Dear Colleagues,

When I wrote last month about one of the themes of Banknote 2011, it was to highlight substrates. I also emphasized Banknote's ongoing commitment to keeping you, our delegates, informed and updated about technology in our industry.

In no area is this more important than in that of actual banknote emissions. For all of us, it is crucial to be able to understand what works, what does not and how individual central banks and issuing authorities do and should apply new technologies for a new series of banknotes.

If there is a banknote that can truly be called a world denomination, it is the United States' $100 note. When rumors began to circulate in the first half of 2010 that there were technical problems with the Next Generation (NXG) $100, it was big news and the subsequent confirmation of the rumors, combined with an announcement of a delay in the previously-announced issue date of the NXG $100, made headlines everywhere. Banknote 2011 is proud to announce an in depth review of the problems and how they were solved, entitled "The Resolution". This exceptional presentation will be jointly presented by Judith Diaz-Myers of the U.S. Bureau if Engraving and Printing, who will be joined by Lorelei Pagano of the Federal Reserve and Tim Crane from Crane Currency, supplier of the NXG $100 substrate. This powerful review will show how significant technical problems can be resolved by hard work and close cooperation.

How do you measure how good the finished product is, once it is in circulation? How should a Central Bank decide on what new technology to adopt with a new issue? One example is that of the Bank of Canada. As I mentioned last month, Gerry Gaetz will give us insights and information on how he and his colleagues made the fundamental change from a paper to a polymer substrate. Doubtless they will be keeping close watch on the new substrate’s security against counterfeiting and longevity, among other things.

We hope that these and other presentations will help our delegates to make sensible and informed decisions, when they in turn are faced with decisions of their own involving new security devices and technology.

Please join us for experience these and many other fascinating topics at Banknote 2011 in Washington this July. You can find out more about them and the Conference by visiting our inter-active web page www.banknoteconference.com. We look forward to seeing you.

John Hanley
Chairman
Banknote 2011

Archived Chairman's Notes

April 2011

Dear Colleagues,

One of the themes of Banknote 2011 is substrates. Over the past few years, the banknote industry has seen strong growth in new offerings and we are going to take a fundamental look at all of them in Washington in July.

When polymer came on stage some years ago, it represented the first serious alternative to cotton rag banknote paper, discounting one disastrous experiment with Tyvek. Today, polymer is a well-established and accepted banknote substrate. Securency will be presenting at the Conference, as will Gerry Gaetz from the Bank of Canada, who will speak about the next generation Canadian banknote series, all denominations of which will be printed on Guardian.

But the paper manufacturers have not been idle. Far from it. In Louisenthal's case, Hybrid, their latest and original offering among several, consists of a paper core between two polymer surfaces. This product is already in circulation in several countries. LandQart, on the other hand, has taken a similarly novel, but different approach in developing Durasafe, which is made up of two paper surfaces with a polymer core. The application of various coatings to substrates, both pre and post printing, provides further variety in this market segment. In addition, Arjo Wiggins will show their latest technology, Crane will speak about micro-optics and Fabriano is introducing new integral watermark and security thread products.

All of these presentations represent a wide and perhaps confusing range of choices. To provide our delegates with a frame of comparison, Banknote is pleased to have arranged, with the world-renowned consultants PIRA a double length, in depth review of the whole substrate market as a principal part of our agenda. This will include a review of productive capacity, prices, substrate offerings and their characteristics, together with associated security devices and more.

All of us at Banknote believe that this fundamental evaluation of a basic banknote product segment will represent required information for all central banks, issuing authorities and cash managers involved in decisions affecting national currencies. Besides underlining Banknote's commitment to being the definitive forum on emerging trends and leading technologies in our industry, we believe that all of our delegates will benefit from attending this important presentation.

John Hanley
Chairman
Banknote 2011

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