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This is a collection of scraps of news on Banknote, Banknote Printing and Banknote Counterfeiting which have interested the author during 2014.
Citation preview
Swamys
Scraps on Banknote 2014
Narayanan Krishnaswamy
II Swamys Scraps on Banknote 2014
Swamys
Scraps on Banknote 2014
2015
Narayanan Krishnaswamy
http://upload.wikimedia.org/wikipedia/commons/a/a2/Sri_Yantra_256bw.gifhttp://upload.wikimedia.org/wikipedia/commons/a/a2/Sri_Yantra_256bw.gifhttp://upload.wikimedia.org/wikipedia/commons/a/a2/Sri_Yantra_256bw.gifIII Swamys Scraps on Banknote 2014
to Banknote Professionals
IV Swamys Scraps on Banknote 2014
2015 Narayanan Krishnaswamy
Author does not have any copy right of any of the items scraped in this scrap book on banknotes, banknote
printing and banknote counterfeiting. ALL RIGHTS RESERVED BY THOSE WHO HAVE PUBLISHED
THESE ARTICLES, NEWS OR FEATURES. Any part of this work covered by the copyright herein may be
reproduced, transmitted, stored or used in any form or by any means graphic, electronic, or mechanical,
including but not limited to photocopying, recording, scanning, digitizing, taping, Web distribution, information
networks or information storage and retrieval systems, except as permitted with the prior written permission of
the concerned publisher or author.
All the logos, monograms, symbols, ensigns, marks, crests, motifs, visuals, brands, colours etc., are trademarks or
registered trademarks or proprietary markings of the concerned individuals, groups, institutions, organisations,
establishments, individuals or respective owners and author does not have and claim any right over them.
Cover illustration by Diogo Trindade. Source: Virus Banknotes, Glitch Experimental Design,
https://www.behance.net/gallery/5129445/Virus-Banknotes
Narayanan Krishnaswamy
http://upload.wikimedia.org/wikipedia/commons/a/a2/Sri_Yantra_256bw.gifhttp://upload.wikimedia.org/wikipedia/commons/a/a2/Sri_Yantra_256bw.gifhttp://upload.wikimedia.org/wikipedia/commons/a/a2/Sri_Yantra_256bw.gifV Swamys Scraps on Banknote 2014
Preface This compilation of news on banknote, its production and counterfeiting is
entering one more year. Hope this update too caters to the aspiring needs of
banknote professionals in keeping them abreast in their professional domain
and make them relevant in their work life. This collection has focussed on the
fields of design, printing, security printing and banknote production - where I
am currently engaged in.
This book is an annual compilation of banknote related news from the
year 2014 and covers the events published as news through the year. These
scraps of news items cover topics ranging from new technologies introduced,
new challenges thrown in, scandals which had been brought to light, new
launches of banknotes etc. The year 2014 witnessed the launch of new Euro
10 with Europa and abstract design proposals for Norwegian currency. Two
thousand and fourteen also witnessed some withdrawals of currencies like
Indian Rupee, up-gradations and failures. The author hopes that this small
drop of information in this traditional and conservative industry quenches the
thirst of knowledge. Any suggestion on the functionality and presentation of
this compilation is welcome.
This is presented in three parts, namely Banknote, Banknote Printing and
Counterfeiting and is arranged chronologically. An index is provided at the
end for easy access of the required information.
Narayanan Krishnaswamy
VI Swamys Scraps on Banknote 2014
Acknowledgments This book owes a lot to those who have faith on me, who have expectations
on me, whose words and deeds have nurtured me to do undertake this
venture. This compilation was sent as Some Updates to few of my senior
professionals to facilitate or enable taking knowledgeable decisions. Many
of them have offered words of encouragement which have been duly
considered in presenting this. I acknowledge BRBNMPL, my current employer
profusely in motivating me to pursue this effort.
I gratefully acknowledge Shri. Kaza Sudhakar, Managing Director; Shri.
S. Shakarasubramanian, Director; Captain S. Madhav Rao, Director; Bharatiya
Reserve Bank Note Mudran Private Limited, Bangalore, India and Shri. B. N.
Chakraborty and Shri. H. S. T. Desai, General Managers, Bharatiya Reserve
Bank Note Mudran Private Limited, India whose words of encouragement
have mattered a lot to me in publishing this.
Medha and Jayashree have always been my inspiration in finishing this
Volume. Appa and Amma have stood by me always.
Narayanan Krishnaswamy
VII Swamys Scraps on Banknote 2014
Banknote
TN: Brazilian Currency Notes Seized ............................................................................ 2
News Release - Bank of England Announces Houblon 50 Banknote to be Withdrawn.................. 3
RBI to Withdraw All Pre-2005 Currency Notes ..................................................................... 5
Withdrawal Syndrome ............................................................................................... 6
One billion plastic notes of Rs10 denomination later this year .............................................................. 8
RBI Extends Date for Exchanging Pre-2005 Currency Notes ........................................... 8
RBI Says No Goof-up in Note Printing .......................................................................... 9
Russia, Kazakhstan and Belarus to have New Joint Currency by 2025 ............................... 9
2014 $2 Triple Deuce Set ......................................................................................... 11
RBI to Issue Rs 100, Rs 50 Banknotes with 2014 Printing year ...................................... 13
Raghuram Rajan Signed Rs 1,000 Banknotes from RBI in a Bank Near You Shortly .......... 13
Plastic Currency Notes to be Launched in 2015: Raghuram Rajan .................................. 14
Plastic Banknote will Commemorate 125th Anniversary of Forth Bridge .......................... 15
Thousands of Currency Readers in the Pipeline for the Blind ....................................... 16
SBP Issues New Notes Worth Rs 157bn .................................................................... 19
More Women on U.S. Currency? Obama Has That Power ............................................ 20
New Banknotes Launched, Redenomination will Go On ...................................................... 20
Azerbaijan to Introduce High-nominal Banknotes .............................................................. 21
New banknotes to fight Australian counterfeiting ........................................................................ 22
A 5,000-Rupee Note .................................................................................................... 23
New EUR 10 banknote enters circulation ....................................................................................... 23
PMs brother-in-law calls for boycott of 50 shekel note ....................................................................... 24
Norway's New Banknotes Are Works of Art ..................................................................... 24
K50 Banknote Bearing portraits of Presidents Launched ...................................................... 25
Smartphone App to Detect Currency Denominations .................................................. 26
Financial facelift with new $100 bills ............................................................................. 26
New Smartphone App can Enable the Blind to 'See the Money' Now .............................. 27
New Zealand Unveils New Currency Notes .................................................................. 27
NZ Unveils New Range of Banknotes ............................................................................. 28
Plastic Note Trial in Mysuru, 4 Other Cities ................................................................. 28
Dont Replace Gandhiji with Other Leaders on Banknotes: RBI ...................................... 29
Is That $1 or $5? Ask This Money Reader for The Blind ............................................... 29
Govt to Issue Rs.1 Currency Note After Gap of Two Decades ............................................... 31
VIII Swamys Scraps on Banknote 2014
De La Rue Chose Mas Image for New TT $50 Bill .................................................... 31
Banknote Printing
Designing U.S. currency to prevent counterfeiting ........................................................ 35
Wichitas Envision selected for study that could change U.S. currency ............................ 36
Euro Banknotes will Remain Paper, not Plastic ............................................................ 38
Spectra Systems Gets First Banknote Security Orders For New Facility ............................................... 39
Low world paper price continues to tax banknote giant De La Rue ................................. 39
Banknotes, coins, security paper output up 9-11% in Apr-Jan ........................................ 40
Austrian Money Printer Paid Bribe for Contracts, Prosecutors Say ................................. 40
Commissions ....................................................................................................................................... 41
Note Theft at Sri Lankas Official Money Printer De La Rue, Police Arrests a Suspect ................................ 42
Saturday, February 22, 2014 ............................................................................................................ 42
De La Rue CEO Tim Cobbold quits to join UBM LONDON ........................................... 42
KSRTC buses connect Note Printing Press Again ........................................................ 44
INNOVIA PLASTIC BANK NOTE DEAL BRINGS 80 NEW JOBS .............................. 44
No more counterfeit bank notes ................................................................................. 45
Researchers from the Korea Advanced Institute of Science and Technology ................... 45
They are made from tiny nanowires ........................................................................... 45
The unique patterns contain between 20 and 30 of silver strips ...................................... 45
The fingerprints could also be used to tag electronics and drugs .................................... 45
Pollard Banknote Announces Purchase of New 22-Station Press ................................... 46
RF to Power Printed Counterfeit Protection................................................................ 47
The Banque du Liban Launches its new Polymer 50,000 .............................................. 47
Louisenthal Wins Industry Award for Best New Currency Feature ................................ 47
Washington D.C. - 11 April 2014 ..................................................................................................... 48
TECHNOLOGY: Creating Currencies - The Bold Designs that Deter Banknote Forgers ................... 48
Fortress Paper's Durasafe(R) Confirmed for New Swiss Franc Series ............................ 49
PRESS RELEASE ................................................................................................... 49
RBA Denies Access to Report on Money-printing Arm's Dealings with Saddam Regime .... 50
De La Rue Cites Restructuring As Full Year Profit Rises ............................................................ 50
De La Rue Positive on Future, but Spectre of 2010 Lingers ................................................................ 51
Reopen Banknote Scandal Case, Anti-graft Pressure Group tells MACC ........................ 54
US Government Prints 528 Million Banknotes in June 2014 .......................................... 55
Printing Fiat Money: Australian Allegations of worldwide bribery .................................... 55
Lithuania will Receive Euro Banknotes from Central Bank of Germany ................................... 57
IX Swamys Scraps on Banknote 2014
Concerned Over India's Lack of Currency Printing Ability: President ...................................... 57
Vancouver's Fortress Paper Sells Part of Bank Note Unit .............................................. 58
Quebec-based plant........................................................................................................................... 58
Banknote printer De La Rue appoints Martin Sutherland as chief ................................... 58
India Security Press invites tenders to procure paper ................................................... 60
BoE names De La Rue Preferred Bidder for Banknote Printing ...................................... 61
App Enables Blind and Visually Impaired Individuals to Identify U.S. Currency Notes with
Android Smartphone ................................................................................................ 62
Zayed University Students Design Special Banknotes ................................................... 62
By Sara Sabry ........................................................................................................ 62
2014 Intaglio Print Defenders of Freedom Coast Guard ................................................ 63
Paper money that can be read by the blind likely delayed until 2020 ............................... 64
Mysore to manufacture paper for currency notes next year ............................................ 67
Duchatczek Satisfied ............................................................................................................................ 68
BRIEF De La Rue signs 10 year banknote printing contract with Bank of England ......... 69
Banknote Market 2014 Analysis ................................................................................. 69
Two Acquitted ....................................................................................................................................... 73
Tons of Money ...................................................................................................................................... 73
Global Printer ........................................................................................................................................ 74
Azeris Pay ............................................................................................................................................. 74
No Truth .............................................................................................................................................. 74
20 Percent ............................................................................................................................................ 74
Plastic Money ....................................................................................................................................... 74
Its About Greed .................................................................................................................................. 75
Acquittal Appeal .................................................................................................................................... 75
Billions of New $100 Bills Slow to Millions In 2014 ............................................................... 75
Bank Al Maghrib to Print Banknotes for Worlds Market ................................................ 78
BEP Accepting Applications for Free Currency Readers ................................................ 79
Kenya: Kinyua Accused of Helping De La Rue in Tender .............................................. 79
Kenya Buys De La Rue 40 Percent for Sh700 Million ................................................... 80
ICAC, RBA Note Printing Push Australia Down Corruption Perception Ladder ......................... 81
Counterfeiting
Probe Intensified into Fake Currency Notes Case ........................................................ 84
Brothers Printed Fake Banknotes ................................................................................... 84
Printers Jailed for Fake Banknote Scam ............................................................................................... 86
The Rs 5 Note in Your Hand may be Fake .................................................................. 86
NIA nails Pakistan in Court for Pushing Fake Currency into India .................................. 88
X Swamys Scraps on Banknote 2014
CBI today arrested two persons in Moradabad. ............................................................ 89
"The recovered FICN are in the denomination of Rs.1000 and Rs. 500.. .......................... 89
"During the last week, CBI had also arrested two accused. ........................................... 89
Increase in Pak-printed Fake Currency Notes Smuggling to India ................................... 90
City Rife with Counterfeit Currency Notes ....................................................................... 91
What BSP is Doing to Combat Counterfeit Bills ........................................................... 92
Three of Fake Currency Smuggling Racket Held .......................................................... 92
Fake Currency: How Central Banks approach the Problem of Counterfeits .................. 93
New Port Richey Man Accused of Counterfeiting Money .................................................... 95
Shopowner Gets Fake Currency Notes ............................................................................ 95
SSB Seizes Gold and Fake Currency Worth Rs 2 crore at Nepal Border ............................ 96
Cops Bust Inter-State Counterfeit Currency Racket in Erukanchery ........................................ 96
Fake Currency Notes of Rs One Lakh Seized; Woman Arrested ............................................ 97
Two Men Convicted for Possessing Fake Currency ....................................................... 97
Small-denomination Fake Notes Vex City Police .......................................................... 97
Two Jailed After Caught With $43,000 in Fake Cash .......................................................... 98
National Investigation Agency ropes in Indian Statistical Institute ................................... 98
Counterfeiters Lapping Up Rs. 100, 1,000 Bills ............................................................ 99
City Police Bust Fake Currency Racket, 3 Arrested .......................................................... 100
Yangon Man Arrested for Using Fake Banknotes ....................................................... 101
Myanmar did not have a major problem with counterfeit notes. ............................................... 102
Italy Makes massive Seizure of Counterfeit Euro Banknotes ........................................ 102
Counterfeit Notes Rise in FY14 ................................................................................... 103
Counterfeit $50 Notes Warning ................................................................................... 104
Counterfeit Currency in Circulation at the Border ...................................................... 105
Fake Currency Printing Unit Busted, Six Held ................................................................ 106
Pakistan Runners Pumping Fake Currency Notes into India ................................................ 107
9 Get Jail for Fake Currency Racket ............................................................................. 108
BANKNOTE
2 Swamys Scraps on Banknote 2014
http://www.newindianexpress.com/states/tamil_nadu/TN-Brazilian-Currency-Notes-Seized/2014/01/10/article1993808.ece#.UvStedKSw_Y
TN: Brazilian Currency Notes Seized
By PTI RAMANATHAPURAM Published: 10th January 2014 11:48 PM Last Updated: 10th
January 2014 11:48 PM
Four persons, including three women, were arrested for possessing Brazilian currency notes at
Erwadi near here Friday. "It is not immediately known whether the currency notes Real seized from
the gang were real or fake notes", police told PTI. Two of them were from Sivakasi where printing
of fake notes used to be very common. Police refused to divulge the quantity of notes seized.
http://www.balkans.com/open-news.php?uniquenumber=187187
Balkans.com Business News Correspondent - 14.01.2014
New Europa Series 10 Banknote Introduced as more Counterfeits in Second half of 2013
Yves Mersch, member of the ECBs Executive Board, yesterday unveiled the new Europa series 10
banknote, which follows the new 5 banknote, issued on 2 May 2013. The other banknotes in this
series will be introduced gradually over the coming years. The new 10 banknote of the Europa
series will start circulating on 23 September 2014, thus giving enough time for all parties to prepare
for a smooth introduction.
The new 10 will be easily recognisable as its design is similar to the 10 of the first series.
The design incorporates advances in banknote technology, making the note even more resistant to
counterfeiting. It will also be more durable. The banknotes of the Europa series are being
introduced gradually over several years. Euro banknotes are a tangible symbol of the European
Union. 334 million people in 18 countries now use the euro.
In the second half of 2013 a total of 353,000 counterfeit euro banknotes were withdrawn
from circulation 11.4% up on the figure for the first half-year. The number of counterfeits,
however, remains very low in comparison with the number of genuine banknotes in circulation
during that period (over 15 billion). Despite this small number, the members of the Eurosystem
i.e. the European Central Bank (ECB) and the 18 national central banks of the euro area advise
people to stay vigilant when receiving banknotes. Genuine banknotes can be easily recognised using
the simple feel, look and tilt method described on the euro pages of the ECBs website and the
websites of the Eurosystem national central banks. If a person receives a suspect banknote, he/she
should compare it directly with one that is known to be genuine. If those suspicions are confirmed,
the person should contact either the police or depending on national practice the respective
national central bank.
In the second half of 2013. the 20 and 50 continued to be the most counterfeited
banknotes. The proportion of counterfeit 20 notes increased and that of counterfeit 50 notes
decreased. Together, they accounted for 78% of the counterfeits; the number of 10 counterfeits
rose, but this denomination still only comprised 6.3% of the total; and most (98.0%) of the
counterfeits were found in euro area countries. Only around 1.5% were found in EU Member States
outside the euro area and 0.5% were found in other parts of the world. The Eurosystem
communicates in various ways to help the public distinguish between genuine and counterfeit
notes, and to help professional cash handlers ensure that banknote-handling and processing
machines can reliably identify and withdraw counterfeits from circulation. The Eurosystem has a
duty to safeguard the integrity of the euro banknotes and to draw on improvements in banknote
technology. The Europa series it is introducing will contribute to maintaining public confidence in
the currency. The new series will offer optimal protection against counterfeiting, as the banknotes
will be even more secure and durable.
Highlights;
353,000 counterfeit euro banknotes were withdrawn from circulation in the second half of 2013.
This figure is very small considering that there are over 15 billion genuine banknotes in circulation
at any one time. Over 75% of the counterfeits are 20 and 50 banknotes. The number of 10
counterfeits increased, but only represented 6.3% of the total. To stay ahead of counterfeiters, the
http://www.newindianexpress.com/states/tamil_nadu/TN-Brazilian-Currency-Notes-Seized/2014/01/10/article1993808.ece#.UvStedKSw_Yhttp://www.balkans.com/open-news.php?uniquenumber=1871873 Swamys Scraps on Banknote 2014
Eurosystem is today unveiling a new, upgraded 10, the second banknote in the Europa series. Any
euro banknotes can be easily verified using the feel, look and tilt method. The euro banknotes
remain a trusted and safe means of payment. ECB
http://armenpress.am/eng/news/746019/ecb-presents-%E2%82%AC10-banknote.html
ECB Presents 10 Banknote
ARMENPRESS Armenian News Agency16:40, 13 January, 2014
YEREVAN, JANUARY 13, ARMENPRESS: The European Central Bank unveiled the 10 banknote at a
press conference in Frankfurt am Main held on January 13 2014. The new 10 will start circulating
on 23 September 2014. Armenpress reports, citing the press-release of the European Central Bank
that the Europa series 5 started circulating in the euro area on 2 May 2013. The other banknotes in
the series will be introduced gradually over several years, in ascending order. The denominations
remain unchanged: 5, 10, 20, 50, 100, 200 and 500.
The new banknotes are called the Europa series because two of their security features
contain a portrait of Europa a figure from Greek mythology and the origin of the name of the
continent. The new banknotes are to be introduced gradually over several years, in ascending
order, so the 5 will be followed by the 10, then the 20 etc. The denominations remain
unchanged: 5, 10, 20, 50, 100, 200 and 500.
The exact timing of the issuance of the remaining denominations will be determined and
communicated to the public and cash handlers at a later stage. Banknote equipment manufacturers
have been involved in the development of the Europa series to allow them to prepare for the
introduction of the new banknotes. The new series includes new and enhanced security features
which will offer better protection against counterfeiting.
The new banknotes represent an evolution. They will still feature the "ages and styles"
design of the first series and show the same dominant colors, but have been slightly modified to
accommodate the enhanced security features. This also makes them easy to distinguish from the
first series. An independent banknote designer based in Berlin, Reinhold Gerstetter, was selected
to refresh the design of the notes. As with the first series of banknotes, visually impaired users
were consulted during the design phase of the second series, and their requirements were included
in the final designs.
The 5 banknote was the first denomination of the Europa series. The second one will be
the 10, to be introduced as of 23 September 2014. As both denominations change hands
frequently, they have been given a coating to make them more durable. This means that the
banknotes will need to be replaced less frequently, thereby reducing the cost and the impact on
the environment.
When the new 5 was issued, the first series 5 continued to be issued as well for several
months in order to use up remaining stocks. The same will happen for the new 10 and the higher
denominations. In any case, for each denomination both series will continue to circulate in parallel
as legal tender.
The date when the first series of euro banknotes ceases to be legal tender will be
announced well in advance. However, the banknotes of the first series will always retain their
value: they can be exchanged for an unlimited period of time at the Eurosystem NCBs.
2009 ARMENPRESS
http://www.bankofengland.co.uk/publications/Pages/news/2014/022.aspx
News Release - Bank of England Announces Houblon 50 Banknote to be
Withdrawn on 30 April 2014
The Bank of England announces today that the 50 banknote carrying the portrait of Sir John
Houblon, the first Governor of the Bank of England, will be withdrawn from circulation on 30 April.
From that time, only the 50 note featuring Matthew Boulton and James Watt, which was introduced
in November 2011, will hold legal tender status.
http://armenpress.am/eng/news/746019/ecb-presents-%E2%82%AC10-banknote.htmlhttp://www.bankofengland.co.uk/publications/Pages/news/2014/022.aspx4 Swamys Scraps on Banknote 2014
Members of the public who have Houblon 50 notes can continue to use them up to and including 30
April.
After 30 April, general retailers are unlikely to accept the Houblon notes as payment.
However, most banks and building societies will continue to accept them for deposit to customer
accounts. Agreeing to exchange the notes after 30 April is at the discretion of individual institutions.
Barclays, NatWest, RBS, Ulster Bank and the Post Office have all agreed to exchange Houblon 50
notes for members of the public up to the value of 200 until 30 October 2014.
The Bank of England will continue to exchange Houblon 50 notes after 30 April, as it would for any
other Bank of England note which no longer has legal tender status.
Notes to Editors
1. Two images, one each of the front and back of the Houblon 50 banknote, are on the Bank Flickr
channel for use in the news media: http://www.flickr.com/photos/bankofengland/sets/
2. A short video of Victoria Cleland, Head of Notes Division, talking about the withdrawal of the
Houblon 50 note is available at the following link: http://youtu.be/_dj6HSln0Mo
3. To arrange interviews, please call the Bank of England Press Office on 0207 601 4411 or
email [email protected]
4. Details of the Houblon 50 withdrawal are also available on A4 posters highlighting the 30 April
withdrawal date. Copies of these are available free of charge by calling 020 7601 4878. Further
information is also available on the banknote pages of the Bank's website
atwww.bankofengland.co.uk/banknotes/Pages/fiftywithdrawal
5. The Houblon notes are being withdrawn under authority given to the Bank by virtue of Section 1 (5)
of the Currency and Banknotes Act 1954.
6. 'Legal tender' means that if a debtor pays in legal tender the exact amount they owe under the
terms of a contract, they have a good defence in law if they are subsequently sued for non-payment
of the debt. In practice, the concept of 'legal tender' does not govern the acceptability of banknotes as
a means of payment. This is essentially a matter for agreement between the parties involved.
7. The Bank of England regularly reviews and updates its notes in order to take advantage in
banknote design and security. The withdrawal of the Houblon 50 note is part of that process.
8. The Houblon 50 banknote was first issued on 20 April 1994. The Boulton and Watt 50 banknote
was first issued on 2 November 2011.
9. There are approximately 224 million 50 notes (11.2bn) in circulation, of which an estimated 63
million (3.2bn) are Houblon notes.
10. Old series Bank of England notes can be presented for exchange either in person at the Banks
premises in London, or sent by post (at the senders risk) to: Dept NEX, Bank of England,
Threadneedle Street, London EC2R 8AH. For further details, please see the Bank of England
website.
Brief historical background on historical characters
Sir John Houblon
Sir John Houblon was the first Governor of the Bank of England; he was appointed to this position in
July 1694. In 1696 he was re-elected by a General Court of Proprietors and continued in office until
July 1697. The Houblon 50 note was issued in 1994 to coincide with the Banks 300th anniversary.
The design on the back of the note includes an image of Houblon's house in Threadneedle Street on
the site of the Bank's present building.
Matthew Boulton and James Watt
Matthew Boulton and James Watt were responsible for accelerating the progress of manufacturing
steam engines during the 18th and 19th centuries. Their inventions and improvements to this
technology made a significant contribution to the progress of the Industrial Revolution. In 1775 the two
men entered a partnership to develop and market steam engines. Initially these were for use in the
mining and textile industries before they extended the innovation to benefit a wider range of industries
in the UK and worldwide.
http://www.flickr.com/photos/bankofengland/sets/http://youtu.be/_dj6HSln0Momailto:[email protected]://www.bankofengland.co.uk/banknotes/Pages/fiftywithdrawal5 Swamys Scraps on Banknote 2014
http://indiatoday.intoday.in/story/rbi-to-withdraw-all-pre-2005-currency-notes/1/339154.html
RBI to Withdraw All Pre-2005 Currency Notes
PTI New Delhi, January 22, 2014 | UPDATED 18:14 IST
The Reserve Bank on Wednesday decided to withdraw all currency notes issued prior to 2005, including Rs.500
and Rs.1,000 denominations, after March 31 in a move apparently aimed at curbing black money and fake
currencies.
"After March 31, 2014, it (RBI) will completely withdraw from circulation all bank notes issued prior to
2005. From April 1, 2014, the public will be required to approach banks for exchanging these notes," the RBI
said in a statement
The public can easily distinguish the currency notes issued before 2005 as they do not have the year
of printing on reverse side. The year of printing in a small font is visible at the middle of the bottom row in
notes issued after 2005.
Asking people not to panic and cooperate in the withdrawal process, the Reserve Bank of India (RBI)
said old notes will continue to be legal and can be exchanged in any bank after April 1.
"From April 1, 2014, the public will be required to approach banks for exchanging these notes. Banks
will provide exchange facility for these notes until further communication," the RBI said.
From July 1, 2014, persons seeking exchange of more than 10 pieces of Rs.500 and Rs.1,000 notes
will have to furnish proof of identity and residence to the bank. Although the RBI did not give any reason for
withdrawal of pre-2005 currency notes, the move is expected to unearth black money held in cash. As the new
currency notes have added security features, they would help in curbing the menace of fake currency.
At present, currency notes in denominations of Rs.5, Rs.10, Rs.20, Rs.50, Rs.100, Rs.500 and Rs.1,000
are issued.
http://www.hindustantimes.com/news-feed/jammusec/now-currency-note-security-features-for-amarnath-yatra-form/article1-1175625.aspx
Now, Currency Note Security Features for Amarnath Yatra
HT Correspondent, Hindustan Times Jammu, January 22, 2014
To curb duplication of registration forms of Amarnath yatra, the Shri Amarnathji Shrine Board (SASB)
will issue new forms this year onwards, with security features of currency notes.
The forms will be printed by Security Printing and Minting Corporation of India Limited
(SPMCIL), which is also responsible for the printing of currency notes, passports and stamp papers.
The printing will cost nearly `75 lakh.
The design of the form was approved in a meeting of the board chaired by state governor NN
Vohra, who is also the chairman of the board.
The revised form will have many security features, including the Ashoka pillar watermark and
text 'Shri Amarnathji Shrine Board' and the board's logo printed in the background, which can be seen
only through a powerful magnifying glass.
The logo, which will be printed in fluorescent blue ink, can be viewed under ultraviolet light,
and the printing would be done with chemically-sensitive security ink.
http://www.moneylife.in/article/new-polymer-rupee-notes-should-replace-those-printed-before-2005/36177.html
New Polymer Rupee Notes Should Replace Those Printed Before 2005!
AK RAMDAS | 31/01/2014 11:43 AM |
Why not take this as the golden opportunity to introduce polymer currency notes of Rs500 and
Rs1,000 in a single move?
Every now and then couriers and "mules" are caught carrying fake Indian currency notes. However,
quantity and frequency have increased recently, as per reports appearing in the press. Investigations
by various related agencies have come to the sad conclusion that these originate from Pakistan.
Supplies via Nepal and Bangladesh were regular; this was increased due to the presence of large
Indian expatriate population in the Gulf. Now reports indicate that Cambodia (Kampuchea) is one
more point of distribution from where the fake currency finds its way to India.
http://indiatoday.intoday.in/story/rbi-to-withdraw-all-pre-2005-currency-notes/1/339154.htmlhttp://www.hindustantimes.com/news-feed/jammusec/now-currency-note-security-features-for-amarnath-yatra-form/article1-1175625.aspxhttp://www.hindustantimes.com/Search/search.aspx?q=HT%20Correspondent&op=authhttp://www.moneylife.in/article/new-polymer-rupee-notes-should-replace-those-printed-before-2005/36177.htmlhttp://www.moneylife.in/author/ak-ramdas.html6 Swamys Scraps on Banknote 2014
Therefore the present move by the Reserve Bank of India (RBI) to replace the old
currency notes minted before 2005 has to be viewed from different angles. First is the fear that
"foreign hands", especially Pakistan, can cause havoc by pushing the supplies of these fake
Indian currency notes in circulation that may be designed to be supplied to groups which can create
problems before elections that are due in May.
Secondly, the genuine reason is to reduce the replacement cost of currency notes, which do
not have a long shelf life; at best these last for four to five years, as compared to polymer notes, which
are practically permanent and not easily copied or made. Counterfeiting polymer currency note is just
not possible, as countries like Australia, the pioneer, has not reported any case so far. Besides,
replacement costs are nil.
The world treasuries are reported to be printing about 150 billion bank notes every year to
replace the old, worn out and torn notes, at an estimated cost of $10 billion, and it is not always
practical carry metallic coins, which are also in circulation, side by side, but for smaller
denominations. Technically, the reason for shorter life span of the paper currencynotes has been
attributed to human sebum, the oily, waxy substance secreted by the sebaceous glands that prevents
hair and skin from drying out! Two researches in the USNabin M Lawandy and Andrei Smuk of
Solaris Nanosciences Corporationfound out that the frequently handled currency notes become
grimy due to human sebum! When they carried out further studies, they came up with a supercritical
CO2 which acts both like a gas and a liquid commonly used for "cleaning" applications! This will take
further research and trials before it can become functional on a large scale!
Anyway, RBI has announced the procedures to be followed for replacement of
oldcurrencies (pre 2005) from 1st April onwards, till 30th June, simply by contacting the individual
bankers where one has the account.
After 1st July, there are no restrictions on lower values, where one has the account, but upto 10
notes of Rs500 and Rs1,000 denominations and exchange them for new notes. In case of other banks,
if one should carry more than 10 note of Rs500 and Rs1,000 denominations, they need to produce ID
and residence proof from 1st July onwards. In case of doubt, banks can be contacted for assistance.
The RBI has given the assurance that this move is not intended to or aimed at
demonetising the currency, and actually being done to replace the old (pre 2005) which were easily
counterfeit able. The new notes are more difficult to counterfeit according to RBI. Though the BJP
party called this move as "anti-poor" and as a gimmick of the finance ministry, stating that people who
have no bank accounts will be hard hit, RBI officials confirmed that this was done to protect the public
and that there is no need to panic because of the proposed introduction of new currency notes.
All said and done, and taking full face value of the reasons given by RBI for this new notes,
why not take this as the golden opportunity to introduce polymer currency notes of Rs500 and
Rs1,000 in a single dramatic move? Such move will kill several birds in one stone! Elections are
around the corner and fake currencies from across the border is bound to be flooded to cause havoc,
and this can be avoided by this single major move - or at least, reduced to a great extent!
http://www.financialexpress.com/news/withdrawal-syndrome/1223835
Withdrawal Syndrome
RBI bets on pre-2005, high-value currency notes' withdrawal to combat counterfeiting and the black
economy Updated: Feb 07 2014, 04:43 IST
Days after RBI first announced that currency notes of 500 and 1,000 denominations issued prior to
2005 would be withdrawn by the end of this fiscal, it has emerged that the plan was in the works since
May 2013 when the Finance Ministry wrote to the central bank asking it to withdraw older series of
banknotes in a time-bound mannerthis came after data revealed that as much as 70% of
discovered counterfeit currency consists of higher denomination notes of 500 and 1,000.
The currency issued after 2005 is safe for the moment, but in the event of the enhanced
security features also falling prey to counterfeiters, RBI and the government would step in once again.
Officials involved in the process say more action would be taken to phase out any note series based
on reviews and data regarding counterfeiting.
http://www.financialexpress.com/news/withdrawal-syndrome/12238357 Swamys Scraps on Banknote 2014
The announcement was greeted with a bit of shock and some scepticism as to what it intended
to achieve. After all, the central bank said that all banknotes issued prior to 2005 would be withdrawn
from circulation after March 31 this year. From April 1 onwards, all banknotes would have to taken to
banks and exchanged for new notes issued after 2005. There was no data that was issued by RBI as to
the total value of the banknotes that were to be impacted by the move. The announcement is reported
to have led to a secondary market for discounted banknotes issued prior to 2005. Reports suggest
people have started approaching jewellers and real estate brokers to exchange large sums of pre-2005
cash.
It was perhaps this nervousness that led RBI to clarify the matter two days later when it said
that the rationale behind the move was to remove these banknotes from the market as they have
fewer security features compared to banknotes printed after 2005. The statement helpfully added
that the volume of the banknotes printed prior to 2005 today, still in circulation, is not significant
enough to impact the general public in a large way.
But given that the move had generated some adverse comment and disquiet in the political
class, including the BJP, RBI diluted the measure to some extent by announcing that the process of
exchanging notes at bank branches could be carried out at convenience. It also said that the old
series banknotes can be exchanged even after July 1, 2014 at the bank branches where people hold
accounts. However, if a person seeks to exchange more than 10 pieces of 500-rupee and 1,000-rupee
notes, at a branch where he or she does not have an account, providing proof of identity and residence
would be mandatory. Regardless of all of this, RBI reiterated that the notes printed prior to 2005 will
continue to be legal tender.
The timing of the move is interesting. It comes eight months after the Finance Ministry
demand and just a couple of weeks after BJP leader Nitin Gadkari invited some journalists to a
briefing by the Pune-based Artha Kranti organisation. Among some of their proposals is one to
withdraw all high denomination currency. This is not to suggest any sort of link or similarity between
RBI currency withdrawal and Artha Krantis radical proposals, including demonetisation, but simply a
pointer to the disquiet among all shades of political opinion over high denomination notes and their
link with black money.
However, a return of the High Denomination Bank Notes (Demonetisation) Act, 1978a law
that phased out notes of 1,000-, 5,000- and 10,000-rupee notesis not under any consideration
whatsoever. Higher denomination notes made a comeback in 1998, when the Finance Ministry argued
that reintroducing 1,000-rupee notes was necessary to meet the demand of high-value transactions.
Over the last five years, the central bank, in consultation with the Finance Ministry, has phased out
100-, 500- and 1,000-rupee notes issued in two particular years1996 and 2000. These banknotes
are part of the MG Series, whose security features had been successfully breached by counterfeiters
and led to a rash of nakli Gandhi as the street tends to call fakes with a picture of the Father of the
Nation.
The process for withdrawing 500-rupee notes from the MG Series was initiated in July 2008
and October 2009, while the withdrawal of 1,000-rupee notes happened in March 2011 and that of
100-rupee notes, in February 2012.
In July 2013, the Finance Ministry informed the Standing Committee of Parliament on
Finance headed by BJP leader and former finance minister Yashwant Sinha that since 2006 the level
of counterfeit currency in the banking system had been going up. For instance, an RBI inspection at
the Domariaganj (Uttar Pradesh) branch of the State Bank of India detected 76,108 pieces of
counterfeit notes valued at just over Rs 4 crore. What was shocking though is that this translated into
16% of the total number of notes screened in the currency chest of this one branch under question.
Such a high level of fakes set the alarm bells ringing across the establishment, especially as this was a
case of deliberate and large-scale replacement of currency held in a branch chest, and that too by the
bank cashier.
Intelligence agencies have reported that fake Indian currency notes smuggled into India
mostly originate from Pakistan, with the distribution network spread from Thailand in the east to the
UAE in the west. Dubai, Dhaka, Kathmandu, Colombo and Bangkok are the principle transit hubs.
8 Swamys Scraps on Banknote 2014
Thailand has emerged as a safe haven for Pakistan based operatives and their associates in the fake
currency racket.
The author is a Delhi-based journalist Siddharth Zarabi
http://www.livemint.com/Politics/rKnaxb6LkqavHBqs5CRuTP/One-billion-plastic-notes-of-Rs10-denomination-later-this-ye.html
One billion plastic notes of Rs10 denomination later this year
The plastic notes will be introduced on a field trial basis in 5 cities Kochi, Mysore, Jaipur, Shimla and
Bhubaneswar PTI
New Delhi: One billion plastic notes of Rs10 denomination will be introduced on a field trial basis in
five cities in the second half of 2014, Parliament was informed on Friday.
One billion plastic notes of the denomination of Rs10 will be introduced in a field trial in five
cities selected for their geographical and climatic diversity. These cities are Kochi, Mysore, Jaipur,
Shimla and Bhubaneswar.
The field trial is expected to be launched in the latter half of 2014, minister of state for
finance Namo Narain Meena said in a written reply in Lok Sabha.
Plastic notes have an average life span of about 5 years and are difficult to imitate. Also,
currency notes made of plastic are cleaner than paper notes.
Plastic notes were first introduced in Australia to safeguard against counterfeiting of currency.
Several countries in the West have introduced plastic notes for its advantage over normal notes.
Replying to a separate question, Meena said about 3.33 lakh fake currency notes were seized
in 2013 with a face value of Rs17.64 crore. In 2012, 6.66 lakh fake notes were seized (face value of
Rs34.58 crore), 7 lakh (face value of Rs31.46 crore) in 2011 and 5.44 lakh (face value Rs23.86 crore)
in 2010.
The finance ministry, home ministry, RBI, security and intelligence agencies of central and
state governments as well as CBI are working in tandem to thwart the illegal activities related to fake
currencies.
He further said that the National Investigation Agency (NIA) has been empowered to
investigate and prosecute offences related to fake currency.
Meena said government has also formed Terror Funding and Fake Currency Cell in NIA to
focus on investigations and the legal system has been strengthened to declare smuggling and
circulation of high quality fake Indian paper currency, coin or any other material as a terrorist act.
http://www.indiatvnews.com/business/india/latest-news-rbi-extends-date-for-exchanging-pre-currency-n-10468.html
RBI Extends Date for Exchanging Pre-2005 Currency Notes to January 1, 2015
India TV Reporter [ Updated 03 Mar 2014, 23:39:56 ]
New Delhi : The Reserve Bank of India today extended the date for exchanging pre-2005 currency
notes till January 1, 2015.
The nine-month extension has been given to avoid any inconvenience to the general public.
The earlier deadline was March 31 this year.
An RBI press note today said: "Following its Press Release of January 24, 2014, the Reserve
Bank of India has extended the date for exchanging the pre-2005 banknotes to January 01, 2015.
"It has also advised banks to facilitate the exchange of these notes for full value and without causing
any inconvenience whatsoever to the public.
"The Reserve Bank solicits the cooperation of the public in withdrawing these notes from
circulation by exchanging them at a bank branch convenient to them.
"This withdrawal exercise is in conformity with the standard international practice of not
having multiple series of notes in circulation at the same time.
"A majority of such notes have already been withdrawn through the banks and only a limited
number of notes remain with the public.
"The Reserve Bank clarifies that the public can continue to freely use these notes for any
transaction and can unhesitatingly receive these notes in payment, as all such notes continue to
remain legal tender.
http://www.livemint.com/Politics/rKnaxb6LkqavHBqs5CRuTP/One-billion-plastic-notes-of-Rs10-denomination-later-this-ye.htmlhttp://www.livemint.com/Search/Link/Author/PTIhttp://www.livemint.com/Search/Link/Keyword/Namo%20Narain%20Meenahttp://www.indiatvnews.com/business/india/latest-news-rbi-extends-date-for-exchanging-pre-currency-n-10468.html9 Swamys Scraps on Banknote 2014
"The Reserve Bank will continue to monitor and review the process so that the public is not
inconvenienced in any manner", the press release said.
http://articles.economictimes.indiatimes.com/2014-03-04/news/47894604_1_banknotes-500-notes-presses
RBI Says No Goof-up in Note Printing
PTI Mar 4, 2014, 07.31PM IST
NEW DELHI: Amid reports of goof-up in printing of notes, the Reserve Bank today said the new notes
bearing signature of former Governor D Subbarao are legal tender and the process of changing
signature is underway. Changing Governor's signature on the banknotes is a tedious
process, RBI said. "To complete the process in all the banknote presses for all denominations of
banknotes is a programme which is under way and is expected to be completed in due course," it
explained.
The explanation comes amid reports that new Rs 1,000 and Rs 500 notes bearing signature
of Subbarao, who has demited office in September 2013, are being rolled out from the printing
presses of RBI. "Currency note production is a manufacturing process. Making changes in the
process is a tedious process and takes time, in order to keep the disturbance in production to the
minimum extent," it said. At present, notes in India are issued in the denomination of Rs 5, Rs 10, Rs
20, Rs 50, Rs 100, Rs 500 and Rs 1,000.
RBI receives notes from four currency note printing presses. Two of the currency note printing
presses are owned by the Government of India and two are owned by the Reserve Bank, through its
wholly owned subsidiary, the Bharatiya Reserve Bank Note Mudran Ltd (BRBNML). The government
owned presses are at Nasik and Dewas. The other two presses are at Mysore and Salboni. Coins are
minted in four mints owned by the Government of India. The mints are located at Mumbai,
Hyderabad, Calcutta and Noida.
http://english.pravda.ru/russia/economics/10-04-2014/127325-russia_kazakhstan_belarus_new_currency-0/
Russia, Kazakhstan and Belarus to have New Joint Currency by 2025
10.04.2014
In May 2014, presidents of Russia, Kazakhstan and Belarus will sign an agreement on the
establishment of the Eurasian Economic Union. Sections 9 and 11 the agreement, the draft of which
is available on the official website of the Russian Ministry for Economic Development, are devoted to
the joint monetary policy and financial markets. During the first stage, it is planned to set up an
advisory board of the heads of central banks of participating states. The banks would be responsible
for the rate of national currencies, regulation of banking and insurance activities and the
harmonization of the securities market.
According to the Moskovsky Komsomolets newspaper that cited a source in the Eurasian
Economic Commission, the document stipulates for the establishment of the Eurasian Central Bank -
the supranational megaregulator of the joint currency. The Eurasian Central Bank will be subordinated
to the council of presidents or prime ministers of the EEU.
The name of the new joint currency has been supposedly coordinated - altyn. The new
currency is likely to be introduced not later than in 2025, although international economic sanctions
against Russia may cut the process to 3-5 years.
The idea of the new joint currency belongs to Kazakh President Nursultan Nazarbayev. In
2012, the idea found support with Vladimir Putin and Dmitry Medvedev. In Russia, altyn was the word
to refer to three-kopeck coins.
The President of Kazakhstan is a longtime champion of the introduction of a new
supranational reserve currency. He believes the dollar is an illegal and non-competitive means of
payment. Nazarbayev said earlier that the "world currency was not de jure legitimate because it was
never adopted by any communities or organizations." "There is no such international law," he said.
According to Nazarbayev, "the world currency market is not a civilized market, as the system
of world currency issuance is not being controlled." The Kazakh president believes that the world is
http://articles.economictimes.indiatimes.com/2014-03-04/news/47894604_1_banknotes-500-notes-presseshttp://economictimes.indiatimes.com/topic/D%20Subbaraohttp://economictimes.indiatimes.com/topic/RBIhttp://economictimes.indiatimes.com/topic/Government%20of%20Indiahttp://economictimes.indiatimes.com/topic/Bharatiya%20Reserve%20Bank%20Note%20Mudran%20Ltdhttp://english.pravda.ru/russia/economics/10-04-2014/127325-russia_kazakhstan_belarus_new_currency-0/10 Swamys Scraps on Banknote 2014
moving towards a new monetary system: from "defective capitalism" to "the new capitalism that would
be based on a non-defective currency - self-growing global wealth."
Altyn had been in circulation on the territory of several Russian principalities from the XV
century. The coins appeared simultaneously with the beginning of the era of coinage. Interestingly,
the altyn was used as a Eurasian currency immediately after it appeared. This coin was used in
calculations between Russian and Asians nationals. In the XVII century, 20 altyn could buy a live calf,
five - a piglet, two or three - a goose.
The name of the coin could be borrowed from the Golden Horde, where there was a coin of
the same name. According to researchers, the word "altyn" comes from the Turkic numeral "alti"
which means "six." Others believe that Russia simply adopted the Turkic word "gold" that sounds just
like the name of the coin. However, the altyn was never coined in gold. Originally, it was made of
copper; the silver altyn appeared during the times of Peter the Great.
In 1839, under Nicholas I, the altyn was revived in the form of copper coins of three kopecks. Three-
kopeck copper coins were used during the Soviet era, although the coins lost the original name. The
coins of this value disappeared after 1991.
http://zeenews.india.com/news/science/single-currency-notes-infested-with-over-3-000-types-of-bacteria_926488.html
Single Currency Notes Infested with over 3,000 Types of Bacteria
Last Updated: Tuesday, April 22, 2014, 22:08
Washington: Researchers at New York University's Dirty Money Project found that currency is a
medium of exchange for hundreds of different kinds of bacteria, as bank notes are passed on from
hand to hand.
By analyzing genetic material on 1 dollar bills, the NYU researchers identified 3,000 types of
bacteria in all-many times more than in previous studies that examined samples under a microscope,
Fox News reported.
Even so, they could identify only about 20 percent of the non-human DNA they found
because so many microorganisms haven't yet been cataloged in genetic data banks.
Easily the most abundant species they found is one that causes acne. Others were linked to
gastric ulcers, pneumonia, food poisoning and staph infections, the scientists said. Some carried
genes responsible for antibiotic resistance.
Jane Carlton, director of genome sequencing at NYU's Center for Genomics and Systems
Biology where the university-funded work was performed, said that they actually found that microbes
grow on money.
Their unpublished research offers a glimpse into the international problem of dirty money.
From rupees to euros, paper money is one of the most frequently passed items in the world.
Hygienists have long worried that it could become a source of contagion. ANI
http://economictimes.indiatimes.com/news/economy/finance/launch-of-rs-10-plastic-currency-notes-delayed/articleshow/34388287.cms
Launch of Rs 10 Plastic Currency Notes Delayed
By PTI | 30 Apr, 2014, 02.28AM IST
NEW DELHI: Reserve Bank's plan to put in circulation Rs 10 plastic currency notes on trial basis will
be delayed as the initial bids have failed to qualify the technical criteria and the whole process will
start again.
"The selected bidders failed in meeting the technical specifications of the plastic banknotes in
Rs 10 denomination that RBI is proposing to introduce on a trial basis, necessitating undertaking the
exercise afresh, thereby delaying the process," senior RBI functionary has said.
Government in February had informed Parliament that one billion plastic notes of the
denomination of Rs 10 will be introduced in a field trial in five cities selected for their geographical and
climatic diversity.
The selected cities are Kochi, Mysore, Jaipur, Shimla and Bhubaneswar.
http://zeenews.india.com/news/science/single-currency-notes-infested-with-over-3-000-types-of-bacteria_926488.htmlhttp://economictimes.indiatimes.com/news/economy/finance/launch-of-rs-10-plastic-currency-notes-delayed/articleshow/34388287.cms11 Swamys Scraps on Banknote 2014
Minister of State for Finance Namo Narain Meena had informed the Lok Sabha that the field
trial is expected to be launched in the latter half of 2014.
Plastic notes have an average life span of about five years and are difficult to imitate. Also,
currency notes made of plastic are cleaner than paper notes.
Plastic notes were first introduced in Australia to safeguard against counterfeiting of currency.
Several countries in the West have introduced plastic notes for their advantage over normal notes.
The cost of currency production in India has been rising over the years.
As per the RBI, the expenditure was Rs 2,376 crore in 2010-11, Rsin 2012-13.
Also, the two note printing presses, BRBNMPL and SPMCIL, exhibit an increasing trend in
their overall expenses.
RBI also has incurred an expenditure of Rs 523 crore for acquisition, upgradation and
overhaul of its 59 CVPS machines and 28 SBS (Shredding and Briquetting system) machines
employed for destruction of soiled notes.
http://www.moneyfactorystore.gov/20142tripledeuceset.aspx
2014 $2 Triple Deuce Set
(First Day of Sale - May 13, 2014- 8:00 A.M. ET)
The Bureau of Engraving and Printing proudly presents the "2014 $2 Triple Deuce
Set." Limited to 3,000 sets worldwide, this set features a Series
2003A $2 note from the Federal Reserve Bank of Kansas City, a
Series 2009 $2 note from the Federal Reserve Bank of New York
and a Series 2009 $2 note from the Federal Reserve Bank of
San Francisco. Each note features matching serial numbers
beginning with 2014.
This set is attractively packaged in a four-panel presentation folder
with each note protected by a clear acid-free polymer sleeve.
Own a part of currency history by purchasing the "2014 $2 Triple
Deuce Set" during the pre-release period May 13 - 19, 2014.
There is a limit of five sets per household during the pre-release
period. After the pre-release period expires, household purchase
restrictions will be waived.
The "2014 $2 Triple Deuce Set" is $54.95. Bulk pricing is available, after the pre-release
period expires, at $49.95 for quantities of 25 or more sets.
Note: This product will ship beginning May 20, 2014
http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=27741
Rare Proof $1,000 Set to Cross Block
By Peter Huntoon April 28, 2014
What is this elephant? Philip Weiss Auctions of Lynbrook, N.Y., landed a
proof of an Original Series $1,000 face. The wide margin proof is printed on
India paper mounted on card stock.
The image, a Chittenden-Spinner from The Fourth National Bank of
the City of New York, is flawless and complete.
The piece will be auctioned in May 2014. Needless to say this is a
stellar discovery of the first magnitude.
Proofs of otherwise non-collectible or virtually non-collectible type notes have come into their
own during the past few years as sophisticated high-power collectors have come to realize that issued
notes of certain types like this are unobtainable.
An excellent recent example is the sale of a $1,000 Series of 1891 Silver Certificate uniface
face proof that with the buyers premium brought $82,250 at the January 2013 Heritage Florida United
Numismatists auction. The only known extant copy of an 1891 $1,000 is Amon Carters former note,
that was just sold by Heritage at the April 2014 Central States show for $2,585,000.
http://www.moneyfactorystore.gov/20142tripledeuceset.aspxhttp://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=2774112 Swamys Scraps on Banknote 2014
The only hint that there may be a rival in private hands to the proof shown here comes in the
form of a photograph of the only other Original Series $1,000 proof that has been recorded. The
potential rival is another proof from the same plate pictured on p. 13 of Limperts 1955 second edition
of United States Paper Money, Old Series, 1861-1923. The lower right corner of that proof is chewed
away and there is an eraser-size hole between the capitol dome and the right border.
Limpert was pretty good about providing attributions for the photos in his book, including a
photo for a certified proof of a Series of 1875 $1,000 national credited to the Treasury Department.
However there is no governmental, institutional or collector attribution for the Original Series photo.
The current whereabouts of that proof is unknown.
So why are both extant proofs from The Fourth National Bank plate? The explanation
revolves around the fact that the first $1,000 Original Series face plate was prepared for The Fourth
National Bank of New York. It also was the first bank to be sent a shipment of $1,000s from the
Comptroller of the Currencys office, a shipment that went out on Nov. 30, 1864.
The officials at the National Bank Note Co. would have lifted proofs from the plate to send to
the Treasury for approval of the finished design.
The Fourth National Bank of the City of New York, charter 290, had the distinction of issuing
both $500 and $1,000 Original Series notes. They were printed from one-subject plates. The bank
was one of only five banks in the country to utilize a one-subject $1,000 plate.
The bankers received 1,016 of the $500s and 500 $1,000s. No Series of 1875 $500 or $1,000
notes were printed for the bank because stocks of the Original Series were sufficient to see it through
its first 20 years of its corporate life.
There is no legal distinction between Original Series and Series of 1875 notes. The difference
was who printed them. The Originals were printed by the bank note companies and the 1875s by the
Bureau of Engraving and Printing. When the Original Series were in production, the protocol was for
the bank note companies to send the incomplete sheets to the BEP for overprinting of the seals and
Treasury sheets serial numbers. Then the sheets were sent to the Comptroller of the Currency who
issued them to the banks.
A grand total of 7,454 Original Series and Series of 1875 $1,000 National Bank Notes was
delivered to 37 issuing banks in five states between Nov. 30, 1864 and July 30, 1884. Only 36 banks
received Original Series $1,000 nationals, totaling 5,818 pieces. It is no surprise that 17 of them were
in New York City.
The other 1,636 $1,000s were Series of 1875 issued to eight banks.
The term issued is a bit of a semantic reach when it comes to the $500 and $1000 nationals.
Those notes didnt circulate owing to their huge purchasing power. At best they were passed around
through clearing houses to settle big balances. No one was carrying them around in their wallets.
Most sat unused in the banks of issue.
One thousand dollars in 1864 money had the purchasing power of well in excess of $100,000
in todays dollars.
The Fourth National Bank of New York issued every Original Series denomination that was
available. The simple explanation for this is that the bankers did not have to pay for Original Series
plates, so they ordered a few of everything.
Besides, there was raw power on display if you had $500s and $1,000s, even if they didnt
reach the street. Your fellow bankers knew about them, just like trophy wives today, and those were
the people you were trying to impress.
The Fourth National Bank was no slacker. Its circulation was just under $3 million in the early
1870s when its circulation peaked. It took a lot of notes, no matter the denomination, to support that
number.
The accompanying graph illustrates the reality of the $1,000 nationals. Demand on the part of
the bankers for the notes peaked in 1866, less than three years after national bank currency
originated. There were 4,221 of them outstanding on Oct. 31 of that year.
13 Swamys Scraps on Banknote 2014
The whole concept of National Bank Notes was still new then, but the high denomination
notes proved to be all but useless in commerce. Consequently the number outstanding contracted
drastically to a token one-fifth of the 1866 high by the end of 1871 and continued to decline.
No new plates with $1,000s were ordered between 1867 and late 1870. Of the four plates
with $1000 plates ordered thereafter, one was for The Kidder National Gold Bank of Boston. None of
Kidder notes ever got out of the bank.
Several banks that used the high denominations continued to receive them in periodic
shipments from the Comptroller long after 1866. However, a measure of the lack of their utility is
reflected in the fact that the entire $500 and $1,000 issuance for 25 banks was sent in a single initial
shipment. Those bankers never went back for more.
The last $1,000 was sent to The National Bank of Commerce, Boston, charter 554, on July
30, 1884, in a shipment of Series of 1875 500-1,000 sheets.
The demise of the $500 and $1,000 National Bank Notes occurred in 1885, the result of a
convergence of three factors. (1) Several of the issuing banks went out of business. (2) The two
surviving national gold bank users converted to regular national bank status under the provisions of
the Act of Feb. 14, 1880, and elected not to use high denominations thereafter. (3) The remaining
issuing banks were extended before 1886, and began receiving Series of 1882 Brown Backs.
However, no $500 or $1,000 notes were made in the 1882 series because those
denominations had been demonstrated to be useless.
In 1938, the last year records were kept, there were 21 $1,000s counted as outstanding by
the Treasury Department. One should have shown up by now.
Of all the possible unreported type notes, there is no question that a $1,000 national is the
most eagerly sought.
It appears that the closest we are ever going to come to seeing one is standing before you in
the form of this proof. I anticipate that it is going to be all knees and elbows when this baby crosses
the block.
People have queried me about what it will bring. How high is the sky? Do you think my crystal
ball is clearer than yours?
For auction information, go to www.weissauctions.com.
http://articles.economictimes.indiatimes.com/2014-05-01/news/49552122_1_100-denomination-banknotes-inset-letter-l-rupee-symbol
RBI to Issue Rs 100, Rs 50 Banknotes with 2014 Printing Year
PTI May 1, 2014, 07.51PM IST
NEW DELHI: The Reserve Bank will shortly issue Rs 100 and Rs 50 denomination banknotes of 2014
printing year with rupee symbol in the Mahatma Gandhi series-2005.
"The Reserve Bank will shortly issue Rs 100 denomination banknotes incorporating symbol
on the obverse and reverse, with inset letter L in both the numbering panels, in the Mahatma Gandhi
Series-2005 bearing signature of Raghuram G Rajan, Governor, RBI," the apex bank said in a
release.
Banknotes of Rs 50 denomination will be issued with similar features as of Rs 100 banknotes.
The year of printing '2014' would be printed on the reverse of the banknote, it said.
RBI said the design of these banknotes to be issued would be similar in all respects to Rs 100
and Rs 50 banknotes in the Mahatma Gandhi Series-2005 issued earlier.
"All the banknotes in the denomination of Rs 100...and Rs 50 issued by the bank in the past
will continue to be legal tender," RBI added.
http://www.financialexpress.com/news/raghuram-rajan-signed-rs-1000-banknotes-from-rbi-in-a-bank-near-you-shortly/1247679
Raghuram Rajan Signed Rs 1,000 Banknotes from RBI in a Bank
Near You Shortly
PTI | Mumbai | Updated: May 06 2014, 18:41 IST
Reserve Bank of India (RBI) will shortly issue banknotes of Rs 1,000 denomination in the Mahatma
Gandhi series-2005 bearing the signature of Governor Raghuram Rajan.
http://www.weissauctions.com/http://articles.economictimes.indiatimes.com/2014-05-01/news/49552122_1_100-denomination-banknotes-inset-letter-l-rupee-symbolhttp://economictimes.indiatimes.com/topic/banknoteshttp://economictimes.indiatimes.com/topic/rupeehttp://economictimes.indiatimes.com/topic/Mahatma%20Gandhihttp://economictimes.indiatimes.com/topic/RBIhttp://www.financialexpress.com/news/raghuram-rajan-signed-rs-1000-banknotes-from-rbi-in-a-bank-near-you-shortly/1247679http://www.financialexpress.com/columnist/ptindia/114 Swamys Scraps on Banknote 2014
"The RBI will shortly issue Rs 1,000 denomination banknotes incorporating rupee symbol on
the obverse and reverse, with inset letter 'L' in both the numbering panels, in the Mahatma Gandhi
Series-2005 bearing the signature of Raghuram G Rajan, Governor," RBI said in a notification today.
The year of printing 2014 would be on the reverse of the banknote, it added.
Design of these notes to be issued now is similar in all respects to the Rs 1000 Banknotes in
Mahatma Gandhi Series-2005 issued earlier, RBI said.
"All the Banknotes in the denomination of Rs 1000 issued by the Bank in the past will
continue to be legal tender," the notification said.
http://www.jagranjosh.com/current-affairs/plastic-currency-notes-to-be-launched-in-2015-raghuram-ranjan-1400240045-1
Plastic Currency Notes to be Launched in 2015: Raghuram Rajan
16-MAY-2014
Raghuram Rajan, the Governor of the Reserve Bank of India (RBI) on 15 May 2014 announced that
plastic currency notes will be launched in 2015 after field trials. He said it after the Central Board of
Directors of the RBI Meet in Shimla, Himachal Pradesh.
Earlier in February 2013, Union Government had informed Parliament that it will introduce
one billion plastic currency notes in five cities in later half of 2014 on a pilot basis. The five selected
cities for pilot testing are Shimla, Kochi, Mysore, Jaipur, and Bhubaneswar.
The introduction of Plastic currency notes would help stop counterfeiting of Indian rupees as
they are difficult to imitate. Also, Plastic currency notes with an average life span of about five years
are cleaner than paper notes.
About Plastic Currency Notes
Modern plastic currency notes were first developed by the Reserve Bank of Australia (RBA), CSIRO
and The University of Melbourne to safeguard counterfeiting the currency.
They were first issued as currency in Australia in 1988. In 1996 Australia switched completely
to plastic currency notes.
Countries that have since switched completely to plastic currency notes include Brunei, New
Zealand, Papua New Guinea, Romania, Vietnam, Fiji, Mauritius (printed by De La Rue), Canada and
Israel.
http://www.kuna.net.kw/ArticleDetails.aspx?id=2378083&language=en
CBK to Launch New Banknotes in June
19/05/2014 | 06:11 PM
KUWAIT, May 19 (KUNA) -- The Central Bank of Kuwait (CBK) is set to launch the new sixth issue of
Kuwaiti banknotes as of June 29, CBK Governor Dr. Mohammad Al-Hashel announced here on
Monday.
"The new issue will be in circulation from June 29, 2014," Al-Hashel said at a celebration held
on the occasion in presence of senior officials of concerned state bodies and agencies.
The usage of the fifth banknotes shall run in parallel with the new banknotes until withdrawal
of current banknotes is completed, he added.
The new banknote issue reflects the CBK's sincere efforts to keep pace with the state-of-the-
art technology used in the industry of banknote-printing and improvement in the signs and security
specifications therefor, Al-Hashel pointed out.
The new sixth issue uses the Kuwaiti flag as an inspiring artistic base for all new banknotes to
illustrate and promote the national identity, he added.
Arguably the most familiar and iconic Kuwaiti landmark, the Kuwait Towers are illustrated on
the banknote's front as they soar mightily into the sky. The banknote's backside alludes to Kuwait's
marine life and the significance of preserving it such as the endangered hawksbill sea turtle and the
silver pomfret (Al Zubaidi), Kuwait's most popular fish.
The striking Liberation Tower, a massive 372-meter structure that is one of the main
landmarks in Kuwait City as well as one of the tallest buildings in the world, appears on the front side
http://www.jagranjosh.com/current-affairs/plastic-currency-notes-to-be-launched-in-2015-raghuram-ranjan-1400240045-1http://www.kuna.net.kw/ArticleDetails.aspx?id=2378083&language=en15 Swamys Scraps on Banknote 2014
of the banknote as a symbol of Kuwait's independence since its erection in 1996. The banknote's
backside portrays a traditional wooden Kuwaiti door, a plaster carving and the first Kuwaiti coin used
locally.
With its powerful pyramid steel structure, the Central Bank of Kuwait's newly constructed
building portrayed on the banknote's front side represents the Bank's objectives of ensuring
resilience, stability and a sound monetary policy.
The back of the banknote shows off one of Kuwait's oil refineries and a tanker as a testament
to Kuwait's precious source of prosperity.
A superb illustration of the Grand Mosque, the largest mosque in the country as well as a
symbol of Kuwait's Islamic identity, is portrayed on the banknote's front.
The backside of the banknote displays a real-life illustration of an iconic column, one of the
many influences of ancient Greece's civilization that swept across and settled in Kuwait's island of
Failaka.
On the front side of the banknote appears the illustrious Seif Palace, a symbol of sovereignty
and ruling power to all of Kuwait's erstwhile rulers where the country's affairs are administered.
The Boom, the largest and most popular traditional Kuwaiti dhow, is featured on the backside
of the banknote, an element that alludes to Kuwait's modernization as well as its rich economic and
commercial history that is linked to the deep blue seas. Another element included on the back is a
pearl diver, one of the earliest professions that enabled Kuwaitis to earn a living before the discovery
of oil.
The glorious Kuwait National Assembly Building, a symbolic pillar of Kuwait's democratic
constitution, is beautifully illustrated on the front side of the banknote. Kuwait's diverse desert life
takes over on the banknote's backside; a captivating illustration of a falcon oversees a seated camel
dressed regally in a traditional sadu saddle. (end) fnk.tb.mt
http://news.stv.tv/scotland/276199-clydesdale-bank-to-issue-polymer-bank-note-featuring-forth-bridge/
Plastic Banknote will Commemorate 125th Anniversary of Forth Bridge
STV 22 May 2014 12:14 BST
The first plastic banknotes to enter circulation in Great Britain will commemorate the
125th anniversary of the Forth Bridge.
Clydesdale Bank unveiled the first fully polymer 5 note on Thursday, which will
be introduced in March next year.
The bank will issue two million of the limited production notes through their branches.
The design combines images of the bridges structure with the use of modern technology to
create a striking and complex design.
It will also commemorate the Forth Bridge's inclusion in the Unesco's world heritage list in
2014.
They will be introduced in Scotland ahead of England, where the Bank of England plans to
issue them for the first time in 2016.
Debbie Crosbie, executive director at Clydesdale Bank, said: Clydesdale Bank is very proud to
commemorate the Forth Bridge on our new 5 note. The structure is renowned across the world as an
incredible feat of engineering so it was a fitting choice for a ground-breaking new banknote.
We continue to lead the way in banknote development, and following the successful
introduction of a new series of notes with Depth Image holograms in 2009 we are now at the
forefront in polymer currency.
"The Forth Bridges super structure certainly lends itself to the intricate processes of banknote
printing, combining security, durability and an aesthetically striking design.
The new 5 note, which is smaller than the existing currency, has been
designed by De La Rue plc and in a first for Europe, has been manufactured on
its innovative Safeguard polymer substrate.
Polymer notes are proven to be more durable than existing currency
and while no decision has been made by the bank regarding the introduction of polymer notes
http://news.stv.tv/scotland/276199-clydesdale-bank-to-issue-polymer-bank-note-featuring-forth-bridge/16 Swamys Scraps on Banknote 2014
generally, many banks are considering the introduction of polymer rather than using the traditional
cotton based substrate.
The commemorative banknote also a portrait of Sir William Arrol, one of Scotlands most
celebrated engineers.
His company, Sir William Arrol and Co, constructed the Forth Bridge and was also
responsible for a number of other famous structures including the giant cantilever Titan Crane in
Clydebank, which also features on the new note.
Alistair Carmichael, secretary of state for Scotland, said: As this new note becomes part of
everyday life in villages, towns, cities and communities across the country, it will serve as a fitting
tribute to the vision of Sir William Arrol and all the people who have contributed to the building,
maintenance and restoration of the Bridge in its 124 year history.
Fiona Hyslop, cabinet secretary for culture and external affairs, welcomed the launch of the
banknote. She said: Today we are celebrating two eras of Scotlands innovation and foresight. The
introduction of this innovative new banknote featuring the iconic Forth Bridge as a symbol of
Scotlands engineering heritage and ingenuity is very welcome.
We are immensely proud of the Forth Bridge and its nomination for inclusion in Unescos
World Heritage List. The launch of this banknote is such a fitting way to mark this nomination and Sir
William Arrols work and I applaud the Clydesdale Bank for this gesture.
http://blogs.rollcall.com/technocrat/hundreds-of-thousands-of-currency-readers-in-the-pipeline-for-the-blind/?dcz=
Thousands of Currency Readers in the Pipeline for the Blind
By Anne L. KimPosted at 4:31 p.m. on June 11
While a $1 bill means something entirely different than a $100 bill, they might not feel too different to
the visually impaired. The government is ready to do something about that challenge, though.
The Bureau of Engraving and Printing expects to distribute between 100,000 and 500,000 currency
readers to the blind and others who are visually impaired, says Larry R. Felix, director of the bureau
in written testimony for a House Financial Services Committee hearing today.
In a report last year, the Government Accountability Office described the gizmos as portable
electronic devices capable of speaking the denomination of a bill out loud.
The effort is part of a response by the Treasury Department to a court ruling several years
ago that directed the department to provide the blind and visually impaired with meaningful access to
currency.
We plan to launch a pilot program this summer and roll the program out nationally in 2015.
The project plan is under joint development and will be operated by the BEP an the LOC/NLS, Felix
said in his statement. LOC/NLS is the Library of Congress service for the blind and physically
handicapped.
Corrected July 15, 12:53 p.m.
A previous version of this post incorrectly described the statement from Larry R. Felix, director of the
Bureau of Engraving and Printing, as it relates to the offices involvement with the readers.
http://www.somalicurrent.com/2014/06/14/somalia-plans-to-print-new-money/
Somalia Plans to Print New Money Jun 14, 2014 | By Somalicurrent
According to the ministry of finance plans are underway to produce a new Somali shilling.
Minister of Finance Hussein Abdi Halane has said the strategy to produce the new currency is
meant to revive the collapse of the Somali shilling that was resulted by the more than two decades of
the civil war in the country.
We have decided to produce the current Somali shilling as we work on the implementation of
new Somali currency which will take time, he said.
Mr. Hussein added that his ministry is currently involved in the plans to revolutionize the
Somali currency after which it will present to the parliament for debate.
He also said they have involved the World Bank and international monitory fund IMF to help in
the process so as to achieve the goals.
http://blogs.rollcall.com/technocrat/hundreds-of-thousands-of-currency-readers-in-the-pipeline-for-the-blind/?dczhttp://blogs.rollcall.com/technocrat/author/alkimcq-com/http://financialservices.house.gov/uploadedfiles/hhrg-113-ba19-wstate-lfelix-20140611.pdfhttp://www.gao.gov/products/D04870#mt=e-reporthttp://www.moneyfactory.gov/uscurrency/meaningfulaccess.htmlhttp://www.loc.gov/nls/http://www.loc.gov/nls/http://www.somalicurrent.com/2014/06/14/somalia-plans-to-print-new-money/http://www.somalicurrent.com/author/kahiye/17 Swamys Scraps on Banknote 2014
Somali shilling which is still widely used in the country is one of the most affected and inflated
currency in the world after Zimbabwean dollar.
http://www.arabtimesonline.com/NewsDetails/tabid/96/smid/414/ArticleID/207230/reftab/36/Default.aspx
New Kuwaiti Banknotes Out Today; Fifth Issue Still Valid All Denominations Available Through
Banks, ATMs
KUWAIT CITY, June 28, (KUNA): The Central Bank of Kuwait has final