Glory Buys Majority Stake in Virtual ATM Company - Orell Füssli Security Printing
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VOLUME 17 – NO 10 / OCTOBER 2019
Glory Buys Majority Stake WW1 Coin
Heads Winners
in Virtual ATM Company at IACA Awards
A new coin issued to mark the
100th anniversary of the end of
the 1st World War has won top
awards at the IACA (International
Association of Currency Affairs)
Excellence in Currency Awards for
Coins, which were announced at
the Coin Conference in Rome earlier
this month.
Berlin-based Cash Payment Solutions, The completion of this transaction is subject
which operates under the brands to clearance from the relevant regulatory
Barzahlen in Germany and Austria authorities in accordance with applicable
and Viacash in Switzerland, is selling laws and regulations.
53% of its shares to Japanese cash According to Glory, it has been investing
management specialist Glory. actively in a business model to realise
Cash Payment Solutions is a bank- the ‘new management system of cash
independent cash settlement platform circulation’ in line with our ‘Long-term
that turns retailers into ‘virtual ATMs’ (see Vision 2028’.
CN October 2017). It enables users to Issued by the Reserve Bank of New
Behind this is its view that one of the factors
deposit and withdraw cash and make cash Zealand, the Armistice Day coin won
for the global trend towards cashless, or
payments for e-commerce and utility bills at both the ‘Best New Commemorative
less-cash, payments has been the high
nearby supermarkets, drugstores and other or Test Circulating Coin Issued at Face
costs of handling cash, even though
retail outlets by just showing a barcode, Value’ and ‘Best New Circulating Coin-
cash still remains an important means
without the need to visit an ATM or a shop related Public Education Campaign,
of payment. Hence it is intensifying the
of the service provider. CPS has more Website, or App’ categories at
provision of solutions for industries to make
than 16,000 partners offering the service, the event.
their operations more efficient, stating:
mainly retailers. ‘we believe that, by realising efficient cash The coin commemorates the history,
The retailers enjoy benefits such as circulation across society beyond the service, and sacrifice made by service
reducing cash collection costs, attracting border between bank branches and retail personnel and their families to bring
more shoppers, receiving commissions, shops, we can make the cost of cash peace to New Zealand and the world.
etc. The associated banks can provide handling even lower.’ Judges highlighted the coin’s striking
cash deposit and withdrawal services use of colour and praised its strong
CPS's business model will contribute to
more cost effectively than via ATMs or educational role in an Armistice Day
that realisation.
bank branches. E-commerce providers public awareness campaign, which
The same rationale was behind a $6 million invited people to ‘SPEND IT. KEEP IT.
can attract consumers who prefer
round of funding for Singapore-based REMEMBER’. It was produced by the
cash settlement.
SoCash, which Glory led in July. It provides Royal Canadian Mint.
CPS was founded in 2011. Its management s similar service to CPS, and is now being
will continue to manage the company, Continued on page 11 >
rolled out to neighbouring Indonesia,
focusing on expanding the business and Malaysia and Hong Kong.
network in Europe.
www.currency-news.com
Coins v Banknotes, or Coins and Banknotes?
It sometimes appears that coins and There are significant differences – the denomination coins are not needed was
banknotes are troubled siblings, with products themselves, the issuers (in some discussed, particularly by the ECB and the
all the friction that implies. Conflict is countries the central bank produces US, both of which face significant negative
normally sparked around the coin-note banknotes and coins whereas in others seigniorage on these coins. In the Euro
boundary and, despite sharing so many the treasury is responsible for the latter), area research shows public demand in
of the same challenges, sometimes they and the seigniorage system that generates favour of this, but ultimately such decisions
appear to operate in parallel but almost value for the central bank and/or state (not have big implications for mints and are
entirely separate universes. least because coins last around 20-25 politically sensitive.
years and are not recirculated to any great Similar to ‘payment’ and ‘market’ notes
Inside this Issue
extent). The cost, value, lifecycle, handling for banknotes, the concept of transaction
systems and recirculation models are also and settlement coins was introduced by
very different. Jon Cameron, latterly Associate Director
1 Glory Buys Majority Stake The Coin Conference has just taken place of the US Mint, with the differentiator ‘can
in Virtual ATM Company in Rome and, while highlighting these you buy a cup of coffee with two coins?’
1 WW1 Coin Heads Winners differences, it also highlighted what coins The National Bank of Moldova explained
at IACA Awards and banknotes have in common. This the D-Metric analysis they had done when
started with the results of a number of planning their new series, the National
2 Coins v Banknotes, research projects into public attitudes to Bank of Kyrgyzstan explained why their
or Coins and Banknotes? coins. As with banknotes, coins represent new series included a 3 som coin and
something more to the public than just the Bankgo Sentral ng Pilipina why they
3 Bank of England Unveils being a payment token. had changed seven coins for six in their
New £20 Banknote Beyond that, both coins and banknote new series, dropping the 10 sentimo.
3 Rising Costs of face some shared challenges. Declining Science and public research lay behind
these changes.
Currency in Nigeria usage driven by new alternative payments
and changing public behaviour, currency There were some common themes
3 Successful Conclusion to that ‘disappears’ and does not circulate when presenters spoke about increasing
Kenya’s New Currency (albeit for different reasons) and how to recirculation. The initiatives included
get currency to recirculate efficiently, mechanisms for commercial organisations
4 News in Brief forecasting but with poor data and to work directly together to move surpluses
5 Banknote Survival changing payment landscapes. Despite to match deficits, new central bank hubs to
Analysis this, both are investing in their products and facilitate coin issue and deposits organised
cash cycles. on more commercial lines and commercial
6 People in the News Perhaps there is something to learn from and government measures to make coin
machines accessible for the public to
7 More than a Printer, a each other?
deposit coins. Spain, for example, had
Partner for the Future As with banknotes, the volume of coins in
run a very successful trial in Madrid with a
circulation continues to rise at an apparently
8 Historic Highs for healthy rate. However, the Dutch National
public coin deposit machine.
Australian Banknotes Bank (DNB) demonstrated the difference The environment – shared goals
9 When Micro is Nano between the number of coins in circulation and challenges
and issue rates with the number of coins Notes and coins also share an imperative to
10 Nanotech Launches issued in the Netherlands in 2019 – down ensure that their products and processes
KolourDepth™ to 45 million compared with 104 million in are as environmentally-friendly as possible,
2016. India, Mexico, Spain and the US also and one of the sessions focused on
11 FNMT: Investment Leads reported on a significant build-up of coin this topic. With the ‘green agenda’ ever
to Flesure stocks due to declining usage. more important – be this related to raw
11 HSP Asia – All Eyes on Forecasting coins was reckoned to be materials, energy consumption and
emissions, or reducing pollution – both
Yokohama! harder than for banknotes primarily due
to poor data and the impact of structural sides of the industry share the same goals
12 Chatboxes Add a changes and fast moving innovation and challenges.
New Dimension to WBS in payments. Mexico has put in place Lessons to learn? The power of research
measures to collect data from commercial along with the application of science, the
12 MEA Cash Cycle (ICCOS) importance of data and a willingness to
banks in response to their experience with
Seminar over-stocking. ‘Passive’ coins (or even experiment and change in all areas.
12 Banknote Horizons 2020 ‘sleepy’ coins, as they are referred to in The Coin Conference happens every
Germany), as with store of value notes, two years and took place in Rome 15-16
13 Orell Füssli Celebrates clearly create major challenges. October. A record number of countries,
500 Years
Appropriate structures for 45, and organisations, 103, attended. A
14 Note and Coin news efficient usage full review of the event is enclosed in the
The importance of having in place special supplement this month. The next
15 The Asia Cash Cycle appropriate denominational structures to Coin Conference will be in 2021 and the
Seminar 2019 allow efficient coin usage was discussed. Mint Director Conference, where some of
the issues will be explored in further depth,
15 Cash & Payment News The DNB’s research suggests that 60%
is 26-29 April 2020 in Cape Town.
of coins are only used once. Little wonder
16 Counterfeiters Defeated that rounding up prices so that the lowest
by Technology
2 CURRENCY NEWS | COMMENT
Bank of England Unveils Successful
New £20 Banknote Conclusion
The Bank of England has revealed the The artist JMW Turner replaces the to Kenya’s
New
new polymer £20 banknote design, economist Adam Smith. In addition to a
which will go into circulation on 20 self-portrait of Turner, the design includes
Currency
February 2020. It will co-circulate the image of The Fighting Temeraire,
with the paper £20 during a transition voted Britain’s greatest painting in a BBC
period. The £20 represents 53% of poll in 2005. The painting, according to
the number of notes in circulation, the Bank, ‘exemplifies Turner’s innovative
2.1 billion notes. As a result, the use of light, shade, colour and tone’ and The Central Bank of Kenya (CBK) has
change-over period is likely to be the note includes Turner’s quote ‘light is won a court case on the design of its
considerably longer than that of the therefore colour’. new banknotes, after the design was
previous denominations. The security features on the note have accused of violating the constitution
been upgraded compared with the £5 (which states that notes and coins
and £10. The two main differences are a cannot carry images of past presidents).
second window with a blind emboss and The controversy stemmed from an image
a new two colour hologram in the main of a statue of Jomo Kenyatta, the first
window. The hologram is blue and gold president of Kenya, in front of the Kenyatta
on the front and silver on the back. The International Convention Centre (KICC),
£20 is the most counterfeited note with which some (notably the activist Okiya
426,000 counterfeits in 2018, 90% of Omtatah, who has conducted a long-
the total. running campaign of ‘lawfare’ against the
The notes are printed at the Bank of new notes) argued constituted a ‘portrait’.
England’s site by De La Rue. 75% of the The High Court, however, ruled that
polymer substrate has been supplied by Kenyatta’s image portrait in the new
CCL Secure and 25% by De La Rue. generation currency notes is part of the
The Bank has already announced that KICC. The judges further ruled that the
the £50 will be produced on polymer CBK reasonably involved the public in
featuring the mathematician Alan Turing, the process.
The new note is smaller than its but the design and issue date are yet to The ruling came shortly before the 30
predecessor but follows the same design be revealed. September deadline for the highest
layout as the polymer £5 and £10. denomination in the older series, the Ks
1,000, to be demonetised and old notes
to be returned. The demonetisation was
designed as a crackdown on corruption
Rising Costs of Currency in Nigeria and money laundering by flushing out
illegally-acquired cash, and a number of
measures were put in place by the CBK to
According to the latest Central Bank 2017, indicating an increase of 33.83%. prevent their exchange by criminals (see CN
of Nigeria (CBN) annual report, it The volume of the higher denomination June 2019).
spent N 64 billion ($177 million) on notes in circulation increased from 42%
Out of 217 million old 1,000 notes in
the production of banknotes in 2018, to 44.3%.
circulation, the CBK estimated that around
compared with N 49.2 billion in 2017 119,663 counterfeit notes with a nominal 80% would be returned. In the event, nearly
– an increase of 29%. The cumulative value of N 98.82 million was recorded, 210 million (just under 97%) were returned,
increase between 2013 and 2018 an increase of 1.3% over the previous leading the Bank to call the exercise
is 105%. year. The N 500 and N 1,000 notes a success.
A total of 1.8 billion notes were destroyed were the most commonly counterfeited,
Moreover, keen to avoid a repeat of the
in 2018 by the Currency Operations accounting for 65.2% and 34.5%
Indian demonetisation fiasco, which took
Department at a cost of N 662.2 million, respectively of the total. The counterfeit
place virtually overnight and caused
compared with 2.5 billion notes in 2017. ratio was 18 ppm, compared with 16
significant hardship, riots and damage to
Furthermore, a total of N 5.63 billion ppm the previous year.
the Indian economy, the CBK believes
was expended on air charter, compared According to the CBN’s Currency that it it has avoided any major disruption.
with N 4 billion during the corresponding Department, it was confronted with a In particular, fears of a spike in inflation
period in 2017. number of operational challenges in caused by people rushing to spend their old
In total, the CBN spent N 73 billion on 2018, including the sale of newly-printed Ks 1,000 did not materialise either - in fact,
currency operations, up by 29% over the naira notes, poor handling habits by inflation fell in the changeover period.
previous year. the public, hoarding and the high cost
Cash in circulation grew by 0.8% to N 2.3 of currency management. It also cited
trillion. The total stock of currency in the rising incidents of counterfeiting of the
CBN vaults as at the end of December higher denomination notes, public apathy
2018 stood at 1.71 trillion pieces, towards coins, and the disposal of
compared with 1.28 trillion pieces in banknotes in eco-unfriendly manner.
VOLUME 17 – NO 9 | SEPTEMBER 2019 3
News in Brief
Crypto ‘Banknotes’ Due to the confidential nature of the project, By contrast, it costs less than J$3 to make
no details of the project status, timing, or each J$5 and J$10 coin, and less than
Bitcoin Suisse, a Swiss-based financial
financial terms are forthcoming. J$10 to make the J$20 coin. The cost of
intermediary and pioneer in crypto-financial
‘We consider this award a significant project the J$1 coin, meanwhile, is $J2.30, but the
services, has introduced crypto banknotes,
milestone in designing a security feature for Bank does not intend withdrawing it due to
namely transferable paper wallets that offer
our customer’s future banknotes,’ said Troy its heavy usage. It is, however, reviewing
an offline medium of storage for blockchain-
Bullock, President and CEO. ‘This project is the design with a view to using less
based assets. They consist of an exposed
progressing well overall and we appreciate expensive materials.
public address and the corresponding
the confidence this customer has shown in
private key, which is hidden by physical
security measures and can only be our technology.’ Royal Mint Strikes Gold
accessed by damaging the wallet. The notes The Royal Mint has launched Raris, a
are of a similar quality to banknotes, says the South African Mint Engages somewhat curious combination of a digital
company, and represent direct ownership of the Public payment tool and a piece of ‘bling’, made
tokens like BTC, ETH, and XTZ. of solid 18K gold and issued in association
The South African Mint is holding a
with Mastercard and Accomplish Financial.
competition for the design of a new R2
circulation coin which will be issued in The popularity, even before its official
2020. Following the success of the SA25 release date, of the physical titanium card
coin series commemorating ‘25 Years of that Apple introduced this summer in
South Africa’s Constitutional Democracy’, it partnership with Golden Sachs, is perhaps
has invited designs for the reverse of a new an indication that some card users wish to
R2 coin, depicting a right from the South have a real and tactile object in their wallet
Africa’s Bill of Rights. in addition to the digital payment utility the
card provides.
Designers are free to choose a right from
the remaining 22 Bill of Rights – which did The Raris card is the world’s first hallmarked
Secure generation and printing of key precious metals payment card, and the first
not form part of the 2019 SA25 coin range.
pairs is in a secure offline environment payment card to be manufactured by the
under the supervision of two Swiss-based The SA25 coin series was the culmination
Royal Mint. Each card will be personalised
notaries. With the private key only existing of extensive public engagement sessions
for its owner, with their name and signature
physically on the certificate, the assets are with South Africans. Young people born
directly engraved into the precious metal.
effectively stored 100% offline. The ‘notes’ in 1994 and after, colloquially referred
includes several security features, among to as ‘born-frees’, were invited to give The card comes with a range of
them a secure hologram with nano-optical their perspectives on the concepts of cardholders’ benefits, including a dedicated
structures and microtext, guilloche and democracy, freedom and culture in South concierge service, an app to manage the
spectral line patterns. Africa, many of which influenced the coin account and zero foreign exchange and
themes, which in turn informed the designs transaction fees. It is almost superfluous to
According to Bitcoin Suisse CEO mention that the Raris account comes with
of the five 2019 R2 circulation coins.
Nikolajsen, ‘the new series of Bitcoin a limitless spending threshold.
Suisse Crypto Certificates have the look All submissions received will be shortlisted
and feel of traditional paper banknotes and and tested against a range of criteria
to ensure the winning design can be
DLR Issues Profit Warning
is, I dare say, a quite revolutionary paper
reproduced on metal. As Currency News™ went to press,
wallet design. While it may seem counter
De La Rue issued what amounts to a
intuitive and almost a step back in time to
make physical representations of crypto- Redeem Your Reds, profit warning for both its first half and
currencies, they do serve a niche and have Jamaicans Are Urged current year.
various solid use cases, and if one wants The Bank of Jamaica has launched a The company, which has very recently
physical crypto assets, this is in my view, campaign to retrieve up to J$100 million replaced its Chairman and CEO (see
the best product available on the market.’ of 1, 20 and 25 cent coins (so-called ‘red page 6), stated that it expects its first half
money’) which are still in circulation, despite adjusted operating profits to the end of
$5 Million Contract being demonetised in February 2018. It September to be low-to-mid single digit
for Nanotech has partnered with GK Money Services millions and that its full year 2019/20
in a recovery drive, urging Jamaicans in adjusted operating profit will be significantly
Nanotech Security Corp, which has
an advertising campaign to ‘Change Your lower than market expectations.
just launched its new banknote feature
KolourDepth™ (see page 10), has also Coins to Cash – for Free’. The statement also noted that the
announced that it has been awarded a The coins can be exchanged at the Bank, company’s management, led by the new
$5 million purchase order to advance a or via coin sorting and counting machines CEO, is conducting a detailed review of the
confidential development contract to the at 11 GK Money Services locations island- business and will update the market further
next stage. wide. Under the deal with GK, the Bank has when it reports its first half 2019/20 results
waived the 8% user fee for the transactions. on 26 November.
Over the past four years, Nanotech has
generated revenue from the contract to The coins were demonetised because their The market reaction was immediate with
design a unique security feature for a costs had exceeded their face value. It was the share price falling around to 20% to
future banknote based on the company’s costing J$1.73 to make the 1 cent, J$1.54 149p in early trading. At the beginning of
KolourOptik® technology. With this new $5 to make the 10 cent and nearly J$2 to the company’s financial year the share price
million order, Nanotech says it has secured make the 25 cent. was around 400p and this time last year it
its contract services revenue for fiscal 2020 was around 500p, a fall of around 62.5%
at levels similar to fiscal 2019. and 70% respectively.
4 CURRENCY NEWS | NEWS IN BRIEF
distribution of banknote life and is still sensitive to until the new NGB series are issued in late 2019. This
various idiosyncratic factors, albeit less so.[7] doubled the estimates of banknote life using the
Survival Analysis and the
These turnover-based methods estimate banknote simple turnover-based measure, but had almost no
life using a cross-section of data taken at a particular effect on the model-based survival estimates which
use all of the available data.
Life of Australian Banknotes
point in time. In doing so, they implicitly assume
that whatever was happening at the time will
continue to happen into the future. That is, the Conclusion
prevailing conditions, or the state, are assumed to In late 2016, 2017 and 2018 respectively, the Bank
The Reserve Bank of Australia (RBA) An additional
remain unchanged,challenge formethods
and so these using survival
are released
The study upgraded
also looked $5, $10at anda $50simple NGBsteady
banknotes,
is nearing the end of its programme analysis
referred to as is that polymer
steady-state banknote life
methods. and the
state existing
model, thestock
numberof old NNS series polymer
of outstanding
S
to replace its ‘New Note Series’, after is determined
Graph 7 compares some primarily steady-stateby mechanical
estimates of notes
banknotes divided wereby the number
deemed unfit; thedestroyed,
new $20 NGB is
25 years in circulation, with its ‘Next damage,
S U R V I VA L which
A N A LY S I S Ais
average banknote life with those from
N Drandom; therefore
T H E L I F E O F AU S T R A L I A N B A Nthe
the model.
K N OT E S and
due what is known
to be released as 2019.
in late the Feige model,
This banknote
or a policy change
Generation from the series.
Banknote’ Bank thatIn tends
its to chance of ‘death’ is the same whatever the the average
upgrade program, number of outstanding
after roughly 25 years using the
As can be seen, one issue with steady-state
e September Bulletin,
increase banknote life. Forthe RBA’s
example, Shane
demand for age,though.
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o they
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remain in place
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S U R V I VA L A N A LY S I S A N D T H E L I F E O F AU S T R A L I A N B A N K N OT E S
10
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Sampling (CCS) programme,
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other such the $50. Thisused
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assumptions is consistent
to to calculatewith
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the age of banknotes
integrity of the
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and then Mostgreater
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distribution ifFor
it is They that the past predicts thethis once
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the $50 denomination. Australian $50 banknotes allow
more
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sophisticated method, again
and tracking
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both
the are true to some
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had passed. In contrast, the
provide valid information
example, in 1999 the Bank ceased destroying unfit beyond just simple future;
relative to their
are thought to bedate of manufacture.
primarily This
used as a store of value, the measures
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this study considered
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athat intendency.
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calculated Graph 6 shows
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oureach
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while lower denominations are used more for
twowhether
variables this is the affect
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compare the ofmodel’s
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they are
taken
based
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time they were
year
first
as was
effect the average
to increase number the of outstanding
steady-state estimates banknotesof where a change that year is assumed to its
banknote life. More recently, the Bank limited
models could [3] be assessed. – the prevailing
predictions economic
observed byconditions and
transactions. High levels of hoarding will tend to divided by thetoaverage
data
of old banknotesthe Bank in the
destroyed issued until the end of 2018. The dashed line at
processing
extend into theof the remaining
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result of is
$20high
NNS
Survival analysis hasof its roots in predicting changes
course of toitsthe RBA’sGraphs
operations. policies. 4 and 5 compare 50 per cent intersects with the median life for all
smooth out the effect economic events on and new banknotes issued each year (hereafter the banknotes.
levels of This was
volatility in an
the operational
resulting decision
graph. to
the life of life,
organisms. Therelatively
paper describes predictions
Inflation, for of the
example, average
Graph can age
6 nothingof fit banknotes in
increase banknotes in that denomination. Given that our
banknote given that the low share of
data are largely silent onGraph 7 of $20s
‘Feige’ method).
circulationvelocity,
Again,
and unfit banknotes
it says returned
about
for
the ensure that the current stock
the destruction date of
would last
how survival
banknotes thatanalysis is circulating
are actively usually used,are the only circulation Estimated Survival at least until supply
Curves*
distribution of banknote
processing to information lifetaken from the Bank’s to
and is still sensitive until Average
the
long-living, new NGB
high-value series Life
Banknote are issued
denominations, inoflate 2019. This
Estimates
the tail
along with the underlying
ones affected. The accumulated formula used
effects of to
transitory catches
%
up, causing
by Denomination
greater wear. A quality
$10 less so.[7]%
Model vs Simple Turnover and Feige Steady State Methods
various
commercialidiosyncratic
$5
cash sampling factors,(CCS) albeitprogram. the doubled
$50
Years the
distribution
$5 estimates
in of
particular, banknote
should $10 life using
probably the
Years
calculate the time of destruction, the lifetime programme
75 that leads to more notes 75
These turnover-based simple[6]turnover-based measure, but had almost no
be ignored.
distribution, the event density and the being
50
In particular,
withdrawn asmethods
the Bank records theestimate
unfit will year of banknote
initially slow
50
10 10
life manufacture of around
using a cross-section 10,000 banknotes
of data taken atthat are in
abeing
particular effect on the model-based survival estimates which
hazard rate. destruction due to more new notes Comparison withavailable
Alternative
Graph 3 25 deposited by retailers each year and then sent25on to
circulation,
point in time.although
In doing so, this will
they reverse.
implicitly High
assume use
5 all of the data. 5
the Bank$20
for analysis. It is important to note, Model Estimates
Expected Quantity of Surviving Banknotes stocks of fit, used
that whatever notes also
was happening tend
at$50the timetowill
slow $20
There are alternative $50
Generalised Gamma with Activity Time
$5 NNS
75 however, that the year of manufacture says little
circulation
continue to velocity.
happen into the future. That is, 75 the Conclusion ways to estimate banknote life.
f about when a banknote was actually issued to the The20most common method is based purely on the 40
NNS
Recolour
Y2K
FED/VCH GFC Quality1
50
prevailing
The survival
public, conditions,
and analysis
so to use these orshowed
thedata
state, are assumed
a note
to estimate life to
how
50 In late
turnover 2016, 2017and
of banknotes, and 2018 respectively,
is simply the number ofthe Bank
remain
of about
25 unchanged,
five years
long a particular andfor the
banknote so these
has A$5 methods
been in and are
A$10
25
circulation I releasedbanknotes
10
outstanding upgraded $5, $10
divided andnumber
by the $50 NGB of banknotes,
20
referred
and
0 need 10-15 to
to as
make
5 10 15 20 25
steady-state
years for
assumptions the methods.
A$20
around
5 10 15 20 25 and
the A$50.
timing 0of and the
banknotes existinginstock
destroyed a year.ofThis
oldmethod
NNS series polymer
0 0
[5] provides an estimate
banknotes
1997 wereofdeemed
2007 central
2017 tendency butnew
unfit; the
1997 2007 says2017
$20 NGB is
The life7 of
issuances.
Graph the A$100
Years
compares some was not
Years measured
steady-state estimates of
nothing Model Simple Turnover Feige
dueabout
to bethe distribution of 2019.
banknoteThislife. The
* Average survival curves, from first issuance to November 2018
$10 NNS
because
Overall, it is
Graphs used
4 and predominantly
5 suggest that as model.
the the a store
banknote released in late banknote
s NNS Y2K VCH Quality1 GFC average banknote life with those from method is also sensitive to various idiosyncratic
Quality2
ofAsvalue note.
life estimates, while close, are slightly upwardly
can be seen, one issue with steady-state
upgrade program, after roughly 25 years using the
factors such as banknote demand shocks and
biased overall. For unfit banknotes, the apparent Withoutprevious
the polymer
full historybanknote series, provides
of a banknote, thea good
The CCSisprogram
methods that they cansuggested
be highly that theThis
volatile. BULLETIN – SEPTEMBER 2019
survival analysis application
opportunity of survival
to evaluate analysis
how banknotes have 6 1
ourcomplements
stems from the factslightly
that theoverstated note life.
steady-state methods
are generally estimated Graph
based4on a window of a
steady wornstate
in use.modelling
Overall, 5to give
GraphI find a credible
that over their period of
$20 NNS
Age of Fit banknotes in Circulation pictureuse, of
thenote
average
Age of lifeUnfit
and
life of an understanding
old-series
banknotes polymer
NNS Y2K VCH Quality1
GFC single year ofEstimated
data. The effects
and CCS samples,from
2011 totemporary
2018 Estimated and CCS Samples, 2011 to 2018
Years $5 $10 Years ofYears
key variables.
banknotes Although
$5 increases as thepolymer
denomination
$10 notes
Years gets
factors are magnified because they are assumed to
degrade
10higher:differently
a little overfrom 5 yearspaper-based
for the $5 and10 notes,
$10; a little
remain in place for the entire life of the series.10Such
10
this over
methodology
10 years for would
the $20; transfer
and across
around 15 years for
factors5usually have little to do with the structural 5 5 5
withthe soiling replacing
$50. This ink wear.
is consistent with lower-denomination
$50 NNS integrity of the banknote, but are more often the
NNS Y2K VCH GFC $20 $50 A sampling
banknotes program,
$20 such $50
incurring higher as
wearthe RBA’sgreater
through
result of the currency issuer’s own policies. For
10 10 CSS program,
10use is clearly a valuable tool
for transactions. 10
example, in 1999 the Bank ceased destroying unfit
to give confidence in the end result. It will
banknotes
5
to build a contingency stock for Y2K. 5
The 5 5
be interesting to see whether the Next
effect was
0 to increase the steady-state estimates 0 of 0 0
1993 1998 2003 2008 2013 2018 2014 2018 2014 2018 Generation 2014Banknote 2018 series
2014 performs
2018
Actual Estimate
Estimates CCS Sample
as well as the New Note Series in year
Estimates CCS Sample
Graph 6 to come.
* NNS represents the introduction of NNS banknotes; Recolour is a Graph 7
Achange
key inelement
colour to theof a normal
$5 banknotes; FEDsurvival analysis
represents the issuance of a Estimated Survival Curves*
Average Banknote Life Estimates
60 R E S E R V E B A N K O F AU S by
T R ADenomination
LIA
isspecial
knowing when $5’
edition ’Federation the organism
banknote; was
VCH relates born in
to a change
% $5 $10 % Model vs Simple Turnover and Feige Steady State Methods
distribution policy; Quality 1 and Quality 2 are various banknote Years $5 $10 Years
/ and when it died to estimate the survival
cleansing programs. See Appendix A for more detail. 75 75
function for the population. Central banks 50 50
10 10
who track serial numbers have this data. 25 25 5 5
Without it this study used aggregated issue
and destruction data. The total quantity $20 $50
$20 $50
75 75
of the surviving banknotes in existence 20 40
is modelled as the sum of the surviving 50 50
banknotes from each issuance. Because all 25 25 10 20
banknotes are regarded as being identical, 0
5 10 15 20 25 5 10 15 20 25
0
0 0
it was assumed that the survival function Years Years 1997 2007 2017 1997 2007 2017
was identical for all. * Average survival curves, from first issuance to November 2018 Model Simple Turnover Feige
SPECIAL REPORT | VOLUME 17 – NO 10 |B UOCTOBER
L L E T I N – S E P2019
5
TEMBER 2019 61
People in the News
Christine Lagarde, former Managing Clive Vacher has been appointed Chief
Jean-Pierre Savare Director of the IMF, has been appointed as Executive Officer, replacing Martin
Sutherland. He has more than 16 years’
President of the European Central Bank.
Jean-Pierre Savare, the founder of She succeeds Mario Draghi, who is experience running global industrial
modern-day Oberthur Fiduciaire, has stepping down after eight years in the post. companies in both the commercial and
died at the age of 82. government/defence sectors, and in
Although the history of the company particular has significant experience of
dates back more than 175 years, it Ahmed Obaid Al-Fadhli is the new
international business transformation and
was its acquisition by Jean-Pierre in Governor of the Central Bank of Yemen,
operational performance improvement. He
1984 for the token sum of one franc one of two in the country, currently in a
was previously CEO and President of the
that began its transformation into state of civil war. He replaces Mohammed
Canadian listed company Dynex Power,
the world’s second largest banknote Zammam.
where he led a privatisation sale earlier this
printer, and secured his reputation year. He has also held senior positions with
as one of the industry’s key leaders Ali Hashim, a former Maldivian finance Pratt and Whitney, Rolls-Royce, General
and entrepreneurs. minister, has been appointed the Governor Dynamics Corporation and B/E Aerospace.
Under his leadership, the company of the Maldives Monetary Authority, Shortly before his appointment, Kevin
expanded from banknote and security replacing Ahmed Naseer who resigned Loosemore took up the position of non-
printing through scratch cards, in July. executive director and Chairman, replacing
lotteries and cheques into ID and Philip Rogerson. He was formerly
smart cards in the 1990s, as well as Chairman of Micro Focus International plc, a
Susan Woods has been appointed by
cash protection. It was listed in 2000, FTSE 100 multinational software business,
the Reserve Bank of Australia as the
but then delisted eight years later, and and has also held senior executive positions
new Chair of the Board of Note Printing
in 2010 sold its ID and card activities with Cable & Wireless, Motorola and IBM.
Australia (NPA), replacing Chris Aylmer
to the venture capital firm, Advent He was Managing Director of one of De La
who will retire at the end of 2019 after a
for just over €1 billion, in order to Rue’s businesses between 1997 and 1999.
career spanning 40 years with the Bank.
focus on currency. Since then, it has To complete the changes to the Board,
Susan joined the RBA in March last year as
more than doubled its capacity to five Andy Stevens, Senior Independent
Assistant Governor (Corporate Services),
billion banknotes a year. It has also Director, has stepped down. He is replaced
overseeing the Bank’s Information
expanded into threads and security by Sabri Challah.
Technology and Workplace (Facilities
features and, through the acquisition
Management) departments. De La Rue is also continuing apace with
of the Dutch paper mill VHP, into
paper production as well. the reorganisation of the business into
two divisions. The Currency Division will
As the founder and President he be led by Ruth Euling as its Managing
was the driving force behind the Directory (previously Global Sales Director
company’s rapid development and for Currency), while Andrew Clint has
remained closely involved up until his been appointed Managing Director for the
death, even as he formally stepped Authentication Division (he was previously
down from operational duties several Global Business Development Director for
years ago. Product Authentication and Traceability).
A lover and investor in Bordeaux wine The reorganisation is designed to enhance
(Franc Mayne, a leading Bordeaux strategic focus and generate greater
chateau, was the latest investment in efficiencies for the company.
this area), Jean-Pierre Savare was also Susan Woods (second from left) together with
the NPA Board team (L-R) Ross Pilling, Robert
a keen rugby enthusiast, to the extent Middleton-Jones, retiring Chair Chris Aylmer, Greg
that he and the family saved the Stade Further to the recent Board election at the
Johnston, and Michelle McPhee.
Francais, Paris’ professional rugby International Association of Currency Affairs
club, from bankruptcy and brought it (IACA), four new members have joined
its last French Championship title. the Board – Ron Arends (Canadian Bank
Samson Yuen has been appointed Head Not Company), Ruth Euling (De La Rue),
According to someone who worked of the Currency and Settlement Division at Stefan Hardt (Deutsche Bundesbank) and
closely with him over many years, the Hong Kong Monetary Authority (HKMA), Neil Sanders (CCL Secure). They replace
Jean-Pierre Savare was a truly replacing Lydia Chan who has retired. Richard Hird (De La Rue), Bernhard
legendary figure – a visionary, an He joined the HKMA in 1998 and was Imbach (CCL Secure), Doug Mennie
entrepreneur, a man who was so seconded to Hong Kong Note Printing in (Cummins Allison) and Michelle Bullock
driven and so tough but also one of 2011 as its Director and General Manager (Reserve Bank of Australia). Antti Heinonen
extraordinary sensitivity and kindness in 2011. (BnEI), Maureen Carroll (Bank of Canada)
to his family and employees – a quite and Richard Wall (IACA Chairman) were all
brilliant, charismatic man and a huge re-elected.
De La Rue has made a number of key
loss to our industry.
appointments and provided further details
His legacy is to leave a strong and of its reorganisation into two business units.
growing company whose culture
he developed and nurtured. The
company is now owned by his three
children and will continue to be run by
his son Thomas.
6 CURRENCY NEWS | PEOPLE IN THE NEWS
Bundesdruckerei – More than a Printer,
a Partner for the Future
Dieter Sauter rejoined the German
state printer Bundesdruckerei (BDR)
in April as Senior Vice President and
General Manager of Value Printing,
after a 17 year absence, with a
mandate to take forward the business
unit, which produces banknotes as
well as postage stamps. He is also
Chairman of Intergraf’s Committee of
Experts, responsible for developing
the programme for the SecurityPrinters
Banknote+Identity conference. Currency
News spoke to him about his new role at
Bundesdruckerei and what he thinks the
company has to offer to central banks
and the industry.
Q: Can you give a few details about your
career prior to joining BDR.
A: I trained and have a doctorate as a
physicist at the Max Planck Institute for
Metal Research in Stuttgart. I started my
career in the security printing industry
at Bundesdruckerei in Berlin within the
Q: Apart from an interlude from 2000-2009 So just because we are owned by the
R&D division, and then spent several
under private ownership, BDR always been German government doesn’t mean that we
years in R&D and sales with Giesecke +
state-owned. Presumably you used to print can sit there and expect to receive orders.
Devrient before joining Orell Füssli in 2011
the deutschmark, and now the euro? We have to go out and get them.
as Head of Technology. In 2014 I took
over the role of Chief Technology Officer A: Yes, we are euro qualified for the ECB Q: What determines whether you get those
with responsibility for sales, marketing and have been ever since the beginning. orders or not?
and technology and subsequently was We have invested in what has been A: It’s down to price. All euro suppliers
appointed joint Managing Director. After a required to produce the new euro series, have to be qualified, and the accreditation
17 year absence, I joined Bundesdruckerei and we have also upgraded our security criteria, standards and specifications are all
again this April. in line with new ECB requirements. So we set. So all things being equal, the difference
continue to be capable of mastering all the comes down to price.
Q: What is your role within BDR?
needs for euro production.
A: I am head of the business unit for value Q: What is your capacity?
But that doesn’t give us an automatic
printing, meaning I have full profit and loss A: We have one line, which equates to just
right to print euros. There are basically two
responsibility for banknote production and over one billion banknotes per year.
options for the supply – the opt-in and
stamps. That includes features, pigments, Q: In addition to euro work, how successful
opt-out models. Some printers are owned
security systems such as sensors – in other have you been on the international market
by their central banks and get their orders
words, anything around banknotes. in recent years?
direct. But then they are only allowed a
Q: How many business units are there and small involvement in the international market A: As I said, there is no guarantee for
what is their business? – something like 80% of their revenues euro work, but we are also free to seek
A: Six. Basically all of them develop have to come from euro production. international work.
digital solutions and products for secure We are not in that model. We are state In recent years, however, BDR has been
digitalisation `Made in Germany'. The owned, but are one of two banknote undergoing a digital transformation – maybe
product portfolio of the other units includes printers in Germany and aren’t automatically only half of the business units are actually
topics like ID cards, ID management, digital awarded any contracts for Germany, or still making physical products. The rest
data management, trust service products, any other euro contracts for that matter. of the business is focused on high tech,
for example certificates and signature We have to tender – and the available work digital solutions and systems – for example
services, and secure digital infrastructures. is from either the Bundesbank or JET (the security of servers, or data transfer and
Q: How long has BDR been Joint Euro Tender), a joint purchasing group storage – whatever is needed by the state
printing banknotes? in which a number of smaller countries or private companies.
A: For a long time. We printed the first without their own printworks combine their Continued on page 8 >
banknotes in 1879. And even before that, requirements, with the Dutch central bank
we were printing other value documents. taking care of organising the tenders.
We are more than 250 years old. Of course,
in those days, it was the Kingdom of
Prussia and not Germany as it is today.
ON THE RECORD | VOLUME 17 – NO 10 | OCTOBER 2019 7
Historic Highs Bundesdruckerei (Continued)
for Australian The point is that, during this transformation So – in addition to our ownership, security
Banknotes
process, the focus wasn’t on banknotes. and infrastructure – that is perhaps another
My main task now, therefore, is to build of our USPs.
up a team and make BDR more visible in In addition to the 450 researchers, we also
In its 2018-19 Annual Report, the the international market, and in particular have an innovation department of around
Reserve Bank of Australia (RBA) looking not just a banknote printing 30-40 people which is trend screening
demonstrated progress against itself, but offering a complete service to around the globe for all kinds of industries.
all of its core responsibilities and central banks. Their focus includes all the activities that we
key projects. and the other business units are involved in,
Q: As you begin your quest for international
The value of notes in circulation rose business, are there any particular parts of with so many opportunities where we can
6%, a slight fall to 4% as a proportion the world that you're going to focus on. learn from one another.
of GDP, although still a historical high. Q: So if you've got all the bases covered
A: We are flexible. It entirely depends on the
At the end of June, there were 1.6 for actual banknote production, what more
customers – who is tendering, who is giving
billion banknotes in circulation, worth can you be doing? Data management and
orders, launching a new family, doing a
A$80 billion. The proportion of notes analytics is a current hot topic in currency –
commemorative note etc.
used as a store of value is believed to it sounds like this is an area and a strength
be falling but is estimated to be 62.5% We are also very flexible in terms of our
for BDR.
of the total stock, with 25% used for partners in the banknote supply chain. We
source what is needed by the customer as A: Certainly. If you look at one of the big
legitimate transactions and 5% used in
we are not bound to any particular supplier. demands from central banks and their
the shadow economy. The balance is
issuing departments, it’s big data. This, too,
regarded as ‘lost’. Q: What sets you apart from other
is a big topic at BDR – not necessarily in the
There were 18,000 counterfeits, a rate banknote suppliers?
value printing unit yet, but the technology
of 11 parts per million, down 38% on A: As a future product and solution service and know-how can be transferred from
2017-18. The A$50 accounted for 59% to the central banks, we have some other business units that area already
and the A$100 37% of the counterfeits. distinct USPs that will enable us to position dealing with this.
A public perception survey showed that ourselves in this way.
Again, that is key to BDR – we don’t work
60% of respondents did not think there For example, BDR belongs to the state. in silos. We stay focused on our respective
was a counterfeiting problem. Also, Germany has a very robust economy areas but we work together to come up
In October 2018 the A$50 New and is represented around the world. with common solutions.
Generation Banknote Series (NGB) was This means that people have trust and
Q: Another big topic at the moment in the
released. It accounted for 8% of A$50 confidence in us and, in terms of security,
industry is corporate social responsibility. Is
notes by the end of June 2019, a slower are keen to buy products made in Germany.
BDR taking the necessary steps to ensure
take up than the A$5s and A$10s. The I would also say that, when customers you are good corporate citizens?
A$50 makes up the highest volume visit BDR, they can look around and see
of notes in circulation and is the main A: Very much so. Because we belong to
what BDR offers additionally, particularly in
ATM note. the state, we are very visible and there is
terms of technology and our other business
a really high risk of reputational damage if
The new National Banknote Site (NBS) units. When you see the transformation the
we don’t do things right. So there is really
became fully operational in August company has undertaken, it shows we are
a high level of responsibility and focus in
2018, allowing the closure of the much more than just a printer. We are really
this area.
Melbourne city centre storage facility into secure digital transformation, and this
and the planned closure of storage at impacts banknotes because it shows what We are not yet accredited to BnEI, but we
the Sydney Head Office at the end of kind of support and service we can offer will be. And we are also ISO-certified. So
2019. The NBS is a state-of-the-art beyond just banknote production. we already have many obligations to fulfil to
purpose-built facility to store, process be ethical, correct and to act from a strong
Q: But if we focus for the time being on
and distribute notes. A$6.8 billion new moral perspective. This is very important for
production, what level of vertical integration
and A$1.7 billion recycled notes were the BDR management.
and in-house capability do you have?
issued and A$2.9 billion unfit notes The same can be said for the environment.
returned to it. 100% of note orders were A: We don't have vertical integration when
As a state-owned company, environmental
delivered on the day requested. it comes to inks, substrates or foils. But
laws affect us immediately and I would say
we have our own patented pigment-based
Note Printing Australia (NPA) that Germany is one of the countries in
features for second or third level security
Europe that is keen to be at the forefront
NPA delivered 428 million notes to the for which we offer the whole package – the
of this green movement. We are already
RBA, up from 228 million in 2017-18, pigments, sensors, maintenance of these
undergoing refurbishment to adapt to the
earning it A$108 million compared with and data management. We produce these
latest laws, and this could be a USP in
A$82 million the previous year. ourselves. So whilst we have cooperation
itself, although not necessarily a particularly
In addition, NPA delivered 46 million partners, we aren’t just buying everything
visible one.
banknotes under contract to Papua in – we develop a lot ourselves.
New Guinea, Singapore and the Q: How is your R&D organised?
Solomon Islands in 2018/19, dealing A: We have a huge R&D department of
directly with the respective central almost 450 people, which are in a support
banks in those countries. function called Technology. BDR is very
much a technology-driven company and
that's a key advantage – particularly as
what they have in mind or are developing
can be adapted from other business units
towards what we need.
8 CURRENCY NEWS | ON THE RECORD
MOTION SURFACE – When Micro is Nano
The subject of the Banknote of the
Month in the September issue of
Currency News was the new Aruban
florin series, the first circulating notes
to feature Crane Currency’s MOTION®
SURFACE® technology.
It was 15 years ago that MOTION® first
burst onto the scene, at the Optical
Document Security conference in 2004,
prompting the development of a whole new
range of authentication features based on
micro-optics. To mark this milestone, we
take a closer look at this latest incarnation
of the technology.
When MOTION was first released in
a circulating banknote, the Swedish
1000 kroner in 2006, its unique three-
dimensional, motion effects both surprised
and fascinated central bankers, banknote
designers and the public at large. It also
attracted the attention of physicists,
not least because while the scientific
principle (Moiré magnification) was not
new, the application, material science and
Creating this unique artwork takes hours At such a scale, the production tolerance
engineering most certainly were.
of computation using state-of-the-art between the lens and icon are critical;
Today there are a number of banknote computer processing, which represents a the smallest misalignment will destroy the
security features that use micro-optics, major improvement over Crane’s production effect and distortions must be limited to
but in different ways from the MOTION of the first MOTION features. within nanometers.
technology. And MOTION itself has not
The addition of skilled software engineers In fact, the only technology currently
remained a one effect, one product
to Crane’s micro-optic technical design capable of accurately measuring distortion
technology – we had the MOTION®
team has produced proprietary software is the micro-optics themselves. Inside the
RAPID® thread in 2014. And now MOTION
that has speeded up the process by well Crane facility, measurement schemes using
SURFACE, a stripe.
over 100,000 times, allowing for more micro-optics have been developed that
An important visual effect of MOTION intricate designs and effects and accurate allow artifacts smaller than 25 nanometers
SURFACE is Topo, which produces a very renderings of the final product. Were Crane and distortions less than 10 nanometers to
strong three dimensional effect. The name to use the same computational software be visible to the naked eye.
Topo derives from the word topography, now to render MOTION SURFACE designs, These tight tolerances drove Crane to
ie. the practice of describing relative the computer processing time would be develop customised production equipment
position, elevation and contour of surface measured in months. capable of producing multiple layers of
features. Producing its visual effects on a
Today, by virtue of these advancements millions of individual micro-optic structures,
security feature thin enough to be applied
in algorithms and computing power, the while keeping everything precisely aligned
to the surface of a banknote requires
process is so controlled that it allows the and in specification to the original digital
very specialized materials, equipment
creator to fine tune every characteristic of rendering. This equipment is required to
and know-how.
an effect. It is possible to revise specific keep the angular alignment between the
On a typical 10mm wide MOTION dimensions, shape, and magnification of lens and icon layers extremely tight (to
SURFACE stripe, an array of over 3 the moving images. The strong 3D effect one sixtieth of a degree) while producing
million lenses is aligned horizontally over and the curved images one sees in the hundreds of thousands of kilometres of
3 million icons, each of them subtly and final feature is a result of the combination material, and billions of precise optical
uniquely altered to achieve the desired of expertise and equipment which enables microstructures per second.
effect. The changes in the position of each every icon to be unique in its size and The results justify the investment because it
icon are so small as to be unmeasurable shape from those around it, and to position enables visual effects that are bold and very
by conventional means, but the three each precisely under each lens. easy to use despite their invisible complexity
dimensional effect of Topo could not be
Once the design of micro-optic icons
produced without this tightly-managed
are created and arrayed into position,
array of iconography.
this master artwork must be delivered to
production. In a similar way that digital
print files are delivered through the modern
process of pre-press in security printing, the
artwork for the MOTION icon and lens array
is created using proprietary technology that
ensures no distortions or inaccuracies are
introduced into the process.
TECHNOLOGY PROFILE | VOLUME 17 – NO 10 | OCTOBER 2019 9
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