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Foundations for New Indian Paper Mill US Resolves Issue of Presidential the confidential newsletter for currency ISSN 0895-9080 www.currency-news.com January 2012 | Vol 10 | No 1 US Resolves Issue of CONTENTS Presidential $1 Coins US Resolves the Issue of Presidential The long-running controversy over the in transport costs, along with $1.2 billion to $1 Coins1 costs and unpopularity of US $1 coins has buy back the unwanted coins (see CN Vol been resolved by the government’s decision 9, No 8). Several separate pieces of legisla- to stop producing them for public circula- tion were put forward to address the prob- Foundations for New Indian Paper Mill 1 tion – a move aimed at cutting government lem, ranging from reducing the number of waste that will save taxpayers $50m a year coins per year and suspending production Comment: 2012 – the Winds of and ease the backlog of 1.4 billion coins sit- to scrapping the program altogether. ting in Federal Reserve vaults. To date, 20 presidential coins have Change? 2 The US Presidential Coin Act of 2005 been produced. The Mint will continue mandated the production and issue of four producing the $1 coins on schedule, but coins a year between 2007 and 2016, with will only make enough to meet collector Cash Management Companies on the images of successive presidents on each. demand, and will no longer attempt to cir- Acquisition Trail 3 But, as with previous attempts to introduce culate them. dollar coins, the idea has not caught on with The decision is something of a mile- the public, and more than 40% of the coins stone in the long running battle between People in the News 3 that have been minted under the program those who think it wasteful to keep print- have been returned. ing dollar bills, and those who think the $1 Company and Market Round-Up 4 The costs of the program hit the head- coin is wasteful because the US public lines in the middle of last year, with the hasn't accepted it. publication of a report to US Congress on The decision over the $1 coin has also Case Study: What is a Fit Banknote? the costs to the Federal Reserve since 2007 fuelled another long-running coin debate – of distributing the coins, which included this time at the other end of the scale with The Dutch Public Responds 5 $650,000 in additional vault space and $3m Continued on page 4 On the Record: Bernd Kümmerle, Giesecke & Devrient – the Next Foundations for New Generation 6 Indian Paper Mill Technology Profile: Security Features for Coins – Learning from Banknotes 8 On December 17, the Indian Finance Now the government has taken the first Minister, Sri Pranab Mukherjee, laid the steps to achieving full self sufficiency – a foundation stone for a new banknote paper Banknote of the Month: Promotion for machine at the Security Paper Mill in Malaysia with the New ‘Distinctively Hoshangabad, which is owned by Security Malaysia’ Series 10 Printing and Minting Corporation of India (SPMCIL). The Indian government has long con- ICCOS Covers all the Americas 11 sidered becoming self-sufficient in bank- note paper – it started the process in 1967 when the first mould made paper machines The 2012 Conference Circuit 11 were installed at Hoshangabad. But – although the site was subsequently The Indian Finance Minister Sri Pranab Mukherjee at the cer- BANQIT Signs Up for CINEO 12 upgraded - it is only currently producing emony to lay the foundation stone for the new paper machine in about 2,800 tonnes of security paper a year, Hoshangabad a fraction of India’s requirements. Continued on page 2 Reproducing Currency News is an illegal infringement of Currency Publications Ltd's copyright. © Currency Publications Ltd 2012 Comment January 2012 | Vol 10 | No 1 Currency News | Page 2 2012 - The Winds of Change? India’s intention to become self-sufficient in banknote paper engraving systems eliminate the need for a border on bank- within the next few years is not breaking news, and the ceremo- notes. This enables the intaglio print to extend to the edge of ny last month to lay the foundation stone for the new banknote banknotes, thereby strengthening the most vulnerable areas paper machine in Hoshangabad is simply another step in its and reducing dog eared corners and worn edges. The new digi- much-publicised plans. But the images of this ceremony, tal systems also enable deeper engraving, thus enhancing the attended by the Minister of Finance, serve as a stark visual strength imparted to the banknote by intaglio printing. reminder that the most radical changes yet in demand for com- Additionally, virtually all banknote printers, both commercial mercial banknote paper are now imminent. and state, are now offering varnish as an option to enhance In a global banknote paper market that currently amounts banknote life. to around 150,000 tonnes per year, around 65,000 tonnes is pro- And in banknote processing, major progress to increase duced by commercial (as opposed to state owned) paper mills. banknote life is being made by technical and management inno- The loss, therefore, of India’s 18,000 tonnes per annum (around vation, especially in the sensor technology used for fitness pro- 30% of global commercial demand) will be a major challenge. cessing. The US, for example, now reports an 80-100% increase And, as has been previously reported in Currency News, the in circulation life for the $20 and $1 bills respectively in 2009 sector is also facing challenges from If you're not riding the wave compared with 2002, thanks to new sensors changing circumstances in countries which better differentiate unfit from fit of change, you'll find yourself other than India. Additional capacity at banknotes. If that experience could be emu- Goznak in Russia and news that China beneath it lated in all countries, banknote circulation Banknote Printing and Minting is also upgrading old machines life - especially for low and mid denominations - would increase and will build a complete new paper mill in Guangzhou – their substantially and banknote demand would fall accordingly. fourth - is a further blow to the commercial banknote paper There have already been two casualties of these changes. makers. China, which recently has imported about 10,000 The decision by the Bank of Canada to switch to Guardian sub- tonnes of paper per year, should be self-sufficient by 2015. strate has resulted in banknote production at G&D’s Ottawa The impact of the move from imported to domestic bank- facility being terminated. And Radece Papir, having invested in note paper supply in a number of major markets will be exacer- additional paper capacity last year, is currently filing for insol- bated by the rise in the use of durable substrates: De La Rue vency. There is undoubtedly a link between the market changes has its first order for its polymer substrate Flexycoin, Giesecke & and these events, although one could argue they came about as Devrient has won a significant contract for a new series printed much through other factors, with the tightening market just on its Hybrid© substrate, and the new Swiss currency will be providing the final tipping point. printed on Landqart’s Durasafe. Securency, meanwhile, has But looking at the bigger picture, what is taking place in the landed the whole of Canada’s banknote production and the two market is actually very healthy. Banknotes are under ever- low denominations in Malaysia’s new series, which account for increasing pressure, not least from alternative payment sys- more than half of Bank Negara Malaysia’s volume. All the major tems. To stay competitive, currency as a product must change commercial paper makers, and some state mills which export in order to become more cost-effective and remain attractive paper, now have one or more durable substrates in their portfo- and convenient to use. In other words, companies must contin- lio. ue to innovate and improve if they are to survive and thrive in In addition to substrate durability, major progress on the changing market environment. increasing circulation life is also being made in banknote After all, as the old proverb goes, ‘if you're not riding the design, printing and processing. For example, the new digital wave of change, you'll find yourself beneath it’. New Indian Paper Mill...cont duction, India will be ‘nearly self-sufficient The changes to the traditional supply new 6,000 tonne machine from Voith Paper in the production of banknote paper,’ chain not only affect banknote paper but is to be installed at the existing mill in a according to Sri Mukherjee. also ink and security features – and will £53.7m project and is likely to be commis- In 2011, India imported nearly 20,000 automatically affect those features that are sioned by October 2013. tonnes of banknote paper and by 2014 the embedded in the substrate. Domestic Moreover, a new greenfield paper mill Reserve Bank of India estimates that bank- demand for intaglio ink is likely to be fully at Mysore, a joint venture between SPM- note demand will exceed 24,000 tonnes, met by Bank Note Press, Dewas by upgrad- CIL and Bharatiya Reserve Bank Note leaving about 4-6,000 tonnes of paper to be ing their existing ink factory (the Dewas Mudran (BRBNML), with an annual capac- imported. facility has also just inaugurated a new ity of 12,000 tonnes per annum, is also The stated long term goals of BRBN- printing line). scheduled to fully commence commercial ML and SPMCIL - the two Indian organi- The government is also encouraging production by April, 2014. No orders have sations responsible for banknote produc- security feature suppliers to manufacture yet been placed for the Mysore mill, but it tion - is to meet all the domestic Indian in part or whole in India, and will invest in is understood that a Letter of Intent has requirements and then as a second step sell Indian science and technology to encourage been signed.
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