Of Interest

The War On Cash

02.26.2012
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The Cashless Society – it seems that everywhere I go, I still hear the same story over and over again – cash is going away. Well, I am here to say that despite the monumental efforts of governments and other interested parties to dissuade us from persisting with paper and polymer, cash is indeed alive and well – and still growing in circulation.

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ICCOS Americas 2012 – Miami

02.20.2012
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We are looking forward to another ICCOS Americas event to be held in Miami Florida, March 11th to 14th. As with past events, we anticipate another fantastic line-up of presentations and interesting displays by this years sponsors. If you have never attended an ICCOS before, or if you have not attended on in a while, we strongly suggest you find it in your travel budget to attend this one!

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A New Twist on Old Technologies

02.12.2012
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Improvements in security features are occasionally of the ground-breaking variety – the introduction of optically variable features such as holograms and OVI for example. Or polymer substrates with windows, and microlenses and, going back further, threads and fibres in banknotes and Orlof intaglio printing presses. All were ‘out of the box’ developments that represented a fundamentally new and different way of adding security to our banknotes.

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That Was the Year That Was

01.19.2012
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In our natural world, 2011 brought huge earthquakes in Argentina, China, Japan and New Zealand. Devastating floods occurred in Australia and South East Asia, and a savage tsunami struck Japan, leaving coastlines obliterated and nuclear calamity at Fukushima. Civil war has occurred throughout the Middle East and North Africa, where regime changes have caused civil unrest. The global economy has been turbulent and even now, the eurozone one is facing massive challenges and survival of the common currency is being openly questioned.

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The Voice of Cash

11.06.2011
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What do grey squirrels and cashless payments have in common? Admittedly, the link isn’t obvious. The grey squirrel, classified as vermin in Northern Europe because it is decimating the population of the native, cute and fluffy red squirrel, is referred to by many as ‘a tree rat with good PR’. The connection is the power of PR (public relations) to generate a message that favours your subject, be it a grey squirrel or the cashless industry.

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ICCOS Asia 2011 – Will You Be There?

10.30.2011
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In an appropriate sequel position to my last post on conferences in the east versus west, comes the annual International Commercial Cash Operations Seminar (ICCOS) in Hong Kong, from November 13th through the 15th. Although there has ever been only one previous ICCOS in Asia, the experience and credibility of the organizers attracts a wide variety of central bank and commercial bank attendees, together with a good representation from associated equipment and software suppliers as well as partner organizations such as CIT’s and process outsource operations.

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The Bank Conference Buzz: west vs. east

10.24.2011
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I must admit that I have been saving up a bit some enthusiasm for this Post! Mostly I wanted to have two similar yet different conference experiences behind me. It was my good fortune to attend both the recent 2011 BAI Retail Delivery Show in Chicago and also the 2011 CIFTEE Exhibition in Beijing …. Having attended one major event this year in each region – east and west, one has a natural inclination to compare them. Banking related conferees, shows and seminars.in general, in north america and to a lesser extent in europe, are ….

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What If… No US World Currency and No Euro?

08.30.2011
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What If…..Europe without the Euro, and the US Dollar No Longer the Reserve Currency? The current economic crisis is putting further stress on the euro, to the extent that its survival as the common currency of the 17 member states of the eurozone is now being openly questioned.

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A Rising Star in Cash Processing

08.11.2011
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Over the years, I have found it interesting and informative to follow the adventures of new companies as they start to make a name for themselves. About a year ago I was introduced to a company out of China called GRG Banking. Although they are not “new” in the true sense of the word, they are new to those of us whose focus is mainly in the west. Although they were first established in 1999, it wasn’t until 2010 that they came on the western radar as a serious contender in the international cash processing market.

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Virtual Currency – The Dark Side

07.28.2011
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Regular readers of Counting On Currency will know that I am committed to the future of hard currency. This does not mean however, that I am not interested in virtual currency. One particular form of virtual currency that has my attention is BitCoin.

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Is Polymer The Ultimate Counterfeit Deterrence?

06.20.2011
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Counterfeit detection is certainly the most troublesome and costly responsibility for those in the cash handling business. There is not a country in the world that is not impacted by this criminal activity. Perhaps the only thing more costly and difficult than detecting valid counterfeits is the effort that goes into trying to stay ahead of the counterfeiters. With new technologies and an ever increasing criminal appetite for the “easy dollar” (pun intended!) central bankers are constantly having to evolve and refine both overt and covert security features.

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Nigerian Cash Management Reform

06.06.2011
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The Central Bank of Nigeria (CBN) announced a new policy, a reform of the Nigerian payments system to encourage the use of electronic payments. The policy becomes effective on June 1, 2012. The policy would impose penalties on consumer & corporate account holders at banks if they withdraw more than a specified cap amount, in cash, each day. The policy imposes penalties on commercial banks if they fail to rigorously follow CBN’s rules for consumer & corporate accounts.

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Is That Google In Your Wallet?

05.30.2011
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May 26th, 2011 marked the start of a new venture for Google. Actually, today;s announcement was about the merger of two new Google ventures – Google Wallet and Google Offers. The search engine giant is now poised to become a major player in the mobile payments arena, with the added value of combining a mobile payments platform with easy and instant coupon redemption.

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Could Virtual Currency Become King in Developing Countries?

04.11.2011
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Hot on the heals of my post about a virtual currency called BitCoin, I have uncovered another rather surprising new paradigm. It would seem that increasingly people in 3rd world countries – what I prefer to call developing countries – are making a living by performing “micro-tasks” in the virtual economy.

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The BitCoin Project

03.30.2011
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Every once in a while a new idea comes along that simply stops me in my tracks and makes me think. I enjoy these moment because they are few, far between and almost always leave me enriched in some way – simply by gaining knowledge of a new concept or idea, having a misconception corrected or, in the rarest of examples, having a total philosophical epiphany. I can’t say that the BitCoin Project qualifies as an epiphany, but it comes close.

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Competition or Cooperation in the Cash Industry?

02.28.2011
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As the technology used in the manufacture and handling of banknotes has advanced, so has the cost of product and feature development, IP protection and production. Add to these cost pressures, smarter buying by central banks, an increasingly-competitive market with over capacity of paper supply and more state sector banknote printers attempting to participate in the commercial market, and something has to change.

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Cash Circulation Case Study

01.25.2011
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Since last year, Currency News has been running a series on cash circulation models around the world, and has so far looked at three countries: Norway, Israel and China. In Israel and Norway, the central bank has removed itself – either partially or entirely – from the cash circulation process (Norway has even outsourced the destruction of banknotes). In China, on the other hand, the central bank continues to maintain direct control over cash circulation, up until the cash reaches the commercial banks. The focus now turns to South Africa, an early adopter of global cash management technology which has one of the most forward-thinking cash industries in the world.

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Foiling the Counterfeiter

01.18.2011
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We all know how currency printers, security device suppliers and counterfeiters are constantly trying to outsmart each other. A recent paper published in the periodical Advanced Materials. It seems that science has advanced to the extent that it is now possible to print a transistor circuit onto paper using organic compounds. The science of this is far beyond my comprehension, but I do understand the basic principle.

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The Less-Cash Society

01.13.2011
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One of the most common debates I hear is about the use of cash. Is it growing or declining? There was a recent report from the UK that indicated cash use was surpassed by other forms of payment for the first time ever. I was recently sent a link to a report from the Aite Group that predicts a decline in cash usage over the next four years. Interestingly however the report does conclude that although there will likely be a decline in cash usage in certain demographic groups, there will be an increase with others.

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Industry in Crisis?

11.14.2010
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The further developments in both the Securency and De La Rue investigations, plus the postponement of the new series US $100 bill on top of other recent banknote delays, bring the currency industry into sharp focus and worst of all, into the public arena.

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Counterfeits: the Importance of Knowing Your Money

10.07.2010
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Central banks differ in their approach to the withdrawal of banknotes with old designs once new versions are issued. A period of co-circulation is inevitable, after which banks have a choice between allowing co-circulation of old and new or rapidly withdrawing the old notes (which it may decide to do when redenomination is involved or to replace a series that has been subject to large-scale theft or counterfeiting). But whereas some issuing authorities offer a period of a few months to a year before the old versions cease to be legal tender, many others allow the two versions to co-circulate indefinitely – with old notes only withdrawn when they are unfit.

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The Cost of Currency

08.11.2010
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In recent weeks there have been a number of articles related to the cost of creating and maintaining cash in society. On the one hand it should be fairly obvious that each note and coin in circulation has an inherent cost of manufacture. What is less clear is the ongoing cost of circulating authentic and fit notes and coins. First, let’s take a look at the obvious – what does it cost to make a note or a coin. The answer may not be as simple as the question.

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East African Community – Single Currency

07.27.2010
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On 30 June, at the Sheraton Hotel in Kampala, five ambassadors stood before a map of East Africa, on which ribbons had been placed around the borders of Burundi, Kenya, Rwanda, Tanzania and Uganda. Each ambassador then proceeded to cut the ribbon at the border post of his country, in a symbolic gesture that marked the opening of a common market within the East African Community (EAC).

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2010 IACA Currency Awards

07.01.2010
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A new family of banknotes from Scotland’s Clydesdale Bank was one of the outstanding winners at the International Association of Currency Affairs’ (IACA) Excellence in Currency Awards, sponsored by ‘Currency News’. A high calibre of entries and some very close voting in several categories marked this year’s awards – the third event – the presentation of which took place during the gala dinner on May 12 at the Currency Conference in Buenos Aires, Argentina.

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The ATM Machine of John Shepherd Barron

06.01.2010
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Those of us in the Cash handling business owe this man a debt of gratitude – without his having invented the ATM many of us would not be needed because cash would be less available…

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US Government to Audit the FRB

05.12.2010
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It was announced yesterday afternoon that the US Senate approved (96-0) a one-time audit of the Federal Reserve System. Specifically the audit will investigate the Federal Reserve’s economic crisis response programs. We suspect that this will also likely include a review of cash reserves and inventory distributions.

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Is The UK About To Dethrone Cash As King?

05.04.2010
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It is well known that the UK is a nation of early adopters and as such has been watched by many a pundit for signs of paradigm shifts. The institution of cash as a preferred payment medium is one of those unassailable paradigms. Or is it? It was recently reported by the UK Payments Council that for the first time it is predicted that cash will make up less than 50% of payments, perhaps as soon as 2015.

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Death By A Thousand Cuts

04.26.2010
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The recent report by the Payments Council – the body responsible for setting the strategy for payments in the UK – should be a wake-up call to us all in the currency industry. Although the report covers the UK only, it is a trend that is typical of payment systems in many countries around the world. In summary, it documents a decline in the use of cash in the last decade and forecasts a further decline, detailing changes that have been taking place gradually, but steadily. Is this a case of ‘death by a thousand cuts?’ And, if so, is there anything we can do about it?

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You Learn Something New Every Day – Fractional Currency

04.14.2010

Did you know that during the American Civil War and for a few years after, the United States issued paper currency in lieu of coins? According to rebelstatescurrency.com, the 5, 10, 25, and 50 cent notes were issued due to a coin shortage.

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Happy Birthday to Us!

04.09.2010
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Today marks the first anniversary of the re-launch of Counting On Currency! We are particularly proud of the loyalty our small but dedicated readership has shown to this humble on-line publication. We are currently reaching over 4,000 unique readers in 108 counties who have amassed well over 35,000 page views in the past 12 months.

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