Following three years of economic struggle and several bailouts totally nearly $800 billion, Greece could reinstitute its old currency should they pull out of the Eurozone.

Hartmut Grossman, an analyst at ICS Risk Advisors, said these plans have been in place since Greece’s first major debt crisis in 2009.

“A lot of the firms, particularly in Europe and also here, have been looking at that for a long time,” he told Reuters. “But there really has been contingency planning at all of the financial institutions for that to happen … Greece leaving the euro zone is not a new idea.”

For their part, the European Union said it wanted Greece to stick with the euro, a multi-country common currency.

According to an article written for the Associated Press by David McHugh, the “great fear” is that if Greece leaves the euro, other troubled Eurozone countries may follow suit.

If the country does return to the drachma, however, it is not a process that can take place over night.

Before banknotes can be processed, they have to be designed, developed and equipped with security features to prevent counterfeiting. These elements must be assembled before being shipped to the paper maker, which can take three to four months. After that, the notes are sent to the security printer who must undergo at least six to eight different processes to get the notes ready for circulation.

Even in the case of a crisis, the minimum time frame to introduce new banknotes into circulation is close to a year.

SOURCES:
Reuters: “Banks Prepare For The Return Of The Drachma”
The Chronicle Herald: “Greece’s Exit From Eurozone On The Table”
The Globe and mail: “Can Printing New Currencies Keep Euro Zone United?”

Officials said the new passports will better protect citizens’ personal data and national security.

“In this way, no one can copy or use an e-passport that is lost or stolen,” Tang Lei, head of e-passport management for Beijing Public Security Bureau’s exit-entry administration, told the Jakarta Post. “The e-passport will be effective in protecting national security and convenient for residents when passing through customs checkpoints.”

Like many other electronic passports, the document contains a small radio frequency identification chip (RFID) that stores information about the carrier such as their name, photograph, and date of birth. The Chinese passports will contain advanced biometrics including fingerprints.

In order to accommodate the new technology, hundreds of fingerprint recorders have been installed at border crossings throughout the country. The new passports will not only make border crossings more secure, they will also make them quicker.

With more than 90 countries already using electronic passports, Tang said the technology was a welcome addition to the Chinese landscape.

“It’s inevitable for such advanced technology to step into residents’ lives,” said Tang, who hailed the arrival of e-passports as an important step for China to take toward automatic processing at customs points according to the Jakarta Post.

Electronic passports have been growing in popularity around the world. Last week the US Government Printing Office announced it had produced a total of 75 million electronic passports to date.

According to research conducted by the International Civil Aviation Organization (ICAO), the US provides the largest amount of electronic passports (72 million) and the UK is the second largest issuer (27 million). However, projections assembled by Acuity Market Intelligence say that the Asia Pacific region is projected to issue 55 million documents in 2014 alone, representing 42 per cent of the total global share.

SOURCES:
The Jakarta Post: “China To Start Issuing E-Passports”
Ground Report: “GPO Produces 75 Million Electronic Passports”

There are nine distinctive features on the new $20 bill:

- Raised Ink: This feature appears on the large number that depicts the denomination (in the case a “20” on the left side of the bill), on the shoulder of the portrait of Queen Elizabeth II and also on the words “Bank Of Canada/Banque du Canada” which appear near the transparent window.

- Transparent Window: Like the $100 and $50 bills, a large transparent window is present on the right side of the bill. The window contains a metallic portrait of both the Queen and of a building.

- Metallic Portrait: The metallic portrait featured in the transparent window identically matches the large portrait seen on the left side of the bill.

- Metallic Building: The clock tower building in the transparent window changes colour when the note is titled.

- Small Numbers: A series of small numbers also appears in the transparent window. These numbers correspond to the value of the note and some of them appear in reverse.

- Transparent Text: Also in the transparent window, see-through lettering of the word “Canada” is visible and feels slightly raised.

- Maple Leaf Border: A series of maple leafs surrounding the right side of the transparent window also cross over into the clear part, noting visible changes in the design.

- Frosted Maple Leaf Window: A frosted maple leaf appears on the left side of the note and is surrounded by a transparent outline.

- Hidden Numbers: A series of small numbers that match the bill’s denomination appear within the frosted window. These numbers can only be seen by using a small light like an incandescent bulb or a pot light.

The $20 denomination is the most circulated bill in Canada, and will be introduced into circulation later this year. The last two notes in the series – the $10 and $5 bills – will be released before the end of 2013.

SOURCE:
Bank of Canada: “Polymer Series – Security”

The new $20 note will feature an updated portrait of Queen Elizabeth II on the front and the Canadian National Vimy Memorial on the back. According to a press release, the design of the new $20 banknote is meant to pay “tribute to the contribution and sacrifices of Canadian men and women in all military conflicts.”

Since November 2011, the Bank of Canada has introduced two notes in the polymer series: the $100 note and the $50 note.

The design of previous notes has also paid tribute to Canada’s “spirit of innovation.”

“The new polymer series is itself a technical innovation, and its designs celebrate Canada’s achievements at home, around the world and in space. Reflecting the ingenuity, determination and courage of a nation and its people, Canada’s accomplishments extend well past our frontiers,” says the Bank of Canada’s website.

To date, banknotes in the new series have featured security devices such as raised ink, a large transparent window that also contains a colour-shifting metallic portrait, hidden numbers in the transparent window that match the note’s denomination, transparent text, a frosted maple leaf window that also contains hidden numbers, among others, though specifics on the new $20 banknote security features have yet to be released.

The $20 denomination is the most circulated bill in Canada, and will be introduced into circulation later this year. The last two notes in the series – the $10 and $5 bills – will be released before the end of 2013.

SOURCES:
The Sacramento Bee: “Bank of Canada to Unveil New $20 Polymer Bank Note”
Canadian Manufacturers and Exporters: “New $20 To Be Third Polymer Bill”
Bank of Canada: “Polymer Series (2011)”

The new notes will span all the denominations – 20, 50, 100, 200, 500 & 1,000 kronor – and the design will feature famous Swedes such as film director Ingmar Bergman, children’s author Astrid Lindgren, former United Nations secretary-general Dag Hammarskjöld, opera singer Birgit Nilsson, film star Greta Garbo, and musician Evert Taube.

The new series was designed by Göran Österlund, whose colourful “Journey of Culture” (Kulturresan) design was selected from among eight finalists in a contest launched by Sweden’s national bank last year.

“It’s been a difficult but stimulating task to pick a winner. All the contestants submitted ambitious and well worked suggestions, but in the end we were captivated by ‘The Cultural Journey’,” said Peter Egardt, a member of the Riksbank board of directors and chair of the banknote design selection jury, in a statement. “The overall impression is a beautiful and user-friendly series of bills which are built on a well-weighed balance between something new and Swedish banknote tradition.”

Österlund said his winning design as was meant to “let the bills take us on a journey from the Öresund Bridge in the south to the Treriksröset in the north,” referencing the “Three Country Cairn” where the borders of Finland, Sweden, and Norway meet, reported The Local.

The new faces won’t be the only adjustment to the banknotes, however. All of the new notes will be equipped with a new security feature known as “Spark” – a device that allows the banknote’s colour to shift when tilted and includes magnetic pigments in the dye that creates an image in certain light.

Higher denominations (100, 200, 500 & 1,000) will have an addition feature called “Motion” which is a window thread embedded into the banknote paper, giving an impression of movement when the banknote is titled. This feature currently exists on the most recent version of the 1,000-krona banknote.

The new series of banknotes will be introduced into circulation in 2015.

SOURCES:
The Local: “Sweden Shows Off Garbo, Bergman Banknotes”
Sveriges Riksbank: “Questions and Answers – New Banknote and Coin Series”

QR codes – also known as Quick Response codes – play the role of an enhanced barcode. The pattern consists of black modules (square dots) arranged in a square pattern on a white background. This unique pattern (different for all QR codes) is a gateway to information that is stored online and can be accessed using mobile phones.

The codes printed on the limited edition coins issued last year, for example, would direct people to a mobile website where they could find information on the Royal Dutch Mint and learn how the coins were made.

After a competition held to redesign their currency, Sweden will be the first to introduce the first banknotes with QR codes.

“The competition came to an end late last year with artist and engraver Goran Osterlund winning the privilege to fashion the codes for the new banknotes,” an article in QR Code Press reported. “Osterlund will design the new banknotes and determine the placement of two QR codes that will be featured on the currency. The codes are meant to direct people to the Svergis Riksbank website where they can find a wealth of information concerning the organization, its history, and the services it offers to Swedish citizens.”

Though the Swedish bank had hoped to introduce the banknotes by 2015, officials at Svergis Riksbank have said they have to first increase security on the codes after seeing examples of codes linking to malicious content. The bank also expressed concerns over the potential of accessing a users’ personal information when the code is scanned.

“As such,” QR Code Press said, “Svergis Riksbank is working to make their QR codes more secure.”

SOURCES:
QR Code Press: “Sweden To Adopt QR Coded Banknotes”
2D Code: “QR Code Banknotes”
“QR Code”

“This is a significant accomplishment for GPO and one more step forward in our long history of producing the passport for the Department of State,” said Acting Public Printer Davita Vance-Cooks. “GPO is a leader in the production of secure credentials and I am proud our employees have contributed to strengthening the security of the passport and our Nation.”

Electronic passports contain a small electronic chip – an RFID chip – embedded in the cover that contains key information about the passport carrier such as their name, gender, date of birth and a digital photograph of the carrier. Some electronic passports contain biometric information as well and require digital confirmation of physical attributes such as fingerprints and iris patterns.

The US Government Printing Office began printing electronic passports in 2005, and has been the body responsible for passport printing since the 1920s. Currently, the GPO manufactures electronic passports in facilities in Washingston, D.C. and at the Stennis Space Center in Mississippi.

Recent statistics released by the International Civil Aviation Organization (ICAO) – a United Nations agency that oversees international air travel – said that nearly 100 countries around the globe are now issuing electronic passports.

According to the ICAO’s research, the US provides the largest amount of electronic passports (72 million) and the UK is the second largest issuer (27 million). However, projections assembled by Acuity Market Intelligence say that the Asia Pacific region is projected to issue 55 million documents in 2014 alone, representing 42 per cent of the total global share.

SOURCES:
Ground Report: “GPO Produces 75 Million Electronic Passports”
Secure ID News: “E-Passports Spread To Half The Globe”

The bills feature new anti-counterfeiting devices such as transparent windows that are proving to be incompatible the existing ATMs. Rashid Al Fandi, executive director of banking operations and payment systems, expressed his frustration over the situation this week.

“When we launched the new, amended Dh500 (US$136.12) notes we informed all the banks to reprogram their machines,” he told The National. “It seems there was a delay in reprogramming the deposit-taking machines. This was what we asked the banks – so why the delay?”

Though consumers can still deposit the new banknotes to their accounts via bank tellers, the Central Bank said they had established timelines for companies to complete upgrades to the machines in order to avoid such a situation.

The Central Bank’s annoyance was compounded by the fact that other devices that took the Dh500 notes, such as counting machines, were reprogrammed within three days, wrote The National.

However, Sherif El Shafie, the regional managing director at NCR Corporation, a US maker of ATMs, barcode scanners and self-service kiosks and one of the biggest vendors of ATMs in the UAE, said the upgrades proved to be more complex than previously imagined.

“There is a sophisticated process for certifying any new banknote release to ensure that the technology identifies and recognizes genuine notes,” Shafie said. “This process takes some time to ensure accuracy.”

Shafie also said that the problem only resides in deposits and expects the issue to be fixed “within a matter of days.” Currently ATMs across the UAE are equipped to dispense the new Dh500 bills.

SOURCE:
The National: “New Banknotes Hard To Counterfeit And Deposit”

Available June 1, the £100 banknote is a special edition note that marks the Queen’s Diamond Jubilee.

In order to manufacture the note, a law dating back to 1959 that limited the maximum denomination of any currency note to £50 had to be amended.

“This is an appropriate way for Jersey to celebrate its loyalty to the crown,” said Senator Philip Ozouf, the Treasury Minister of the States of Jersey.

The note will feature English, French and Jèrriais words and the holographic portrait will appear as the main image and on the security strip.

In 2010, Jersey introduced a brand new series of banknotes that highlighted the region’s unique attributes.

Complete with images that chronicled key moments in the island’s history and phrases written in the native Jèrriais – a distinctive brand of French – the banknotes were the first new series Jersey has introduced in over twenty years.

Like many new banknotes, the Jersey series was also equipped with new security features to deter counterfeiting. A hologram on the top left corner of the notes was one of the new features added to the series as well as a see through map of the state. Familiar features such as a watermark and a silver security thread that appeared on old banknotes returned to the series as well.

The bailiwick of Jersey is part of the Channel Islands, located between England and France.

SOURCES:
BBC News: “Jersey Hologram £100 Banknotes Released.”
Banknote News: “Jersey Issues New Note Family”