The European Central Bank (ECB) releases the new €5 banknote today. This is the first step in the process of releasing new banknotes for all denominations of the currency. The theme for the new banknotes is Europe and the new notes will feature different periods of European history.
Today’s release is the culmination of years of work at the ECB to improve the security and the quality of the notes that are so important for the European economy.
“We estimate that in the Euro area 70-80% of the number of transactions, and 50-60% of the value of all transactions at the point of sale is still made in cash,” said Benoît Cœuré, ECB Executive Board member, at a conference earlier this month where the features of the notes were discussed.
CashGuard is ready for the new banknote – and more
Among other things, the new banknote has new security features such as a special coating and raised print. It also features the Greek mythological figure Europa in a hologram and in the watermark. CashGuard collaborated with the ECB during the development of the new banknote. Through an update in our Store Manager software, and the validation software, all CashGuard systems in the EU accept the new € 5 Euro banknote in time for the release. CashGuard passed the ECB tests with the highest possible scores.
“We will ensure support for any future changes in notes and coins to uphold good cash management in retail,” said Dario Costamagna, CashGuard Banknote Specialist. Since the old € 5 Euro banknote is still valid, there will be two versions in circulation. This may cause confusion about what a real banknote should look like. The CashGuard systems will solve that.
“If a cashier is unsure whether a banknote is accepted or not, he or she can just insert it into the CashGuard system. The system will check the banknotes for them,” Costamagna said.
The new banknote confirms the strength of cash
CashGuard CTO Björn Eriksson sees the release of the new banknote as one of many signs that cash is an important payment method that is here to stay in society. He points out that Sweden, Norway, Denmark and England have, or will soon, release new notes or coins. “Developing new notes and coins is a huge investment,” Eriksson said. “That so many banks in Europe are doing it, is a clear statement that cash is an important part of the European economy.”
Cœuré, of the ECB Executive Board, seems to agree: “People across the Euro area trust their banknotes,” he said at the conference. “However, the Euro system should remain ahead of the curve, and that is why we are launching the Europa series: to increase banknote security, take advantage of technological advances and maintain public confidence at high levels.
