeholders involved in cash to meet, share, understand and learn.

In an era marked by rapid digitalisation and evolving payment methods, the enduring role of physical currency remains a cornerstone of economic stability and financial inclusion. It is within this context that the upcoming Global Currency Forum (GCF) in Muscat, Oman, assumes paramount significance.

Secure Innovation Group, the global technology company specialising in cash protection and security solutions (formerly known as Spinnaker), has launched its latest brand – Remote Planet.

Gary Spinks of Security Fibres introduced his presentation in one of the Innovation Sessions at the Banknote Conference with the acknowledgement that, in the great scheme of things, security fibres are an infinitesimally small element of security paper, and therefore the impact of more sustainable fibres is limited. Even so, he said, everyone needs to do their bit.

On July 20, 1969, more than 500 million people around the world watched the Moonlanding, the ‘great leap for mankind’ - a technical feat that opened new horizons for humanity.

The materials and nanotechnology specialist Meta Materials – which acquired the security features company Nanotech Security Corp in 2021 – has announced a workforce reduction of 80%. It is understood that most of the workforce of over 100 has already been let go.

Just over a year ago, CPS announced that it was exiting the market for high-speed banknote sorting systems and pivoting to software and services. It was then back in force at the Banknote Conference, unveiling its new strategy for sustainability, flexibility and digitisation for the banknote fitness sorting and authentication sector.

The third DENARIA Conference recently took place in Madrid, with a focus on how cash can ensure a fair, inclusive and secure digital transition, particularly in a country where cash continues to be the main payment method for a very significant number of citizens.

The Banknote Conference took place 13-16 May in Fort Worth, Texas. Organised by Currency Research, it was attended by nearly 425 delegates from 72 countries and 183 organisations. Of those, 92 were central banks and/or printworks.

There was a time when the market for polymer substrates, albeit small, was dominated by one supplier. The market grew, and so did the number of suppliers, CCL Secure and GUARDIAN™ being joined by De La Rue with SAFEGUARD®.

Further to the completion of the acquisition of OpSec Security for $270 million, Crane NXT has announced a restructuring of its business segments.

It was 20 years ago that the micro-optics technology behind MOTION® first made its appearance – first at the Optical Document Security conference that year in San Francisco, and then a few months later at the Currency Conference in Rome.

As Currency News™ went to press, De La Rue provided a strategic update which states that a sale of one or both divisions could be on the cards. The Board is in discussions with a number of parties who have made proposals in relation to, or expressed interest in, either of the divisions – Authentication and Currency.

An unscientific rule of thumb taught to those entering the banknote industry used to be that a country needed a population of about 40 million people to justify having their own banknote printing works. This article considers how accurate, or relevant, this rule is in modern times.

In this periodic series summarising counterfeit currency around the world, we focus on the latest news from Switzerland, Ukraine, Spain and Bulgaria.

Antti Heinonen looks at the evolution of central bank engagement with the public on banknotes, considering what lessons can be learned and including his own personal perspective.

This year the International Association of Currency Affairs (IACA) celebrates its 20th anniversary. It was the first industry-wide association and remains the only one that encompasses all stakeholders in the cash cycle on a global basis.

2024 heralds the Year of the Loong (or Chinese Dragon) in the traditional Chinese zodiac calendar. In December 2023, the People’s Bank of China issued a commemorative 20 yuan banknote for the 2024 Chinese Zodiac New Year, crafted from polymer substrate and manufactured by the Beijing Banknote Printing Co, a subsidiary of China Banknote Printing and Minting Corporation.

China Banknote Printing & Minting (CBPM) has developed and is now using a new integrated processing and packaging production line for post-press operations.

As an anti-forgery expert with the Egyptian Ministry of Justice, I have spent decades investigating the strength and security of various banknote substrates. My work has involved analysis of the technical specifications of banknotes, through extensive mechanical and chemical testing, as well as an assessment of data published by central banks. I’d like to share my findings here.

The European Central Bank (ECB) has been working to reduce the environmental impact of euro banknotes and the Eurosystem cash cycle since the introduction of the euro in 2002. Although it has made progress, it has further goals to reduce the environmental footprint of current and future euro banknotes.

The intensive focus on sustainability and greener solutions has been developing rapidly in the banknote industry. In the July 2023 edition of Currency News™, G+D described its rationale for sustainable products, and highlighted, firstly, the introduction of the Green Banknote initiative in 2022 and, subsequently, the introduction of Green Longlife™ in 2023.

In recent years Vietnam has been a go-to country for many of the world players in the technology, automotive, and fashion industries. It is now stepping into a new field – polymer banknote substrates and security features.

Spectra Systems has developed its own print-ready machine- readable banknote polymer substrate, FUSION™, working exclusively with Toray Plastics America.

The National Bank of Poland (NBP) will issue a commemorative 20 zloty banknote in July to mark the 80th anniversary of the Warsaw uprising, a major World War II operation by the Polish underground resistance to liberate the city from German occupation.

The Reserve Bank of Zimbabwe has unveiled a new family of coins and banknotes denominated in Zimbabwe gold (expressed as ZiG), which replaces the preceding dollar notes at a rate of 1:2,498.7242.

Central Banking Publications runs an award scheme each year, with 18 different categories, two of which relate specifically to currency.

The final details for the upcoming Banknote Conference, taking place 13-16 May, have come together.

The latest edition of The Directory of Currency & Technology Suppliers will be launched at the Banknote Conference this May.

Last month, the Board of Governors of the Federal Reserve System published an International Finance Discussion Paper on the demand for US banknotes at home and abroad. It was authored by Ruth Judson, a staff economist.

Possession of counterfeit versus intent to defraud. What’s the difference?

Highlights of the second Cash Sustainability Forum (CSF), which takes place 24-26 June in Frankfurt, are now available.

All arrangements are now in place for this year’s High Security Printing (HSP) Latin America, which returns to Santiago, Chile – taking place from 3-5 June. The last time the event was held in Santiago was 2014.

The Royal Mint (TRM), the UK’s oldest company, has announced that it is to pull out of the market for producing foreign circulating coins and blanks, bringing to an end a 700-year old business in producing coins for overseas countries.

Giesecke+Devrient (G+D) has announced that it achieved the strongest growth in its history in 2023, setting new records for sales, growth and earnings in line with its strategy as a leading global secure technology company to help to shape the digital transformation of society.

Koenig & Bauer and Graphic Security Systems Corporation (GSSC) have formed a partnership to jointly develop and deliver advanced anti-counterfeiting solutions to customers worldwide.

Industry custom and practice dictates that a new series of banknotes should be issued every 7-10 years. We don’t know who established that nor how was it determined. As we couldn’t answer these questions, we set out to see whether this convention was being followed by the industry. And to determine if it is still appropriate.

The Central Bank of Suriname has introduced two new high denomination banknotes; the 200 and 500 Suriname dollars, showcasing advanced security and sustainable substrates.

The Bureau of Engraving and Printing (BEP) has published its annual report for 2023 – the first under Acting Director Charlene E Williams, who was appointed to the position after the retirement of Len Olijar last July.

A new periodic series of articles in Currency News™ will summarise information on counterfeit currency around the world, starting in this issue with the Czech Republic, Ghana, Kosovo and the Philippines.

Nestling in the heart of the Balkans, Sofia, the capital of Bulgaria, was the picturesque setting for the latest edition of the High Security Printing™ (HSP) conference series (4-6 March). The sell-out event, which had to close its doors to new registrations three weeks in advance, brought delegates up to speed about what is happening to banknotes in the region and around the world.

The International Association of Currency Affairs (IACA) has announced the finalists of the 2024 Excellence in Currency Technical Awards. The winners for all four categories will be announced at the Banknote Conference Awards Dinner on the evening of 15 May.

The 2024 Banknote Conference program was formed with the ideas, insights, and suggestions from the Banknote Advisory Board. As the industry’s premier technology-focused event, the committee’s input is a valuable part of the overall program structure, say organisers Currency Research, ensuring the most relevant, technology-focused topics for our industry today are covered such as the latest advancements in currency technology, trends, security features, and much more.

The Regional Banknote and ID Document of the Year Awards form part of the industry’s High Security Printing (HSP) EMEA conference. This year’s awards were presented at a special ceremony during the conference dinner in Sofia on 5 March.

The International Hologram Manufacturers Association has recently expanded the Hologram Image Register to incorporate all optically variable security images. The Security Image Register (SIR) is the only database of its kind for the security community, safeguarding copyright and helping deter attempts to copy security images, inadvertently or otherwise.

In this article, Francisco Mandiola of FMA Secure explains what is happening in South America’s second largest country and economy, and what it means for the currency.

Banco Central República Argentina has confirmed that new 10,000 and 20,000 peso (ARS) notes will enter into circulation in June.

Last July, Currency News™ reported that BioBanknote, the developer of solutions for repurposing end of life banknotes, and the Banco Central de Reserva del Perú (BRCP) were conducting a composting test with the waste from banknotes withdrawn from circulation. This article provides the results of that trial.

The Central Bank of the Republic of Turkey has appointed Fatih Karahan as its new Governor.

Florida, Wisconsin and Vermont are the latest states to consider introducing legislation to force cash acceptance.

Crane NXT, whose subsidiaries include Crane Currency, Crane Authentication and Crane Payment Innovations, has announced it has signed a definitive agreement with Investcorp Technology Partners to acquire the optical technologies and brand protection specialist OpSec Security for $270 million in cash, subject to customary adjustments.

Last month, we covered the annual results of four of the major companies in the cash sector –Crane NXT, Loomis, NCR Atleos and Diebold Nixdorf. After the predicable challenges of the COVID years and their aftermath, 2023 was a good year for all.

De La Rue has announced that it has achieved an A- in its 2023 CDP Climate Change Questionnaire, which means it has reached leadership status (A and A- scores).

Many counterfeiters use a common method of counterfeiting called ‘bleaching’ to create their fakes. This technique is frequently observed in countries that have the same size banknotes across all denominations, such as the US dollar.

A cooperative project between Jura (the developer of security prepress systems including software and hardware solutions) and OeBS (the Austrian banknote printer) has worked to develop direct engraved steel (S-DLE) intaglio printing plates, thus eliminating the use of an environmentally dangerous process and materials.

Banque de France has appointed the Alstef Group to supply the process automation system at its printworks and logistics centre in Vic-Le-Comte, which is currently under construction.

Bangko Sentral ng Pilipinas (BSP) will be circulating an additional 1 billion P1,000 polymer banknotes in 2024, double the amount previously ordered in 2021 for the circulation trial of the polymer versus the paper version.

The National Bank of Ukraine has issued a new commemorative 50 hryvnia banknote entitled ‘Unity saves the world’ on the second anniversary of the Russian invasion.

Koenig & Bauer Banknote Solutions (K&B BNS) will be hosting an event this June to bring the international central bank community together around the future role cash will play in society.

‘Concept Notes: Art, Design and Security in One’, the second issue of a special report from Currency News summarising the latest house notes, is now available to download and read.

First level features for public authentication have grown remarkably over the years. The key objective is to stop counterfeits at the first pass. A solid combination of printed and substrate embedded features is available, and continues to grow.

The problems with plastic are widely known – but not well understood. The truth is, sometimes plastic is necessary. And when it comes to banknotes, polymer substrate is the green choice.

The Federal Reserve Board of Governors has confirmed the order for banknotes for 2024, which will be in the range of 5.3-6.9 billion notes, valued at $180.5-204.4 billion.

Three webinars will be held over the coming weeks of interest to the banknote and coin communities, each with a very different focus

The first Security Designers Forum (SDF) will take place 9-11 September 2024 in Warsaw, Poland as a dedicated setting for all those involved in design and design decision-making relating to secure documents such as banknotes and passports, to learn, exchange knowledge and develop new ideas.

The second Cash Sustainability Forum (CSF) takes place in Frankfurt, Germany from 24-26 June. On the first afternoon will be a workshop dedicated to the recycling and recirculation of cash. It will build on a white paper currently being researched and prepared and for which input is still very welcome.

Koenig & Bauer Banknote Solutions (K&B BNS) has pre- launched its new production platform called ‘AKTINA’.

Biobanknote has spent 12 years focusing on the protection of the environment, building expert knowledge about composting banknotes, and offers professional advisory services to central banks and producers helping them set banknote specification parameters, measurement methodologies, controls and evaluations so that the new banknotes can be more sustainable throughout the cash cycle.

Europe’s newest printworks, Spain’s Imprenta de Billetes SA (IMBISA), has been awarded a contract to produce all €10 banknotes destined for the Eurozone in 2024 – 424.2 million in total. It will also produce a portion of the €5 notes required next year.

The Bundesbank (BBk) has established a National Cash Forum to allow cash cycle stakeholders to exchange information on cash issues. The BBk wants the Forum to increase cooperation and pool interests for stakeholders in order to prepare initiatives to improve and stabilise the cash cycle. In itself, the creation of the Forum signals that the BBk and stakeholders support cash.

Each February and March we cover the previous year’s results for the leading companies in cash management, most of whose financial years run from January to December. Between them these results provide a useful means of taking the pulse of our industry.

Last November, the National Bank of Kazakhstan (NBK) issued a commemorative 10,000 tenge banknote to celebrate the 30th anniversary of the national currency, followed in December by the issue of the first banknote in a new note series, the 5,000 tenge.

What is the primary reason that most countries issue a new banknote to replace an older design? To help prevent COUNTERFETING!

Cash automation solutions provider Glory Global Solutions has announced plans to acquire 100% of the issued share capital of UK-based Flooid, provider of cloud-based unified commerce software to the retail industry, from Inflexion Private Equity Partners.

2024 has kicked off with a focus on cash, particularly a series of initiatives by central banks to safeguard access to cash.

The Central Bank of Argentina has approved the printing of 10,000 and 20,000 peso banknotes, amid continuing high inflation.

The People’s Bank of China (PBC) has issued a 20 yuan commemorative legal tender banknote to celebrate 2024’s Lunar Year of the Long (Chinese Dragon), which begins on 10 February.

This is the first in a series of articles that explores the cultural aspect of money that goes beyond its function as a means of payment or store of value. Many societies have a long-standing tradition of gifting money (banknotes and coins) to mark auspicious occasions – births and birthdays, weddings and other special events, where the value of the gift is as much social as it is financial.

The next HSP EMEA 2023 event will be held in Sofia, the capital of Bulgaria, on 4-6 March 2024 and the organisers are expecting a sell-out event, with key decision makers from central banks, suppliers and printers coming together to discuss and learn about a range of topics from cash usage and trends in the region, sustainability and resilience in print to physical and digital technologies, security features and design.

The programme for the third Optical and Digital Document Security™ (ODDS) conference – which takes place from 8-10 April 2024 in Lisbon, Portugal – is now available.

COP 28 in December last year provided evidence that the climate is changing, and we are struggling to do what is needed to mitigate or adapt to the change. Given this is the only planet we have, and we are all on this place together, sustainability is relevant to us as individuals and to our work.

As has been customary at the start of the year in the past, we have invited stakeholders and other participants in the cash community to give their views on key trends and likely developments for the coming year.

Jasmina Selimović has been appointed Governor of the Central Bank of Bosnia and Herzegovina (CBBH). She replaces Senad Softić and is the first women to hold the position.

467,000 counterfeit euro banknotes were withdrawn from circulation in 2023, according to the European Central Bank, which is one of the lowest levels ever since the introduction of the euro in 2002 in proportion to total banknotes in circulation.

The Banknote Conference is the industry’s premier technology-focused event with a long and rich history of hosting the world’s technology experts from central banks, printing works, and industry suppliers and providing an unparalleled opportunity to discuss emerging trends, technologies, and innovation.

Currency News™ has officially ‘come of age’! That is, if reaching its 21st birthday counts as the coming of age – which in many societies it does.

The start of 2024 has been marked by a series of acquisitions in the minting community.

This month’s coverage of cash information in central bank annual reports contains news from the central banks of Rwanda and Uganda.

Under the new leadership of Vijay Ranjan Singh, who was appointed its Managing Director last year, SPMCIL recently released its 2022/23 Annual Report, registering a growth of 20.35% in revenue to Rs 49.18 billion.

How many counterfeit banknotes are in circulation? I can’t tell you how many times I have been asked this question. So, let’s look at how counterfeit banknotes are found and reported.

Cash & Payment News™ (CPN) is the sister publication to Currency News™. It was first published in July 2018 as the successor to Payment News Quarterly and, while Currency News focuses on the product that is ‘cash’, CPN has concentrated on the use of cash once issued.

Currency News™ reported in November 2023 on the Guangzhou Banknote Printing Company and its ‘intelligent’ factory. Now China Banknote Ink Co is following on with an Integrated Operation Centre.