CURRENCY NEWS | COMPANY NEWS www.currency-news.com

VOLUME 13 – NO 1 / JANUARY 2015

Ethiopia Plans to Print its Own Banknotes

New Owners For Banknote Currency Research (CR), organiser of the Currency Conference, has just announced its acquisition of the Banknote Conference. Before the acquisition, this was owned and organised by KAA Federal Solutions, a government consulting business. According to the latter, despite its years of success, the Banknote Conference in particular, and organising conferences in general, were not the company’s core business, and KAA decided after the last conference in April 2014 to sell.

The Banknote Conference first began in 1998, and currently runs every two years. The conference focuses on the technical aspects of banknote design, production and issue, with experts from central banks, printing works and the leading industry suppliers sharing their ideas and perspectives through their presentations.

CR has more than 20 years organising currency-related conferences and has long been entrenched in the industry. Its founder, Richard Haycock, co-owned Currency Systems International (CSI), the manufacturer of high-speed currency processing systems now owned by De La Rue. The management team has a long history with both CSI and subsequently CR, which celebrates its 12th anniversary this July.

According to Marci Chavez, President of CR, ‘we already have the infrastructure – both from having worldwide representation, knowledge and connections throughout the currency industry through our team of managing directors – and from a strong and growing conference organising team. So it just made sense that CR acquired this prestigious conference. We are confident we can continue its strong reputationas the premier technical conference for the industry.’

The National Bank of Ethiopia is planning to establish its own banknote and security printing facility, having issued a tender in early December to hire an international consultancy firm to conduct a feasibility study. According to the Bank, the main objective is to save on the foreign currency the country is spending to print banknotes overseas. It also wants the production of its banknotes to be centralised in one location.

The Bank is looking for consultants to submit their interests of expression soit can explore different scenarios for the establishment and the ownership of the factory. It will then conduct a feasibility study. If the project is feasible, the consultants will also assist in implementation, up to the commissioning of the printworks.

The first tender, announced in early December, did not result in sufficient bidders, as the Bank’s procedures require a minimum of five bidders. A second tender is expected shortly.

The consultant will be expected to analyse the need to establish the banknote factory and define specific types of production equipment. After determining the feasibility of the project in technical, economical,

financial and environmental terms, the winning bidder will then be expected to propose the configuration of equipment, prepare the RFP for procurements, installation and commissioning.

It will further support the Bank in drawing up contracts and establishing partnerships with suppliers, and assist in all stages of implementation, up to final acceptance and handover.

Ethiopia, with 92 million people, is the second most populous nation in sub-Saharan Africa, and has one of the fastest growing populations in the world. It is also one of the poorest countries, albeit that its economy has grown by an average of 9.9% per year over the past decade, twice the regional average on the continent.

The currency is the Birr, in denominations of 1, 5, 10, 50 and 100. According to the 2014 report on ‘The Future of Cash in South Africa’ by AGIS Consulting, an estimated 1.4 billion notes are in circulation, representing just over 15.5 per head of population. The CAGR (Compound Annual Growth Rate) has been 12.61% over the past decade, one of the highest in Africa. Volumes are forecasted to grow by 81% between 2012 and 2017.

Continued on page 4 >

2 CURRENCY NEWS | COMMENT

Inside this Issue1 Ethiopia Plans to Print

its Own Banknotes

1 New Owners For Banknote

2 Where has the Feel Good Factor Gone?

4 News in Brief

5 ARCA Buys CTS

5 New Company Opens to Produce Blanks

5 Travelex Invests £25m in Digital Services

6 Currency Research – Conferences, Community, Communication, Consulting

7 People in the News

8 Morocco’s Cash Management Policy Reaps Rewards

10 Nigeria’s ‘Smart’ New100 Naira

11 EURICPA’s 1st IBNS Event

11 Americas Cash Cycle Seminar 2014

11 Programme Published for HSP Europe

12 And Then There Were 19…

Where has the Feel Good Factor Gone?

The commentary included both our thoughts and those of senior representatives from the world of currency, all of whom viewed the coming year (ie. 2014) in a positive light.

One particularly interesting contribution was from Thomas Savare of Oberthur Fidicuaire, who asked whether the tide was still coming in or was it beginning to go out regarding currency?

He answered his own question, his view being that the tide was on the turn, that central banks were more demanding, more precise in their technical requirements and more transparent in their procurement processes. This, in turn, was driving producers to improve their performance, to change their behaviour and to respond to new challenges. He predicted that ‘only the clever, the flexible and the self-aware can succeed and grow’.

It proved to be prophetic in several ways. The tide definitely turned and the feel-good factor at the end of 2013 dissipated as it became apparent that, even though demand for banknotes remained high, prices did not.

Excess capacity saw producers cutting their margins to win business. The trend was, and will continue to be, exacerbated, by central bank printing works looking to utilise their excess capacity in the commercial market, either by competing directly or by joining forces with a commercial supplier (eg. Oberthur with the Bulgarian state printer, and Crane with the Bank of Morocco’s printworks). And it will be compounded as and when new state printworks are set up, such as those planned for the proposed Gulf currency and, most recently, in Ethiopia.

The result of this market turmoil in 2014 was a reduction in profits for many of the banknote industry’s companies, resulting in some cases in restructuring or the closure of printing lines. It is likely that 2015 will be a similarly tough year.

In the January issue last year we ran a commentary on the likely trends, challenges and highlights for the new year of 2014, with the title ‘The Feel-Good Factor Returns’.

Balancing Cash and Mobile Payments

Ralf Wintergerst, Giesecke & DevrientEven though the digitalisation of money is still on the rise, banknotes

remain resilient and are growing by c. 4–5% per annum. As the global market leader in banknotes – covering the complete value chain along the cash cycle – G&D is in a unique position both to identify critical market developments and to drive innovation.

Right now, we see that integrating existing and new banknote security features is increasingly becoming a challenge for all players involved. Balancing cost, complexity, and quality in designing, producing and handling currency in circulation requires both broad and in-depth competencies.

As technology leader we also see the industry at a turning point. Mainly because of lack of standardisation and imbalanced market conditions, the industry is losing speed and power when it comes to innovation. In light of the ongoing rise of mobile payments, the entire industry is at risk of falling behind and becoming irrelevant.

Security Key to Success of Coins

John Moore, Royal Canadian MintLately, we’re seeing several headlines warning of the increasing counterfeiting

threat to high-value coins from major currencies. That’s a development of particular interest to the Royal Canadian Mint, as enhanced security has been integral to our coinage products since the introduction of our multi-ply plated steel technology, and we believe anti-counterfeiting innovations will continue to trend with international coin customers in 2015.

Winning IACA’s Best New Coin Innovation in 2013 for the security features on our new C$1 and C$2 circulation coins was a compelling acknowledgement that the Mint already has the most secure coins in the world. Security will surely grow as a determining factor for customers looking for who can best deliver value in terms of price, quality and integrity.

CURRENCY NEWS | COMMENT 3COMMENT | VOLUME 13 – NO 1 | JANUARY 2015

The bad fortunes of one sector can be counter-balanced by the good fortunes of others. One example is the coin industry which has lagged behind the banknote industry in terms of technology and security, and which has taken a battering in recent years. There has been a marked improvement in the performance of several mints in 2014 (from, admittedly, a very low base the previous year), and the increasing adoption of advanced security technologies for coins – hitherto a rarity – augurs well for this sector in the next few years.

One of the points discussed many times during the year was the likely (and detrimental) impact of the plethora of new payment systems. The year certainly saw a wide range of payment vehicles enter the market, but none has yet had a significant impact on a universal basis.

Indeed, it is debatable whether any alternatives will see universal adoption in the same way that cash and cards have. Numerous studies in different parts of the world which aim to understand the trends and psychology of payments have shown significant differences from country to country. An understanding of such trends is essential in the fight to retain cash as the preferred choice of payment! We will gain more knowledge of these drivers and trends in 2015 – and what we need to see is more use made of this information.

While cash payments may be losing market share and declining as a percentage of payments, overall the use of cash continues to grow by around 5% a year on average, with much higher figures in developing markets such as China, India, Brazil and Indonesia.

But the industry cannot afford to be complacent. For a start, the growth of banknote volumes in circulation masks the fact that, in some parts for the world, production volumes are declining, thanks to improvements in durability, printing technology, processing and handling.

Also, some of the many different and emerging alternative payment systems are far better suited to certain new forms of commerce which will enable them to take root, and in time displace cash.

We believe there are two fronts on which the currency industry should be fighting its corner.

First is lobbying and education. Currency News has long advocated for some form of association or organisation to represent the interests of the currency industry. No one else is going to stand up and defend the benefits of currency, so we hope 2015 will be the wake-up year when the industry starts doing so.

Second is the cost of currency. It is competing with other forms of payment on many fronts, but cost is a very important one. There are many opportunities to reduce the cost of banknotes and coins from cradle to grave, not just in the physical notes and coins but – critically – in circulation as well.

There are major gains to be made from standardisation, but is there the will to work together and establish common standards in all aspects of the industry? Those products that have achieved the elevated status of ‘disruptive technologies’ have had one factor in common, namely common standards. ATMs, for example, have succeeded because they are interoperable and can be used universally, not just for customers of one bank or payment card provider. A similar mindset of standards and interoperability needs be applied to increase access and efficiency and reduce costs throughout the cash cycle.

This is a bright note on which to end our views, predictions and hopes for this year. There is a case for some ground-breaking changes in 2015 – we hope the industry will take the initiative.

Keeping Our Eye on the ‘Big Picture’

Mark Stevenson, International Banknote Designers AssociationDespite variations in market dynamics along

the banknote supply chain since 2012, banknote design activity has experienced constant growth and the trend will continue. Since design acts as the gateway for technology and substrate suppliers, many industry players, along with central banks, have targeted design as the key to both introducing new technology and getting the best value for money.

While the IBDA forecasts strong growth in banknote design in the coming years, this will not come without a new set of challenges for the designer and the banknote community in general. The banknote designer and our community must work closer together to ensure that the advantages of cash as a payments tool are communicated and understood.

New technology must be tested, re-tested and fully validated before the introduction of a new banknote series. Decision-makers should be fully aware of the upsides and limitations of such technologies.

The banknote landscape is shrinking and in parallel, the quantity of technologies available to fill this landscape is increasing at a phenomenal rate. The race for innovation must be tempered by practical application and user needs. The process of evolution must be managed over the coming year in a collectively responsible and sustainable fashion.

The IBDA is working hard with leading technology developers (IBDA partners) along with central banks and the designer community to ensure such sustainable evolution and retain the current levels of excellence that are the hallmark of our industry.

Currency in the Payments Mix

Irina Motovilova, Secura Monde InternationalDespite impressive growth in the adoption

of alternative payment technologies, their share in the total value of global payments remains relatively insignificant. In developing countries in 2015 we expect a continuing uptake of mobile payments, providing essential access to the modern economy for previously unbanked consumers.

In industrialised countries with a developed payments’ infrastructure, the rise of card payments (and other account-linked methods) will go on, continuing gradually to substitute the share of cash in the payments’ mix.

The key drivers for this growth are developing e-commerce, and easy access to relatively mature and reliable payment portals facilitating online transactions, implicitly excluding cash due to its physical nature. Although the relative share of cash is threatened by new payment technologies, the absolute value and volume of cash payments will not necessarily decline and may even increase with the economic recovery.

On balance, in the coming year we expect cash to be at least as popular a method of payment as it was in 2014, as long as prevailing interest rates remain low.

4 CURRENCY NEWS | NEWS IN BRIEF

End of Road for Coin CoCoin Co International, which specialises in foreign currency exchange, particularly of coins, has gone into receivership.

The family-owned company, based in the UK with offices in Canada, was incorporated in 1995 and collected and exchanged coins and low value notes for airlines, banks, charities, transport and vending machine operators, local authorities and other organisations around the world. Services included sorting of mixed coins and repatriation, along with the collection and redemption of demonetised coins. It also worked with charities to help them plan and organise coin collection campaigns.

Coin Co had sales of £15 million in 2012 (the last year for which accounts were filed) and operating profits of £255,000.

The Future Home of GuardianConstruction of Innovia Security’s new production plant at Wigton in the UK was formally initiated just before Christmas at a symbolic ribbon-cutting ceremony. The new facility, dubbed ‘the future home of Guardian®’, will produce the polymer substrate for the next generation of £5 and £10 banknotes. It will be completed in 2016 and will create 80 new jobs.

Brinks Exits NetherlandsFurther to the news that Brinks had restructured its cash handling operations in the Netherlands following the loss of its largest customer (see CN November 2014), the company has announced that it is exiting the market altogether. It has sold its shares of Brinks Netherlands for a nominal sum to Stichting Continuiteit Brink’s Nederland, an independent foundation formed to benefit the interests of the remaining stakeholders, including former employees, customers and vendors. The foundation has the right to use the Brinks name for up to one year.

Brinks expects to incur a charge of $20-25 million against fourth-quarter GAAP earnings from the discontinued operations related to restructuring and the sale of the business, on top of $16 million restructuring costs incurred in the third quarter.

Wincor and planfocusWincor Nixdorf is to enter into a strategic partnership with planfocus software, a company specialising in software for optimising the cash supply chain, aimed at pooling and globally marketing the cash logistics software know-how of the two companies.

planfocus’ CPTO software, which is already established in banks, is to be developed further and tied in with key software products from the Wincor Nixdorf portfolio. The enhanced cash processes – and thus reduced costs – will benefit banks in particular, but also CIT operators, says the company.

planfocus software is the market leader in Germany for software optimising the cash supply chain and an international technology leader in cash logistics. Its software is CashEDI certified and is currently used to manage CIT order volumes of more than €100 billion a year. (CashEDI is a standardised electronic data exchange system developed by the

Bundesbank, and its use by professional cash handlers for settling cash payment transactions in Germany is compulsory).

Once the software has been enhanced further and tied in with other components of the Wincor Nixdorf portfolio, it will be marketed under the new name of PC/E Cash Cycle Optimizer.

IACA Currency Hall of Fame The International Association of Currency Affairs (IACA), which established the Currency Hall of Fame to honour distinguished contributors to the currency industry and provide a permanent public record of their achievements, is now calling for nominations for the next induction of new members, which will take place at the Currency Conference in Vancouver this May.

Anyone may nominate a candidate for consideration by IACA’s Board. Candidates should have made significant contributions to the industry, both deceased and living (in the latter case, having retired from their primary career in the industry and reached the age of 60).

Nominees will be welcomed from central banks, industry suppliers, commercial organisations, and financial institutions. Candidates need not be in or from the currency industry, but must have made substantial and lasting contributions to it; a significant industry event or a group may also be nominated for the Currency Hallof Fame.

Nominating sponsors must submit a written explanation of the basis for the nomination as well as a copy of the candidate’s curriculum vitae, a biographical statement, or a detailed obituary. The deadline for nominations for the current cycle is 28 February 2015.

Enquiries may be directed to Executive Director Eugenie Foster at eugenie.foster@currencyaffairs.org

News in Brief

Wigton Mayor Joe Cowell (second left) cutting the ribbon, flanked by (from left to right) Innovia Security Managing Director Bernhard Imbach, Innovia Group CEO David Beeby, and Director of Technical Services Jaime Pacreu.

Ethiopia Plans to Print its Own Banknotes (Continued)There are currently nine banknote printing facilities in Africa. Eight – in South Africa, Zimbabwe, Morocco, Nigeria, the Democratic Republic of Congo, Algeria, Egypt and Sudan – are state-owned. The ninth, in Kenya, is owned by De La Rue, although it is in advanced negotiations to transfer this to a joint venture with the Kenyan government.

Two of the facilities – South African Bank Note and Dar as-Sikkah of Morocco – are gearing up to supply export markets, while the printworks in Kenya already exports banknotes.

Needless to say, despite the forecasted increase in cash, some local commentators have questioned whether the costs can

be justified, given the availability of other printworks in the region, the likely costs, and the lack of printing skills within the country.

Officials from the Bank have declined to comment for the time being, stating that the project is in the early stages and so it is not in position to give any details.

ARCA Buys CTSARCA, a US-based supplier of cash automation and payment technologies, has acquired the CTS Group, an Italian provider of cash, cheque and card automation technologies. The acquisition combines CTS’s proven engineering and R&D capabilities with ARCA’s strong commitment to the customer, says the latter. Terms of the acquisition have not been disclosed.

The purchase involves the CTS Group’s operations in Italy, UK and US, including CTS Electronics, CTS Cashpro, CTS Solutions and Finsolint. ARCA’s global headquarters will continue to be based in Mebane, North Carolina.

CTS Electronics was founded in 1980 by a group of former Olivetti employees, and specialises in scanning solutions for cheque processing and ATMs, along with ID and passport systems. CTS Cashpro was established as a separate company in 1996 to enter the TCR (teller cash recycler) market with CTS’ banknote validation technology, and has become one of the largest suppliers of TCRs and cash recycling technology in the world. Its subsidiary Finsolint, in the UK, offers a cash management platform called CasheXpress.

ARCA was founded in 1998 in the US to supply transaction automation solutions for the financial, retail and self-service industries, and handles a wide range of cash automation products from major suppliers.

The two companies are already well-known to one another, having worked together for the past 12 years to bring CTS Cashpro’s recycling technology to the US. This relationship was formalised in 2010 by a strategic alliance between ARCA and CTS Cashpro to support the US market, which saw the two companies moving to a new facility in Mebane.

At the time of that alliance, the companies articulated a combined vision of a future where CTS machines would be integrated through software into a complete cash management system tailored to a customer’s business and needs, a vision that the two have promoted, describing the US market for cash recycling as a ‘ticking time bomb’ (see CN October 2010).

According to ARCA, the combined company will provide banking and retail clients around the world with customer-driven solutions based on cutting-edge technology.

Travelex Invests £25m in Digital ServicesForeign exchange provider Travelex has announced a £25 million fund to spur digital innovation by partnering with financial technology start-ups and recruiting talent from London’s Tech City. According to the company, the so-called ‘digital growth fund’ will allow Travelex to make seed investments in financial technology and retail start-ups, as it seeks to create new products and services in areas such as crypto-currencies, digital wallets and location-aware technologies.

The fund is headed up by former Google executive Sean Cornwell, who joined Travelex earlier this year as its first Chief Digital Officer, alongside Head of Digital Product Development, Dave Wascha.

As part of its transformation strategy, Travelex will embark on a recruitment campaign to build a team with experience across a range of digital disciplines, including engineering, product, UI (user interface), UX (user experience), design, marketing and testing.

According to Cornwell, ‘Travelex is very well placed to capitalise on the predicted growth in travel and the corresponding growth in foreign exchange and payments. Both the investment fund and recruitment activity will enable Travelex to bring digital to the core of our offerings and customer experience, whilst providing new and innovative ways to help customers fulfil their foreign exchange needs more conveniently and effectively.’

In a separate development, Travelex has selected Wincor Nixdorf to provide payment processing services for its network of 1,250 ATMs for another seven years. As Travelex’s strategic payment processing provider, Wincor Nixdorf will continue to provide payment processing for ATMs in core countries already serviced by Travelex in Europe, and will support business expansion into further countries. In addition, Travelex’s ATMs in Asia Pacific and North America will migrate onto Wincor Nixdorf’s global platform,allowing it to simplify its business.

Under the terms of the contract, Wincor Nixdorf and Travelex have also agreed to promote Direct Currency Conversion (DCC). This is a platform that allows ATM users to use the exchange rate offered by Travelex to have the transaction converted into their home currency at the time of cash withdrawal.

CURRENCY NEWS | NEWS IN BRIEF 5COMPANY NEWS | VOLUME 13 – NO 1

Freiberger EuroMetall GmbH – a new independent manufacturer of blanks for circulating coins – formally opened its manufacturing facility in Freiburg – a part of Germany with an 800 year tradition of minting – at a reception in December.

Company founder and Chief Executive is Stephan Siegel, formerly of Saxonia EuroCoin which was sold to the Mint of Finland in 2010. The Managing Director and co-founder is Thomas Bilas, also formerly with Saxonia EuroCoin.

Freiberger EuroMetall currently employs 14 people, and its portfolio includes a broad range of plated steel and non-ferrous metal blanks. According to the company, ‘we are not bound to a certain production technology but are able to offer circulation coin blanks of any type of material. As we have all necessary technologies available we can offer the full range of products to our industry.’

Thomas Bilas noted that R&D will be crucial to the company’s success, with its goal to be the technology leader in the industry. Advanced production will also be key.

‘We have to defend ourselves against suppliers from Eastern Europe and the Far East‘, he said. ‘That can only succeed if we are getting a little bit better in terms of resource and energy efficiency.’

The company claims to have implemented the latest technological developments in systems engineering for its production lines, as well as advanced energy-saving processes and wastewater treatment that ‘is one of the most modern of its kind.’

The company was officially founded in October 2013, and it took just a few months to develop the new manufacturing facility. The company is targeting mints and central banks in Europe and further afield, and states that its order book for 2015 is already filled.

New Company Opens to Produce Blanks

6 CURRENCY NEWS | ON THE RECORD

Currency Research – Conferences, Community, Communication, ConsultingAs announced on page 1, Currency Research, organiser of the Currency Conference (as well as the regional ICCOS Cash Cycle Seminars) has acquired its nearest rival, the Banknote Conference. The Currency Conference and Banknote, each held on a two-year cycle, dominate the currency field in terms of conferences. So how will the fact that they are now owned by the same organisation affect the conference landscape, how will they be differentiated, and how do they align with Currency Research’s strategy? Currency News™ spoke to Marci Chavez, the company’s President, to find out.

Q: Big announcement this week from Currency Research! But before we get to that, can you give us a little of your background?

A: I am a CPA (Certified Public Accountant) who started in the currency industry almost 20 years ago when I joined Currency Systems International (CSI) froma large regional CPA firm in Dallas. I started in 1996 as the Senior Accountant andwhen De La Rue (DLR) bought CSI in 2001, I was the CFO.

After leaving DLR (post-purchase) I had my own consulting practice and helped Rick Haycock, former co-owner of CSI, get Currency Research organised and started. CR was one of my clients from its beginning in 2003. By 2006 I had joined full time as CFO and Sponsor Coordinator, transitioning to President in 2012.

Q: And Currency Research has certainly grown in the past few years, can you tellus more?

A: Before 2009, Currency Research organised the Currency Conference and one ICCOS (The Cash Cycle Seminar) – based in the US – every 18 months. We also had a small consulting arm that received a few contracts, besides our joint venture with Reconnaissance International to publish Currency News.

After 2009, we decided – mostly by customer demand – to expand the Cash Cycle Seminars (ICCOS) annually to Americas, Asia and EMEA. At the same time, we decided to invest in our brand through people and research, but both took a few years to really produce results.

Today we focus on the 4 ‘Cs’ – Conferences, Community, Communication and Consulting.

We have a team of managing directors representing regions around the world, plus Gonzalo Santamaria, recently promoted to Vice President, Rick Haycock and myself who have been working in this industry for 20 plus years.

We stay busy meeting with the central banks, printing works, commercial banks, cash management companies (CMCs) and industry suppliers across the world, discussing the challenges, trends, strategies and solutions facing the industry. It is through this knowledge and understanding that we have been able to successfully grow and develop the various CR initiatives for the benefit of the industry.

We organize the Currency Conference every two years and now the Banknote Conference on the alternate year, plus the three annual Cash Cycle Seminars (ICCOS). We anticipate growing the regional coverage of our Cash Cycle Seminars in the near future.

In addition, we organize two yearly Review Seminars that offer a regional focus of conference themes, most recently held in Peru and Sri Lanka.

As most already know, Currency Research also has a joint venture with Reconnaissance International called Currency Publications Ltd, which organises The Coin Conference and publishes Currency News, along with the currency suppliers and circulating coins directories.

Further, we have been developing research reports relevant to the cash industry including the most recent ‘Re-engineering currency circulation procedures’ report and ‘The case for cash, part 1: myths dispelled’.

In consulting, we have been successful with some contracts, but until now, this has not been an area of focus.

Also, Currency Research is a founder of IACA (International Association of Currency Affairs) and we continue to be active on the Board of Directors and in their initiatives. We have also helped organize cash management associations in Asia and the Americas and will continue to be active on the boards of those associations.

So, you can see since 2009, we have increased our footprint quite extensively in the industry. With the increase in the number of initiatives and the increased engagement with the industry players, the CR team has more than doubled in size and we will continue to see the team grow, particularly in light of our recent announcement.

Q: Now speaking of your recent announcement, you seem to have taken another leap forward in expanding your footprint. What prompted that?

A: Yes, we are quite pleased to share the news of our acquiring the Banknote Conference. Many customers of the Currency Conference, being central banks and industry suppliers, have requested in the past that the two conferences work more closely together to ensure less conflict between timing of events and presentations.

We started that process in 2011, when both CR and KAA (then owner of Banknote Conference) agreed together to schedule our events on alternate years and to share detailed information on agendas and locations. After their 2014 Banknote Conference, KAA approached us. The Banknote Conference was not KAA’s core business, despite its success, and KAA wanted to explore the idea of selling it so that they could focus on their core business. Tim Vigotsky, the CEO of KAA, saw CR as the logical choice of buyers considering our long-time history and deep engagement with the industry, not to mention our long-running success in organizing the leading conferences and seminars for the industry.

This acquisition, is therefore just a logical extension of closer ties between both conferences. Now ‘under one roof’, so to speak, we can truly maximise the value for the delegate experience and for the sponsors.

Q: What changes are in store for the Banknote Conference under your ownership?

A: Banknote has been a very successful and very well run conference in the past, and we will build upon this success while maintaining the same ‘technical’ focus this conference is known for.

Continued on page 7 >

Marci Chavez, President of Currency Research.

CURRENCY NEWS | ON THE RECORD 7PEOPLE IN THE NEWS | VOLUME 13 – NO 1 | JANUARY 2015

People in the News

Renowned currency specialist, Vladimir Finogenov of the Bank of Russia has died, aged 62. He was a specialist in the field of currency design and protection having worked at the central bank for more than 33 years, most of them in the Cash Circulation Department where he was Head of the Currency and Counterfeiting Prevention Division until he stepped down due to ill health earlier this year.

He was largely involved with the creation and organisation of an examination system for both domestic and foreign currency and, under his supervision, a network of expert divisions in the Bank’s regional branches was created.

Vladimir worked in close cooperation with the currency industry both in Russia and worldwide and, as one of the Bank’s leading currency specialists, attended and spoke at many international conferences on the organisation of cash circulation, the design and protection of currency, and the prevention of counterfeiting.

Ali Mohsin Ismail has been appointed Governor of the Central Bank of Iraq, replacing Dr Abdulbasit Turki.

Larry Felix has announced that he is to retire at the end of January, after nine years as Director of the Bureau of Engraving and Printing (BEP). ‘It has been a distinct honor and privilege to have capped my 31 years of federal service by serving as Director of BEP’, he said. ‘It has been the opportunity of a lifetime to be given the privilege of helping to shape United States currency’. His deputy, Len Olijar, will be Acting Director.

Martin Buyle has been appointed CEO of the Orell Füssli Group. He takes over from Michel Kunz, who left the company at the end of last year.

The Royal Mint has confirmed the appointment of a new Head of Marketing for its Circulating Coin business, Paul Binning. He joined The Royal Mint in 2003 and was Programme Manager for the London 2012 Olympic coin programme. More recently, he worked as Head of Strategic Intelligence at The Royal Mint, playing a key part in developing strategies to underpin its five-year planning process.

He will now lead the development of marketing activity for The Royal Mint’s Circulating Coin business, a key aspect of which will include the launch of the new UK £1 coin in 2017, as well as helping to implement The Royal Mint’s new high-security feature in plated products across the globe.

In the November issue of Currency News, in the article on management changes at the Royal Canadian Mint, we incorrectly spelt the name of the new appointee for quality systems. His correct name is Michel Saad (not Saas).

Tom Ferguson will thankfully remain as Conference Chairman and the Technical Steering Committee (currently made up of Anton Bleikolm, Mark Crickett, Michael Boehm and Eugenie Foster, and now including CR) will be invited to continue in its role. We have had the opportunity to work with each of these committee members through our other activities so there is already a good working relationship.

Through CR’s growing engagement with the industry, we expect to work with the Banknote Advisory Council and continue to partner with the central bank and printworks community, as well as all the sponsors, to improve the conference experience – which is our primary goal.As you know, Banknote is noted as being more of a technical conference remaining in Washington, DC, while the Currency Conference focuses on more operations and policy while rotating through the regions. We both believe this was best for the industry so again, no change there.

The success of the Banknote Conference was a pure indication of its importance and need in the industry. Between the two conferences, there is only approximately a 20% overlap of delegates.

So our organising both conferences allows us to better manage and maximise this delegate differentiation for the benefit of the delegate and sponsor experience.

As mentioned earlier, we are also in a better position to ensure proper differentiation in the agendas.

Further, our independent position in the industry, which is critical for a successful conference, ensures a fair and well-balanced programme. We understand the responsibility that we have as owner and organiser of these two key industry conferences, and we will use it for the benefit of the delegates and sponsors.

Q: These conference are normally planned years in advance. How far advanced were the plans for Banknote prior to the acquisition?

A: Yes – planning for Banknote 2016 in the JW Marriott in Washington, DC had already been initiated, so we are off to a great start already in preparing for another successful Banknote conference. We will, of course, bring our own organisational skills to the conference to ensure it continues to operate to the highest standards.

Q: What does the future hold for Currency Research and for you?

A: We are all very excited about the new challenges and opportunities ahead.

Currency Research has decided to take the role of ‘defender of cash’ and to try to counter some of the negative publicity around cash. It is our hope we will be the ‘expert opinion’ people turn to when needing counter arguments.

We will be releasing new reports to help focus on the positive aspects of cash, hopefully justifying expenditures in cash in both the regular course of business, and in new ways, such as numismatics. We will continue to look for ways to give value to the industry as it is both in our name andin our DNA!

For me, personally, the future seems to hold what the past has: new challenges and new experiences. That, and the people, is what I love about this industry!

Currency Research (Continued)

Vladimir Finogenov.

8 CURRENCY NEWS | CASE STUDY

Morocco’s Cash Management Policy Reaps Rewards By Lahcen Hadouni

Bank Al Maghrib (BAM), Morocco’s central bank, first introduced an integrated cash management strategy in 2003 that has proved a great success, as explained at the recent African Banknote Conference in Cape Town.

BAM, in common with other central banks, is in charge of cash management and cash processing as provided by law and by internal regulations. It is the sole authority in the country mandated to issue legal tender currency, define the quality standards of notes and coins in circulation and safeguard their authenticity and quality, outsource note processing and recycling to third parties, and produce currency and security documents to meet both domestic and foreign demand.

Importance of cashThe population of Morocco is about 33 million people, 58% of whom have a bank account and are financially included. The banking network is well-developed in urban and semi-urban areas, with more than 5,550 branches and 6,012 automated teller machines (ATMs).

Cash remains greatly prized by Moroccans for commercial transactions, in spite of the increasing development of alternative means of payment. Over the last ten years, cash has grown by 91% by volume and 118% by value. As of December 2014, total cash in circulation was 1.4 billion notes with a total value of 185 billion Moroccan dirhams ($20.6 billion). The number of notes per capita is 38 and the ratio of total cash in circulation to GDP amounts to 20%, one of the highest ratios in Africa (see ‘The Future of Cash in Africa’ – CN August 2014).

There are four banknote denominations in circulation: 20, 50, 100 and 200 dirhams. The share of each denomination in the total volume of circulation is 8%, 4%, 38% and 49% respectively (see Figure 1).

The cash cycle activity is structured around a system composed of Dar As-Sikkah (DAS), BAM branches, commercial banks and private cash management companies. DAS is Morocco’s mint and banknote printing works. It also produces security documents, principally the biometric passport. The installed production capacity is over 1.5 billion notes, 200 million coins, 800 million processed notes and 1.5 million passports per year.

DAS is also responsible for all functions related to the cash cycle management, including demand forecasting, inventory, distribution, circulation, sorting, recycling and destruction. In December 2013, DAS successfully passed the re-certification tests for ISO 9001, ISO 14001 and OHSAS 18001.

BAM operates a network of 20 branches through which cash is distributed to commercial banks and cash management companies (CITs). Only four branches have cash processing activities, while two CITs have been authorised by BAM to offer cash processing and transportation services to commercial banks.

Moreover, a cash recycling scheme has been in operation since 2010. It requires commercial banks to authenticate and process banknotes for fitness, either automatically or manually at counters, before recycling.

Clean Note PolicyThe Clean Note Policy (CNP) is defined by BAM as ‘the knowledge, tools and schemes deployed in order to supply the economy with currency complying with the best quality standards, and to ensure a clean note circulation, enabling an effective operational assessment of risks and costs’.

The main goals of the CNP are both strategic and operational. Strategically, BAM has set three broad objectives, namely (1) ensuring an optimal supply, (2) managing and mitigating risks, and (3) keeping costs under control.

The optimal supply of currency encompasses appropriate volumes of each denomination, acceptable quality levels combining new notes and fit notes obtained from the sorting activities, and timely deliveries to the corresponding parties (should they be central bank branches, CITs or commercial banks).

While risks are monitored through the whole cash cycle according to different factors – such as banknote security, integrity, quality or counterfeiting – costs are monitored at the stages of banknote production, processing and in the supply chain (inventories, transportation etc.).

The operational goals set by BAM mainly include: Facilitating public recognition and machine readability of banknote security features, and enhancing durability, particularly for low denominations;

Figure 2: Moroccan cash cycle key stakeholders (2014).

Dar As-Sikkah

Production (processing) capacity: 1.5 billion (800 million) notes

The public

Commercial banks and

public accountants

Cash in transit companies

(CITs)

Bank Al-Maghrib branches

20 branches, four of which with currency processing activities

2 CITs 11 cash centers Over 70% share in banknote processing

20 commercial banks 5,554 branches 6,012 ATMs

33 million people 58% of adult population with bank accounts

200 DH 100 DH 50 DH

20 DH 10 DH

45%

38%

4%8%

1%

Figure 1: Denomination structure of Moroccan Dirham (2014) .

CURRENCY NEWS | CASE STUDY 9CASE STUDY | VOLUME 13 – NO 1 | JANUARY 2015

Reducing cash operations at central bank branches as well as logistical operations;

Decentralising processing/sorting activities, and involving CITs and commercial banks in cash processing and recycling.

Ensuring optimal supplyBAM has implemented several actions in order to achieve this goal. The more significant ones include a large investment programme to renew design and production equipment, a new banknote series and a business continuity plan (see CN February 2013).

BAM has invested approximately $100 million to extend production capacity and has installed state-of-the-art technologies at DAS, including up-to-date prepress equipment, a complete new printing line comprising five machines, single note inspection systems, finishing equipment that allows flexible work organisation, and a total traceability system.

Further investments have been made to upgrade the BPS 1000 high-speed sorting machines to the M7 platform and to install high-speed sorting systems in main branches, thus increasing processing capacity by at least 30%.

Another important component of this goal is the forecasting of banknote demand. To this end, BAM has developed a statistical model (Arima, Scarma) that is used to forecast monthly, quarterly and annual quantities to supply.

The business continuity plan is based mainly on buffer stocks of new and fit banknotes; the inventories held are intended to cover at least the demand for a six-month period of each denomination.

Cost controlCompeting with other means of payment, cash has to be cost effective through the whole cash cycle, says BAM. To this end, it has implemented a number of measures to keep costs under control.

For example, the automation of the processing of the low denominations began in 2013 for the 50 dirham banknote, and about 30% of the quantities received of this note are now processed on high-speed sorting machines.

Moreover, BAM chose to decentralise banknote processing at several branches, thereby avoiding logistical costs and redundant operations.

Other actions have been taken with the aim to improve the life of notes and their resistance in circulation – including enhancing durability and involving the commercial sector in recycling.

Enhancing durabilitySeveral actions have been carried out since 2002 to improve the durability of banknotes, including the use of durable substrates for the two lowest denominations. This move was followed by the subsequent adoption of Diamone® composite and Syntech®.

BAM also conducted two circulation tests in 2012, the first one was with the Durasafe® substrate for the 25 dirham commemorative note, and the second one was the 100 dirham note coated with different types of varnishes.

For the new series issued in 2013, BAM decided to varnish the 20 and 50 dirham notes, and might consider in the future varnishing the higher denominations as well.

Involving commercial sector Since 2003, meanwhile, BAM has encouraged private third parties to take a more active role in cash processing and recycling. Access to the sector is regulated by minimal technical and organisational entry conditions. A prior formal authorisation by the central bank is needed before starting operations. Criteria such as site compliance, security procedures including risk management, and sorting equipment are checked carefully by the central bank when assessing applications.

So far, two cash management companies have been authorised: Brinks and G4S. They operate eleven cash centres in the major cities – Casablanca (2), Tangier (2), Fez (2), Marrakech (1), Agadir (1), Nador (1), Oujda (1) and Rabat (1).

In 2014, nearly 2.5 billion notes were processed for fitness and authenticity, which is equivalent to twice the volume of notes in circulation. BAM processed 500 million notes and the remaining 2 billion was operated by the private sector. CIT activity has increased by more than ten times since the opening of the first cash sorting centre in 2005.

Offsite control and more than 50 onsite inspections (of equipment testing, quality standards, security and procedures) are regularly conducted each year by the central bank in order to ensure that the activities outsourced to these CITs are properly performed.

In December 2009, BAM took this framework a step further and set a new recycling scheme that put the obligation on commercial banks to check banknotes received at their counters for authenticity and fitness before recycling. This requirement aimed to enhance public confidence and improve the quality of notes in circulation.

This process was concluded by the signing in 2013 of an agreement between the central bank and commercial banks for the deployment of the recycling scheme, thus providing the regulatory basis for processing equipment tests, notes processing, onsite controls, etc.

Score-cardingThe actions implemented by BAM through the Clean Note Policy have produced promising results in various parts of the cash cycle management, for example: Cash processing: the target is to process

2.5 to 3 times the volume of cash in circulation; the figures were 1.25 in 2006 and 2 in 2014; New notes issued yearly: the target is 15% of total volume of fit notes issued by the central bank; the results were 38% in 2006, decreasing to less than 21% in 2014;

Continued on page 10 >Figure 3: Moroccan cash cycle in millions of banknotes (2013).

New notes/Fit notes Unfit notes/Unsorted notes/

Notes to be destroyed

Unfit notes Excess fit notes New notes

Unsorted notes Fit notes

Destruction

486

682

515

328

1,796

1,906

110

617

949

715

Dar As-Sikkah

The public

Commercial banks and

public accountants

Cash in transit companies

(CITs)

Bank Al-Maghrib branches

360

10 CURRENCY NEWS | BANKNOTE OF THE MONTH

Nigeria’s new 100 Naira commemorative note, which was unveiled by the country’s President, Goodluck Ebele Jonathan, in November, has now been issued and will co-circulate with the existing 100 Naira. The new note has been produced to celebrate the 100th anniversary of the country (which was formed in 1914 by the union of two British protectorates). But the Central Bank of Nigeria also took the opportunity to enhance the security of the note, and to insert an innovative new feature to make it one of the world’s first ‘smart’ notes.

According to Nigerian Security Printing and Minting’s Managing Director, Joseph Ugbo, and Prof Odozi, who presented the new note at the African Banknote Conference, there are several drawbacks to the existing N100 note, which is based on a design from 2001. The serial number is not secure, the notes are not sufficiently durable given the humid conditions in Nigeria, the image of the Zuma Rock on the reverse has no historical significance, and the coat of arms is inadequate as a public feature. The note also suffers from poor colour saturation.

The objectives of the new design, therefore, were to enhance security and durability, make the notes more attractive and hence encourage their use in an economy which (despite efforts by the government to drive cashless payments) is still cash-driven, and place more emphasis on Nigeria’s culture and heritage.

Three design themes were chosen – the evolution of payments in Nigeria, the importance of agricultural cash crops to the economy, and cultural dancers from different regions of Nigeria (Nigerians being renowned for their love of dance).

Security features include SPARK® in the centre of the note, the words ‘One Nigeria, Great Promise’ in microtext, a variable sized font for the numbering and Motion® Rapid™, the new version of Crane’s Motion thread.

The N100 is the first note to use this feature, which has smaller lenses than the traditional Motion, resulting in rapid movement of the icons, high colour contrast and more complex optical effects (in this case, the national flag and denomination numeral).

Elements of the background design (based on indigenous Nigerian textiles) have been picked out, along with cowrie shells and manillas (armlets made of bronze, copper or gold known as slave trade money) – both of which were historical forms of currency. Agriculture is portrayed by nuts and coconuts.

The portrait of Chief Obafemi Awolowo (former politician and federalist credited with coining the term Naira for the currency) has been retained for the front of the note, and also appears in the watermark. The reverse of the note features dancers in place of the Zuma Rock.

The notes have been printed double sided in intaglio to increase durability, and raised bars have been added as a feature for the visually-impaired.

Unusually, the note features a QR code on the reverse, which links to a website with information on the country’s 100-year heritage.

According to NSPMC, the note combines smart components, connectivity components and physical components, representing a truly ‘smart’ banknote, with the added benefit of greater security and visual appeal.

Nigeria’s ‘Smart’ New 100 Naira

President Goodluck Jonathan (right) receiving a redesigned commemorative N 100 banknote from the Governor of the Central Bankof Nigeria, Godwin Emefiele (left).

Number of counterfeit notes per million: the target is less than 10; the figures were 17 in 2006, 18 in 2009, 10 in 2012, and 6 in 2014.

Processing delay of received banknotes at central bank branches: the target is less than 2 weeks for high denominations; the real figures were 5 months in 2006, 7 months in 2009, 5 weeks in 2012 and 2 weeks in 2014.

Share of CITs in processing and recycling activities: the target is more than 70%; the figures were 20% in 2006, 47% in 2010, and 80% in 2014.

The efforts deployed by BAM will contribute to establishing a regional supervision of banknote quality, significantly optimising logistics operations and strengthening proximity control of CITs’ activity.

If the decentralisation and delegation of note recycling will help to rapidly detect counterfeited notes, the evolvement of BAM in these activities will enhance and develop its expertise in cash cycle management, strengthen its ability to ensure business continuity and take better advantage from the CNP score-carding results.

The challenge remains to improve further and strengthen these achievements over the coming years in in order to effectively balance cash risks, costs and benefits.

Lahcen Hadouni was Managing Director of Dar as Sikkah from 2010 until his retirement in 2014. He was also Permanent Secretary to the Association of African Banknotes and Security Documents Printers (AABSDP) and is now Advisor for Currency News.

Morocco’s Cash Management Policy Reaps Rewards (Continued)

Americas Cash Cycle Seminar 2014

EURICPA’s 1st IBNS Event The European Intelligent Cash Protection Association (EURICPA), which represents the interests of manufacturers of intelligent banknotes neutralisation systems (IBNS), organised its first high-level event on cash security and new technologies in Brussels on 4 December. The focus was on the role and impact of security inks, new substrates and taggants.

According to Patrice Rullier, EURICPA President, ‘IBNS technologies are being deployed massively in Europe, and several countries have already made their use mandatory. Our capacity to protect cash and the people managing and transporting it is clearly recognised, and the fact that we organized this event in Belgium – a strong advocate of IBNS – has a strong symbolic value.’

Over 70 senior executives attended, including officials from the European Central Bank and the central banks of Belgium, France, Netherlands and UK, along with representatives from the European Commission, national forensics institutes, cash management companies, security ink suppliers, banknote equipment manufacturers, taggant suppliers, commercial banks and IBNS providers.

The discussions centred on the challenges and issues surrounding ink-staining, from a legal and a technological standpoint.

After the ECB presented promising data on an ongoing research project aimed at preventing the recirculation of stained banknotes, many participants pointed out the ongoing paradigm shift regarding these stained banknotes, with calls for the development of an IBNS standard in Europe. (NB. The ECB has already adopted a decision in 2013 compelling the depositor of stained banknotes to prove that he or she has been the victim of a criminal act in order to be reimbursed by a central bank – see CN October 2013).

Alternatives to ink-staining systems, such as glue or heat, were also discussed, along with the growing importance of taggants (DNA or rare earth markers integrated into the security ink) and the compatibility of polymer banknotes with IBNS, traditionally more resistant to security inks than cotton-based paper banknotes.

Programme Published for HSP EuropeThe programme has now been published for High Security Printing™ Europe, which takes place 23–25 March in Budapest, Hungary.

The event, which typically attracts around 280 delegates, is focused on the design, specification, production, issue and circulation of banknotes and other high security ‘government’ documents, including passports and ID cards, with a strong emphasis on innovation and examples of best practice.

Highlights of this year’s programme include an opening address by Magyar Nemzeti Bank (Hungary’s central bank) which will cover cash issuance and management in Hungary, presentations from the central banks of Poland and Israel on their new series, and from the Bank of Lithuania (Lietvos Bank) on the changeover to the euro earlier this month.

Papers on design and production include challenges during the introduction of a new product from Jura, the facts about Guardian® polymer substrate from Innovia Security, and developing the first denomination of a thoroughly upgraded banknote series from Hungarian Banknote Printing Company.

In the technology and innovation session, Opalux will demonstrate its OpalPrint customised multi-application colour-shift technology, Demax will talk about novel non-rainbow OVDs based on diffraction optics and SICPA will present on a multi-level security approach to checking the authenticity of documents.

The final session of the programme will cover anti-counterfeiting and document fraud, with papers from Portugal’s National Counterfeit Analysis Centre on new euro banknote features and how much they contribute to counterfeit prevention, the Russian Ministry of Interior on modern trends in banknote counterfeiting in Russia, and the University of Lausanne’s Institute of Forensic Science on counterfeit banknote paper.

The conference will be accompanied by an exhibition of 35 suppliers, and will be followed on 26 March by an optional tour of the central bank’s cash centre, which was opened in 2008 and is one of the most advanced in the world.

www.hsp-europe.com

11CONFERENCES | VOLUME 13 – NO 1

Currency Research has announced the successful conclusion of another Cash Cycle Seminar – this one focusing on the Americas region which took place in Miami in December and was attended by 250 delegates from 33 countries.

Trish Halligan, Managing Director of North America & The Caribbean, stated that ‘this year’s seminar was widely regarded as one of our best. For this we have to thank all the distinguished speakers, workshop leaders, and sponsor companies who did an outstanding job in providing valuable content and an engaging environment, both in the sessions and exhibition.’

Central banks, commercial banks, cash management companies, mints and supplier delegates joined together in a number of general sessions, pre-seminar workshops, the post-seminar symposium on banknote production, sponsor breakout meetings and the many networking events during the course of the two and a half day event.

Among the highlights of the general session were the two panel discussions. One – ‘Cash Processing – Is Outsourcing the Answer?’ – saw commercial bank experts discussing the key drivers behind their decisions, sharing what impacted those decisions and the criteria used to make them.

The other – ‘Smart Safes – Are They the ‘Hannibal Lecter’ of the Cash Handling Service Providers?’ – had a panel of industry experts discussing the impact safes have had on their businesses and how they have responded to the changing market.

The next event will take place 7–10 December in Fort Worth, Texas.

In the meantime, coming up shortly isthe Cash Cycle EMEA event, which takes place 24–27 February in Milan, Italy.

www.iccos.net

And Then There were 19...Lithuania has become the 19th member of the eurozone, and the last of the three Baltic states to adopt the single European currency (Estonia joined in 2011, and Latvia last year).

The country has been part of the European Union since 2004 and had originally planned to adopt the euro in 2007 – but the country’s economy was severely hit by the financial crisis, and it was unable to meet the terms necessary to join.

Lithuania implemented a series of austerity measures to rebalance the economy and meet the entry criteria, and now has oneof the fastest growing economies inEurope. Its application to join was confirmed last July.

The introduction of the euro has followed a well-trodden path – changing over at midnight on December 31, with a period of two weeks of co-circulation, after which the euro will become the sole currency. Litas notes and coins can continue to be exchanged at commercial banks, post offices for a further 60 days. The central bank will exchange Litas for an indefinite period.

An extensive public education campaign swung into action following the decision to adopt the currency, which has included the Euro Exhibition. Held at the National Museum Palace of the Grand Dukes of Lithuania to introduce the population to the new currency, it has been visited by over 46,000 people since it opened two months ago.

12 CURRENCY NEWS | COMPANY NEWS

No part of this publication may be reproduced, stored in a retrieval system or translated in any form or by any means – electronic, mechanical, photocopying, recording or otherwise – without the prior permission of the publishers. While every effort has been made to check the information given in this publication, the publishers cannot accept any responsibility for any loss or damage arising out of, or caused by the use of, such information. Opinions expressed in Currency News are those of the individual authors and not necessarily those of the publisher.

COPYRIGHT 2015. ALL RIGHTS RESERVED

Events19–21 JANUARY 2015HIGH SECURITY PRINTING ASIA Manila, Philippineswww.hsp-asia.com

29 JANUARY– 1 FEBRUARY 2015WORLD MONEY FAIRBerlin, Germany www.worldmoneyfair.de

24–27 FEBURARY 2015EMEA CASH CYCLE SEMINAR (ICCOS) Milan, Italywww.emea.iccos.com

23–25 MARCH 2015HIGH SECURITY PRINTING EUROPE Budapest, Hungary www.hsp-asia.com

22–24 APRIL 2015INTERGRAFCopenhagen, Denmarkwww.intergraf.eu

10–15 MAY 2015 THE CURRENCY CONFERENCEVancouver, Canadawww.currencyconference.com

Publisher: Currency Publications Ltd (a Reconnaissance Currency Research company) Editor: Astrid Mitchell (right)Editorial Advisors: Richard Haycock, Martyn White Contributors: David Tidmarsh, Lahcen HadouniAdvisors: Michael Boehm, Mark Crickett, Tom Ferguson, Eugenie Foster, Lahcen Hadouni, James Hussey, Brian Lang, Francis Ravez, Raul Sierra

Annual subscription rate: £968 / €1258 / $1597

Ask about multiple/corporate subscriptions and site licences.

The editorial team welcomes your news, contributions and comments. Please send these to info@currency-news.com

4 Windmill Business Village, Brooklands Close, Sunbury, TW16 7DY, UK Tel: +44 (0)1932 267 232; Fax: +44 (0)1932 780 790 www.currency-news.com

Charter Subscribers of Currency News

Euro Exhibition at the National Museum Palace