Reasons to Introduce a New Series or Upgrade

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

It is an old saying that banknote issuers must be at least one step ahead of the counterfeiters, and indeed from the beginning notes have been developed in pace with the counterfeiting threats.

There have been times when issuers have been able to relax for decades, but also periods when innovations in reproduction technology have forced paradigm changes in banknote security.

Nevertheless, counterfeiting threats are not the only reason for an introduction of a new note series or an upgrade. Monetary or political reforms, user requirements, costs and the prominence of banknotes as a state business card have gained further importance over the course of time.