MONEY TALKS: “Back to the Future”—Challenges in Banknote Design

As artifacts of popular culture, banknotes signify more than just tokens of payment. Banknotes are at the heart of our exchanges and interactions. They are omnipresent and ubiquitous. The first modern banknotes were printed in Sweden in 1661 (Cribb in Money, Dorling Kindersley, New York, 1990); circulating for more than 350 years now; they bear witness to our everyday lives, our possessions, our stories and our memories—close to our hearts and deep in our pockets. With galloping technological advancement, on-going additions to payment gateways and alternate global currencies; banknotes would seem to be following the path of the dodo. In fact, it is just the contrary. The last decade has seen a growth of 175% of the US Dollar bills as per the data available on the United States Federal Reserve’s Web site (https://www.federalreserve.gov/paymentsystems/coin_currcircvolume.htm). The Bank of England’s Web site (https://www.bankofengland.co.uk/statistics/banknote) also documents an increase of almost double at 190% of the British pound notes; even the relatively nascent Euro hit a staggering 200% increase in note circulation according to the European Central Bank’s Web site (https://www.ecb.europa.eu/stats/policy_and_exchange_rates/banknotes+coins/circulation/html/index.en.html). With counterfeiters relentlessly at their heels; banknotes; substrates adorned with complex and layered artworks integrating constantly updated security technology into production techniques; ceaselessly needing to stay ahead; are befitting to the adage, back to the future; perhaps, like no other product design or innovation. The size is restricted, the medium usually paper, recently polymer, two-dimensional and two sided, the method being printing, foiling and special security technologies; not much has changed over the past three centuries considering the influx and constant bombardment of inventions leaving most products and practices obsolete or even redundant, but not banknotes. A clear indication that makes the banknote and its design so extraordinary and challenging. Apart from the usual mundane exchange; our interactions with banknotes run deep. They are experienced and consumed by our senses; even if less apparent and more subliminal. Seeing the magnificent and indigenous artworks, feeling the raised and intaglio impressions, hearing the flutter and folding (the crushing sounds are tests for real versus counterfeit notes); they have an extremely personal relationship with each of us on a daily basis. To make their design decisions further complex, they are also handled by machines regularly. Optical and magnetic sensors to assist the multiple interfaces and technology need to embedded in the notes for effective exchange. Banknotes are, thus, part of an elite group of products that are handled both by men and machines. And as far as the quantum of exchange is concerned, they securely lead by a hefty margin. Designed exclusively and uniquely, individually customized, artistically bespoke and yet for a wholesale, across-the-board, extensive exchange; to be used anywhere, anyhow, anytime; a perfect blend of form and function, of information and security, of exchange and trust, of durability and bio-degradability; thereby making the banknote the most coveted of design possibilities, practices and commissions. Not to forget, each note, in its medium and its message integrates zeitgeist—the spirit of the time; reflecting the promise of its currency. This research presents; back to the future; the on-going journey of banknotes that continue to offer challenges and opportunities; a noteworthy specimen for the design of tomorrow.