The Banknote Conference, held in Washington DC in May, involved 432 delegates from 164 organisations across 68 countries, including representatives from 88 central banks and printworks. Organised by Currency Research and bringing together central bankers, banknote designers, security experts, printers, substrate manufacturers and cash cycle specialists, the event provided a comprehensive overview of the challenges and opportunities facing the global cash community.
Two pre-conference workshops examined key developments in physical currency.
One provided context for the upcoming Coin Conference (which takes place 28-30 September in Budapest), exploring trends in circulating coins and banknotes, addressing seigniorage, dual-currency redesign, and forecasting demand in evolving payment environments.
The other – run by the International Optical Technologies Association (IOTA) – focused on the continued development of optically variable devices (OVDs), highlighting their role in maintaining public trust and combating increasingly sophisticated threats, including AI-assisted counterfeiting.
The dominant theme throughout the conference was resilience.
Prof Jay Zagorsky (author of ‘The Power of Cash: Why Using Paper Money is Good for You and Society’) provided a strong defence of cash as a critical safeguard during power outages, cyberattacks, telecommunications failures and natural disasters. Unlike electronic payments, which depend on electricity, communications and digital infrastructure, cash remains available when other systems fail. He also emphasised the importance of cash in supporting privacy, financial control and inclusion.
This message was echoed by several central bank leaders. Deutsche Bundesbank Executive Board member Burkhard Balz suggested cash as a staircase in a high-rise building – used less often, but indispensable when required.
He warned that declining acceptance and shrinking cash infrastructure present strategic challenges that central banks must address proactively.
Victoria Cleland, Chief Cashier at the Bank of England, reinforced the importance of maintaining payment choice. Cash continues to support financial inclusion, resilience and innovation, while public expectations must be understood rather than assumed. Across the conference, a broad consensus emerged that cash and digital payments should be viewed as complementary rather than competing systems.
Pearl Kgalegi of the South African Reserve Bank highlighted a similar shift in thinking. She argued that predictions of cash’s demise have confused transformation with extinction. Cash continues to evolve alongside digital systems and remains essential for trust, resilience and inclusion in many economies.
Resilience was also a central topic in discussions on production capacity and supply chains. Speakers repeatedly stressed that resilience cannot be created during a crisis, it must be built through long-term planning, investment and cooperation.
The Banque de France outlined its strategy of creating structured redundancy through bilateral partnerships, including equity investments with OeNB and Banco de Portugal. Türkiye’s banknote printing facility has expanded production capacity more than threefold since 2020 to 3.5 billion notes annually, with plans to increase this to 5 billion notes.
At the US Bureau of Engraving and Printing’s Western Currency Facility in Fort Worth, Texas, extensive measures have been implemented to enhance operational continuity, including back-up power generation, fuel reserves and weather-resilient infrastructure. Close collaboration between the Bureau of Engraving and Printing (BEP) and the Federal Reserve also provides flexibility to respond to changing demand.
Yolanda Ward, Deputy Director and Chief Operations Officer of the BEP, described the organisation as being in a period of transformation as it modernises facilities and prepares future generations of US banknotes.
Several presentations demonstrated how the role of cash continues to evolve differently across countries. In Brazil, electronic payments, particularly Pix, have significantly reduced cash use in transactions, although currency in circulation has remained relatively stable. In the United States, research indicates that geographical location increasingly influences payment habits, with rural communities continuing to rely more heavily on cash than urban areas.
The Federal Reserve highlighted the importance of the ‘5 As’ of currency: authenticity, accessibility, availability, acceptability, and affordability. These factors are viewed as essential to maintaining confidence in cash.
Trust emerged as a recurring topic. With more than $2.4 trillion in circulation and around 60% held outside the United States, maintaining confidence in the dollar remains a global priority. A loss of trust in any major currency could have wider implications for confidence in cash itself.
Papua New Guinea provided perhaps the clearest demonstration of cash’s continuing relevance. There, cash remains a primary means of exchange and a vital lifeline for rural communities, small businesses, and financial inclusion. Through nationwide education initiatives and regional exchange programmes, the central bank has successfully removed significant volumes of unfit notes from circulation.
Consumer research presented by Luminescence Sun Chemical Security found that even individuals who mainly use digital payments continue to value cash for reasons of privacy, inclusion, and resilience.
One session examined efforts to maintain cash as an accessible payment option.
In the Netherlands, legislation due to take effect in 2027 will strengthen requirements for cash access and acceptance.
In the United States, the absence of federal legislation has resulted in a patchwork of state and local payment-choice laws, creating operational challenges for businesses operating across multiple jurisdictions. An estimated 25 million Americans remain dependent on cash for financial inclusion, underlining the importance of protecting payment choice.
Recent developments included Bundesdruckerei’s STELLA concept note featuring reduced substrate use and recyclable materials, Crane Currency’s RAPID® security threads and MOTION SURFACE® micro-optics, and Authentix’s QUANTUM stripe™, which combines advanced security with visual storytelling.
A recurring message was that the public remains the first line of defence against counterfeiting. Consequently, security features must be both sophisticated and easy to authenticate. Japan’s newest banknote series was designed around universal design principles, while Denmark’s forthcoming series will place strong emphasis on publicly recognisable optically variable security features.
Kazakhstan’s recently introduced ‘Saka Style’ series combines cultural storytelling with a new soil-resistant substrate expected to significantly extend note life. Other presentations examined commemorative banknotes, euro redesign initiatives, new Swiss banknote development, and the use of neuroscience within banknote design processes.
Several presentations focused on improving understanding of banknote behaviour throughout circulation. CPS and ECM demonstrated how operational data, inventory models and AI-driven analytics can be combined to understand note movement and design more efficient currency systems.
Secure Innovation presented its ‘One Cash Cycle’ initiative, designed to connect previously fragmented organisations and transport stages within the cash cycle. Reported benefits include reduced vehicle overheads, faster reconciliation, improved visibility, and greater operational flexibility.
Meanwhile, Travelex highlighted challenges facing international banknote distribution. Despite strong demand for cash among international travellers, increasing compliance costs and difficulties obtaining currency are causing some operators to withdraw from the market.
Sustainability and security increasingly intersect within banknote development. Several suppliers showcased substrates and materials that combine enhanced security with circular-economy principles, including embedded authentication technologies integrated directly into polymer materials.
Counterfeiting continues to evolve, with most counterfeit US banknotes now produced using digital printing technologies. Increasingly, counterfeiters attempt to replicate machine-readable security elements as well as visible features.
Training and authentication remain vital to combat counterfeit currency. Sudan Currency Printing Press reported a significant reduction in counterfeit notes entering circulation after introducing compulsory security-checking certification for bankers.
Research presented by UnderCurrency further highlighted the link between durability and authentication. As notes deteriorate, security features become less recognisable, reducing the public’s ability to authenticate banknotes accurately.
The conference concluded with a strong reaffirmation of cash’s importance. Examples from Ghana, Mexico, Sri Lanka, and the Eastern Caribbean demonstrated that cash remains far more than a payment instrument. In many regions it serves as critical infrastructure, supports financial inclusion, and maintains public confidence during periods of uncertainty.
The overarching conclusion was clear: reports of cash’s decline remain premature. While digital payments continue to expand, cash is increasingly recognised by central banks and industry stakeholders as an essential component of resilient national payment systems. Trust, accessibility, and resilience remain central to ensuring that cash continues to serve society effectively in a rapidly changing world.
The Banknote Conference is held every two years, and so the next one will take place in 14-18 May 2028 in Washington DC.
In the meantime, Currency Research’s other global event, the Currency Conference, which is also biennial, will take place 24-26 May 2027 in Berlin.
