![]() The highlight of the committee’s work is often organizing a national competition for the best design, and perhaps the appropriate name for the currency.īefore the competition, the committee should decide on the number of denominations of bank notes to produce (see section III.2). Time permitting, it is best to have the decision making carried out by a broad-based, high-level committee that includes dignitaries representatives from the banks, government, academia, and the arts and one or more other experts on currency printing and handling. Given the emotional importance many attach to the design of the national currency, a good first step is to lay out a clear mechanism for making design decisions. These include: how the design will be selected, the design philosophy, the main themes and texts, the size, user considerations, security features, and durability. Many considerations need to be taken into account when designing a note. 1/ These factors, together with price stability, lead to trust in the domestic currency. Aesthetic and nationalistic issues should not be permitted to overshadow more down-to-earth concerns such as ensuring that the currency is “user-friendly,” durable, easily recognizable, and reasonably secure against counterfeiting. On the other hand, the main objective of issuing a new currency should be to establish or restore public confidence in the domestic currency. As a result, discussions of the design of new bank notes and coins tend to be emotionally charged and time-consuming. Those in charge of designing a new currency must realize that many people see their national currency as a symbol of national independence or as a reflection of their political philosophy. The design of a national currency is important for many reasons, ranging from the philosophic to the pragmatic. Section VIII contains concluding remarks. Section VII raises a few issues relating to the issuance of coins. Section VI analyzes various options that can be taken as emergency measures if the country does not have sufficient time to properly prepare and issue a new bank note series from the outset. Section V discusses the need for an educational campaign when issuing a new bank note series. Section IV reviews production issues such as what entity should be responsible for printing notes, whether a private printer should be used, and the time and cost of production and delivery. Section III examines issues relating to the initial value of the currency, the denominations to use, and the broadest considerations regarding the quantity of bank notes to print. ![]() Section II covers issues relating to the design of bank notes, including design selection and philosophy colors, texts, and subjects user needs security features and durability. The body of the paper is in seven sections. Professional outside assistance may also be needed when attempting such an undertaking. However, it should not be forgotten that many of the issues in this process are deep and complex. The paper is intended to help those charged with designing, producing, and printing a new currency to proceed in an orderly and informed manner, including helping to ensure that key items are not overlooked and that the job is done in a cost-effective manner. 2/ While the main source material is published documents, information, and discussions with experts in the field, the paper also draws upon material produced by the Monetary and Exchange Affairs Department of the IMF in connection with its technical assistance work in a number of countries that have been confronted with this problem. ![]() This paper seeks to help ameliorate part of this problem by discussing the main issues in designing, producing, and printing a new currency. However, this task is made difficult by the lack of consistent, published information of the various aspects of this process. In addition, many countries that already have their own currency wish to enhance the currency’s attractiveness, usefulness, durability, and/or security. ![]() In fact, at times it is a necessity, either because the currency of an earlier union is being demonetized or because the former dominant member is making it difficult for the newly formed-or freed-country to use the country’s former currency. Newly independent or structurally transforming countries often feel a pressing need to introduce their own national currency. ![]()
0 Comments
Leave a Reply. |