Conformed Copy

                  SECURITIES AND EXCHANGE COMMISSION
                                     
                         Washington, DC 20549

                              FORM 10-Q

     ..X.. QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE 
                                     
                     SECURITIES EXCHANGE ACT OF 1934 
                                     
            For the quarterly period ended September 30, 1995
                                     
                                    OR
                                     
    .... TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE 
                     SECURITIES EXCHANGE ACT OF 1934
                                     
           For the quarterly period from _________to _________
                                     
                                     
                    Commission File Number 1-3410  
                                     
                                     
                      AMERICAN BANKNOTE CORPORATION
          (Exact name of Registrant as specified in its charter)

         A Delaware                             I.R.S. Employer
        Corporation                              No. 13-0460520
                                     
                                     
             51 West 52nd Street, New York, New York   10019
                                     
                   Telephone - Area Code   212-582-9200



Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports) and (2) has been subject to
such filing for the past 90 days.      Yes  X    No    

At November 6, 1995 - 19,110,763 shares of common stock were outstanding.

<PAGE>
<PAGE>
                     AMERICAN BANKNOTE CORPORATION
         (formerly named United States Banknote Corporation) 

                              FORM 10-Q

                              I N D E X



                                                           PAGE
                                                            NO.
PART I - FINANCIAL INFORMATION

 Item 1.  Financial Statements - Unaudited

   Condensed Consolidated Balance Sheets
     September 30, 1995 and December 31, 1994 . . . . . . . .   3

   Condensed Consolidated Statements of Operations
     For the nine months and third quarters ended
     September 30, 1995 and 1994. . . . . . . . . . . . . . .   4

   Condensed Consolidated Statements of Cash Flows
     For the nine months ended September 30, 1995 and 1994      5

   Condensed Consolidated Statement of Stockholders' Equity
     For the nine months ended September 30, 1995 . . . . . .   6

   Notes to Condensed Consolidated Financial Statements . . .   7

 Item 2.  Management's Discussion and Analysis of Financial
       Condition and Results of Operations. . . . . . . . . .  11

PART II - OTHER INFORMATION 
 Item 1.  Legal Proceedings . . . . . . . . . . . . . . . . .  18

 Item 6.  Exhibits and Reports on Form 8-K .  . . . . . . . .  18

<PAGE>
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS
AMERICAN BANKNOTE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except for share data)
<TABLE>
<CAPTION>
                                                September    December
                                                 30, 1995    31, 1994      
ASSETS                                               (Unaudited)
<S>                                             <C>          <C>
Current assets
  Cash and cash equivalents. . . . . . . .      $ 19,052     $ 31,658
  Accounts receivable, net of allowance for
   doubtful accounts of $916 and $471. . . . . .  36,322       43,783
  Other receivables. . . . . . . . . . . . . . .   6,499        4,767
  Inventories. . . . . . . . . . . . . . . . . .  23,867       20,497
  Deferred income tax benefits . . . . . . . . .   3,210        5,685
  Prepaid expenses . . . . . . . . . . . . . . .   6,268        2,971
        Total current assets . . . . . . . . .    95,218      109,361
Property, plant and equipment, at cost, 
  net of accumulated depreciation and 
  amortization of $54,753 and $44,517. . . . .   228,989      215,859
Other assets  .  . . . . . . . . . . . . . . .    25,027       23,985
Excess of cost of investment in subsidiaries 
  over net assets acquired, net of accumulated 
  amortization of $2,790 and $1,851. . . . . .    35,363       33,745
                                                $384,597     $382,950
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
  Current portions of long-term debt . . .      $     67     $    359
  Accounts payable and accrued expenses. . . . .  40,597       43,115
        Total current liabilities. . . . . . . .  40,664       43,474
Long-term debt, net of unamortized discount 
  of $1,147 and $1,221 . . . . . . . . . . . . . 191,267      191,192
Other liabilities. . . . . . . . . . . . . . . .  13,311       16,188
Deferred income taxes  . . . . . . . . . . . . .  69,371       69,319
Minority interest. . . . . . . . . . . . . . . .  17,350            -
                                                 331,963      320,173
Commitments and Contingencies
Stockholders' equity
  Preferred Stock, authorized 5,000,000 shares,
   no shares issued or outstanding . . . . . . .       -            -
  Common Stock, par value $.01 per share,
   authorized 50,000,000 shares; issued 
   19,391,763 shares and 19,289,888 shares . . .     194          193
  Capital surplus. . . . . . . . . . . . . . . .  67,091       66,883
  Retained-earnings (deficit). . . . . . . . . . (13,398)      (3,046)
  Treasury stock, at cost (281,000 shares) . . .  (1,253)      (1,253)
        Total stockholders' equity . . . . . . .  52,634       62,777
                                                $384,597     $382,950
</TABLE>
 See notes to condensed consolidated financial statements.
<PAGE>
<PAGE>
AMERICAN BANKNOTE CORPORATION AND SUBSIDIARIES 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(Amounts in thousands, except per share data)
<TABLE>
<CAPTION>
                                          Nine               Third 
                                      Months Ended         Quarter Ended
                                      September 30          September 30
                                      1995     1994       1995       1994 
<S>                               <C>       <C>        <C>       <C>
Sales  . . . . . . . . . .        $153,442  $149,193   $ 56,783  $ 52,890

Costs and expenses
 Cost of goods sold. . . . . .     109,512    90,658     39,414    33,517
 Selling and administrative  . .    29,767    29,077      9,258    10,272
 Depreciation and amortization .    10,741     9,640      4,187     3,206
                                   150,020   129,375     52,859    46,995

                                     3,422    19,818      3,924     5,895
Other (expense) income
 Interest expense. . . . . . . .   (17,293)  (15,249)    (5,832)   (5,696)
 Foreign exchange gain 
   (loss), net . . . . . . . . .      (206)   (7,487)      (264)      412
 Other, net. . . . . . . . . . .     2,920     1,261      1,850       437
                                   (14,579)  (21,475)    (4,246)   (4,847)
 Income (loss) before 
   income taxes. . . . . . . . .   (11,157)   (1,657)      (322)    1,048

Income tax charge (benefit). . .    (1,217)     (784)      (787)      487

 Income (loss) before 
   minority interest . . . . . .    (9,940)     (873)       465       561
Minority interest. . . . . . . .      (412)        -       (412)        -

 Income (loss) before 
   extraordinary item. . . . . .   (10,352)     (873)        53       561
Extraordinary item . . . . . . .         -      (114)         -         -
 NET INCOME (LOSS) . . . . . . .  $(10,352) $   (987)  $     53   $   561

Weighted average number of 
   common and common equivalent 
   shares outstanding. . . . . .    19,087    19,040     19,300    19,230

Net income (loss) per share:
 Operations. . . . . . . . . . . $   (.54) $   (.04) $    (.00)   $   .03
 Extraordinary item. . . . . . .        -      (.01)         -          -
   Net income (loss) per share . $   (.54) $   (.05) $    (.00) $     .03
</TABLE>
See notes to condensed consolidated financial statements.
<PAGE>
<PAGE>
AMERICAN BANKNOTE CORPORATION AND SUBSIDIARIES 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(Amounts in thousands)
<TABLE>
<CAPTION>
                                                      Nine Months Ended
                                                         September 30
                                                        1995       1994
<S>                                                 <C>         <C>
Operating Activities
  Net cash from operations, after adjustments 
     to reconcile net loss to net cash (used in)
     or provided by operating activities . . . . . .$ (2,649)   $16,947
     Accounts and other receivables. . . . . . . . .   3,978     (7,907)
     Inventories . . . . . . . . . . . . . . . . . .   1,759     (2,550)
     Prepaid and other assets. . . . . . . . . . . .   1,253)      (641)
     Accounts payable and accrued expenses . . . . .   4,733)     7,592
     Deferred debt costs . . . . . . . . . . . . . .       -     (3,744)
     Other . . . . . . . . . . . . . . . . . . . . .   2,673)    (2,079)
  Net cash used in Operating Activities. . . . . . .   5,571)     7,618

Investing Activities
  Capital expenditures, net  . . . . . . . . .  . .   (5,442)    (7,781)
  Other long-term investments. . . . . . . . .  . .   (1,195)         -
  Net cash used in Investing Activities. . . .  . .   (6,637)    (7,781)

Financing Activities
  Proceeds from 11 5/8% Senior Notes . . . . . . . .       -     63,718
  Proceeds from issuance of Common Stock . . . . . .      19        122
  Repayment of bank borrowings . . . . . . . . . . .       -    (40,000)
  Acquisition of treasury stock. . . . . . . . . . .       -       (378)
  Payment of other long-term
     obligations and other . . . . . . . . . . . . .    (292)      (423)
  Net cash (used in) provided by 
     Financing Activities. . . . . . . . . . . . . .    (273)    23,039

Effect of foreign currency exchange rate 
  changes on cash and cash equivalents . . . . . . .    (125)    (1,379)

Increase (decrease) in cash 
  and cash equivalents . . . . . . . . . . . . . . . (12,606)    21,497

Cash and cash equivalents - beginning of period. . .  31,658     15,437

Cash and cash equivalents - end of period  . . . . . $19,052    $36,934
</TABLE>
See notes to condensed consolidated financial statements.
<PAGE>
<PAGE>
AMERICAN BANKNOTE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - UNAUDITED
NINE MONTHS ENDED SEPTEMBER 30, 1995
(Amounts in thousands)

<TABLE>
<CAPTION>



                                                Retained
                       Common Stock   Capital   Earnings  Treasury   Total
                       Shares Amount  Surplus   (Deficit)  Stock    Equity
<S>                    <C>     <C>   <C>       <C>       <C>       <C>

Balance -
January 1, 1995         19,290  $193  $66,883   $(3,046)  $(1,253)  $62,777

Issuance of common 
  shares and other         102     1      208                           209
 
Net loss                                        (10,352)            (10,352)

Balance -
September 30, 1995      19,392  $194  $67,091  $(13,398)  $(1,253)  $52,634





</TABLE>

















See notes to condensed consolidated financial statements.
<PAGE>
<PAGE>
AMERICAN BANKNOTE CORPORATION AND SUBSIDIARIES 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED   


Note A - Basis of Presentation

   As of July 1, 1995, the name of the corporation was changed to
American Banknote Corporation from United States Banknote Corporation.  

   The accompanying unaudited condensed consolidated financial
statements do not contain all disclosures required by generally accepted
accounting principles.  Reference should be made to the Company's Annual
Report on Form 10-K and Form 10-K/A for the year ended December 31,
1994.  The accompanying unaudited condensed consolidated financial
statements reflect all adjustments (consisting of normal recurring
adjustments) which are, in the opinion of management, necessary for a
fair statement of the results of the interim periods presented and are
not necessarily indicative of the results which may be expected for a
full fiscal year.

   In May 1994, the Company wrote off as a net extraordinary charge to
income $0.1 million of deferred debt expenses, net of tax benefits
(approximately $0.1 million), related to the early extinguishment of the
Company's bank indebtedness. (See Note C).

   Primary and fully-diluted income (loss) per share are the same.

   Cash tax payments for the nine months ended September 30, 1995 and
1994, amounted to approximately $2.3 million in both periods.  Cash
interest payments for the nine months ended September 30, 1995 and 1994
amounted to approximately $14.9 million and $9.6 million, respectively. 
In addition, under interest rate swap agreements, a cash interest
payment of $0.6 million was made in the nine months ended September 30,
1995 versus the receipt of cash interest of $0.9 million in the nine
months ended September 30, 1994.  

   The fair value of the Company's swap and cap agreements represented a
net payable position of approximately $0.6 million as of September 30,
1995.

<PAGE>
<PAGE>
AMERICAN BANKNOTE CORPORATION AND SUBSIDIARIES 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED


Note B - Inventories

   Inventories consist of the following (in thousands):
<TABLE>
<CAPTION>

                                                September       December
                                                 30, 1995       31, 1994
      <S>                                       <C>            <C>

      Work in process. . . . . . . . . . . .    $  11,864      $  12,963
      Raw materials and supplies . . . . . .       12,003          7,534
         Total inventories . . . . . . . . .    $  23,867      $  20,497
</TABLE>

Note C - Senior Debt

    Senior debt consists of the following (in thousands):
<TABLE>
<CAPTION>

                                               September       December
                                                30, 1995       31, 1994
      <S>                                     <C>            <C>
      10-3/8% Senior Notes, 
        due June 1, 2002  . . . . . . . . .   $ 126,500      $ 126,500
      11-5/8% Senior Notes, 
         due August 1, 2002, 
         net of unamortized discount 
         of $1,147 and $1,221 (a). . . . . .      63,853         63,779
      Other long-term obligations. . . . . .         981          1,272
      Less current portion . . . . . . . . .         (67)          (359)
         Total senior debt . . . . . . . . .   $ 191,267      $ 191,192
</TABLE> 

    (a)  On May 4, 1994, the Company completed a sale of $65 million
    principal amount of the 11-5/8% Senior Notes.  The proceeds were
    used, in part, to prepay $40 million outstanding indebtedness under
    bank borrowings.



<PAGE>
<PAGE>
AMERICAN BANKNOTE CORPORATION AND SUBSIDIARIES 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED


Note D - Accounts Payable and Accrued Expenses

   Accounts payable and accrued expenses consist of the following (in
thousands):
<TABLE>
<CAPTION>

                                              September       December
                                               30, 1995       31, 1994
      <S>                                     <C>           <C>

      Accounts payable . . . . . . . . . . .  $   8,074      $  10,633
      Accrued expenses . . . . . . . . . . .      7,955          9,924
      Customers' advances. . . . . . . . . .      4,665          6,656
      Salaries and wages . . . . . . . . . .      5,787          5,645
      Restructuring and merger -
         related accruals. . . . . . . . . .      6,317          4,202
      Interest payable . . . . . . . . . . .      4,882          3,550
      Other . . .. . . . . . . . . . . . . .      2,917          2,505
         Total accounts payable 
             and accrued expenses. . . . . .  $  40,597      $  43,115
</TABLE>

Note E - Acquisition of Subsidiary

    As of July 1, 1995, the Company's Brazilian subsidiary, American
Bank Note Company Grafica e Servicos Ltda. ("ABN-Brazil"), acquired the
printing business and operations of Grafica Bradesco Ltda. ("Grafica
Bradesco") from Banco Bradesco S.A. (Brazil) ("Banco Bradesco"). Under
the terms of the acquisition agreement Banco Bradesco became a holder of
22.5% of ABN-Brazil in exchange for the business and certain operating
assets of Grafica Bradesco valued at approximately $17 million.  Grafica
Bradesco's business includes check printing, check personalization,
continuous forms, deposit slips, financial cards and insurance policies. 
Prior to the acquisition, Graficia Bradesco printed exclusively for
Banco Bradesco and its affiliates and ABN-Brazil expects to continue to
be the principal print supplier for Banco Bradesco. ABN-Brazil will
continue to operate in the Sao Paulo Banco Bradesco facility, which was
previously used by Grafica Bradesco through July 1996.  The acquisition
was accounted for as a purchase and recorded approximately $2.6 million
as the cost in excess of the fair market value of the underlying net
assets acquired, which cost is being amortized over 20 years.

<PAGE>
<PAGE>
AMERICAN BANKNOTE CORPORATION AND SUBSIDIARIES 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED

Note E - Acquisition of Subsidiary (cont'd.)

    The following unaudited pro forma combined results of operations for
the nine months ended September 30, 1995 and 1994 has been prepared as
if the acquisition had occurred on January 1 of each year.  The
acquisition has been accounted for as a purchase transaction in
accordance with APB No. 16 "Business Combinations."
<TABLE>
<CAPTION>

                                             Unaudited Pro Forma Combined
                                                   Nine Months Ended
                                                     September 30
                                                   1995          1994 
    <S>                                       <C>           <C>

    Sales. . . . . . . . . . . . . . . . . .  $ 171,940     $ 174,969

    Income (loss) before 
      extraordinary item . . . . . . . . . .  $  (8,383)    $   5,218

    Net income (loss). . . . . . . . . . . .  $  (8,383)    $   5,104

    Income (loss) per share 
      Before extraordinary item. . . . . . .  $    (.44)    $     .28

      Net income (loss). . . . . . . . . . .  $    (.44)    $     .27
</TABLE>
    The above pro forma statements are not intended to be indicative of
the results of operations which actually would have occurred had the
acquisition been made at such dates.


Note F - Commitments and Contingencies

    The Company is involved in various litigations (reference is made to
"Part II - Other Information, Item 1. Legal Proceedings" herein), the
adverse determination of which would have a material adverse effect on
the financial condition or results of operations of the Company.  The
Company believes, however, that it has good and meritorious defenses to
the litigations and intends to vigorously defend against such actions.
<PAGE>
<PAGE>
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF   
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

General

   As noted elsewhere, the Company acquired the printing business and
operations of Grafica Bradesco in exchange for 22.5% of ABN-Brazil.  The
acquisition was accounted for as a purchase transaction and its
operations have been recorded since the July 1, 1995 acquisition date.  
The acquisition had a significant impact on the operations of the
Company beginning in the third quarter of 1995. 

COMPARISON OF RESULTS OF THE NINE MONTHS ENDED SEPTEMBER 30, 1995 
WITH THE NINE MONTHS ENDED SEPTEMBER 30, 1994

   Sales in 1995 increased by $4.2 million (2.8%) from 1994. Government
sales decreased $7.5 million.  Corporate and Commercial and Holographic
sales increased $5.7 million and $6.0 million, respectively.  The
decrease in Government is primarily due to a decrease in food coupons
($10.8 million) and U.S. Postal ($1.1 million) sales, partially offset
by increases in currency ($2.0 million) and automobile vouchers, driver
licenses and other product sales ($2.4 million).  The reduction in food
coupon sales reflects a trend that can be expected to continue. See
"Liquidity and Capital Resources." The increase in Corporate and
Commercial sales is primarily due to increases in sales as a result of
the Grafica Bradesco acquisition ($11.4 million) and increases in
prepaid telephone cards ($11.2 million) offset by decreases in sales of
stocks and bonds ($12.9 million), personalized checks ($3.8 million) and
other products ($0.2 million).  The increase in holographic sales is
attributable to holograms for credit cards.  The change in various
components of sales may be affected by the timing of contract awards and
delivery requirements of customers.  

   Cost of goods sold increased $18.9 million (20.8%) from 1994 and as
a percentage of sales was 71.4% in 1995 as compared to 60.8% in 1994.  
Cost of goods sold increased as a result of the Grafica Bradesco
acquisition in the third quarter of 1995, a change in product mix and, in
the second quarter of 1995, the write-off of inventory related to work
for an overseas customer that went out of business and manufacturing
losses on certain other orders ($6.2 million). The Company does not
expect to incur additional charges from these inventory and
manufacturing losses in the future. The cost of sales percentage also
was impacted by reduced margins in Brazil since margins in the prior
year were higher as sales included inflationary price adjustments which
have now been eliminated as part of the current economic stabilization
program.  While margins were lower due to this stabilization program, 
<PAGE>
<PAGE>
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF   
FINANCIAL CONDITION AND RESULTS OF OPERATIONS


RESULTS OF OPERATIONS - Continued

earnings were favorably impacted by the virtual elimination of
translation losses.  The Company expects ABN-Brazil's margins to
continue to be affected by these factors. The new prepaid telephone card
production lines in Brazil increased fixed manufacturing cost which was
offset, in part, by lower domestic fixed manufacturing cost.  The product
mix in any given period is not indicative of the expected product mix
which can be expected in future periods. 

   Selling and administrative expenses increased by $0.7 million from
1994 (2.4%) primarily as a result of the settlement of an executive
severance agreement and increased commission expense in Brazil offset in
part by reduced domestic selling and administrative expenses.  As a
percentage of sales, selling and administrative expenses decreased to
19.4% from 19.5%.

   Depreciation expense increased $1.1 million in 1995 primarily as a
result of the Grafica Bradesco acquisition.

   Interest expense increased $2.0 million in 1995 primarily due to the
issuance of $65 million 11-5/8% Senior Notes during May 1994 at a higher
rate of interest than the $40 million of bank debt it replaced.  In
addition under its interest rate swap agreements, the Company incurred
net interest expense ($0.3 million) in 1995 versus income ($0.3 million)
in 1994.

   Other income increased $1.7 million due in part to an unrealized
gain in a long-term marketable investment ($0.9 million).

   Foreign exchange gain (loss), net, is a result of the Company's 
translation of Brazilian local currency financial statements into 
dollars in accordance with Statement of Financial Accounting Standards
("SFAS") No. 52 "Foreign Currency Translation."  As a result, the
translation adjustment is recorded as a period item.  Improving economic
conditions in Brazil stemming from the country's July 1994 economic
stabilization program resulted in a $7.3 million reduction in foreign
exchange loss.


<PAGE>
<PAGE>
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF   
FINANCIAL CONDITION AND RESULTS OF OPERATIONS


RESULTS OF OPERATIONS - Continued

   Income taxes (benefits) are based on book income (loss) using an
estimated annual effective tax rate that assumes various assumptions
such as state and local taxes, utilization of foreign tax credits and
timing of certain deductions.  The Company recorded a nominal tax
benefit primarily due to the tax benefit from domestic losses being
offset by U.S. and Brazilian taxes on profits earned in Brazil.

   The minority interest represents Banco Bradesco's 22.5% interest in
ABN-Brazil's operations since the July 1, 1995 acquisition of Grafica
Bradesco by ABN-Brazil.

   The extraordinary item in 1994 represents the writeoff of deferred
debt expenses, net of tax benefits related to the early extinguishment
of the Company's $40 million bank indebtedness.

COMPARISON OF RESULTS OF THE THIRD QUARTER ENDED SEPTEMBER 30, 1995 
WITH THE THIRD QUARTER ENDED SEPTEMBER 30, 1994

   Sales in 1995 increased by $3.9 million (7.4%) from 1994. Government
sales decreased $6.1 million.  Corporate and Commercial and Holographic
sales increased $8.0 million and $2.0 million, respectively.  The
decrease in Government is primarily due to a decrease in food coupon
sales ($6.8 million), partially offset by increases in currency, postal
and other ($0.7 million). The reduction in food coupon sales reflects a
trend that can be expected to continue.  See "Liquidity and Capital
Resources."  The increase in Corporate and Commercial sales is primarily
due to increases in sales as a result of the Grafica Bradesco
acquisition ($11.4 million), increases in prepaid telephone cards ($5.4
million) offset by decreases in sales of stocks and bonds ($5.8
million), personalized checks ($1.0 million) and commercial and other
products ($2.0 million).  The increase in Holographic sales is
attributable to holograms for credit cards.  The change in various
components of sales may be affected by the timing of contract awards and
delivery requirements of customers.  
<PAGE>
<PAGE>
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF   
FINANCIAL CONDITION AND RESULTS OF OPERATIONS


RESULTS OF OPERATIONS - Continued

   Cost of goods sold increased $5.9 million (17.6%) from 1994 and as a
percentage of sales was 69.4% in 1995 as compared to 63.4% in 1994.  
Cost of goods sold increased mainly due to a change of product mix and
the Grafica Bradesco acquistion.  The cost of sales percentage also was
impacted due to the reduced margins as a result of product mix and the
acquistion.  The new prepaid telephone card production lines in Brazil
increased fixed manufacturing cost which was offset in part by lower
domestic fixed manufacturing cost.  The product mix in any given period
is not indicative of the expected product mix which can be expected in
future periods.

   Selling and administrative expenses decreased by $1.0 million from
1994 primarily due to reduced commissions as a result of lower domestic
sales volumes and reduced administrative expenses.  As a result, selling
and  administrative expenses as a percentage of sales, decreased to
16.3% from 19.4%.

   Depreciation expense increased $1.0 million in 1995 primarily as a
result of the Grafica Bradesco acquistition.

   Interest expense increased $0.1 million in 1995 primarily a result
of the Company's interest rate swap agreements.

   Other income increased $1.4 million primarily due to an unrealized
gain in a long-term marketable investment ($1.2 million).

   Foreign exchange translation loss, net, is a result of the Company's
translation of Brazilian local currency financial statements into
dollars in accordance with SFAS No. 52.  As a result, the translation
adjustment is recorded as a period item.  See "Impact of Inflation."  

   Income taxes (benefits) are based on book income (loss) using an
estimated annual effective tax rate that assumes various assumptions
such as state and local taxes, utilization of foreign tax credits and
timing of certain deductions.  The tax benefit recorded in the quarter
is as a result of cumulative change in the tax benefit recorded.

   The minority interest represents Banco Bradesco's 22.5% interest in
ABN-Brazil's operations since the July 1, 1995 acquisition of Grafica
Bradesco by ABN-Brazil.

<PAGE>
<PAGE>
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF   
FINANCIAL CONDITION AND RESULTS OF OPERATIONS


LIQUIDITY AND CAPITAL RESOURCES

   For the nine months ended September 30, 1995, the Company's net cash
used in operations was approximately $2.6 million. The net loss of $10.4 
million was adjusted by $7.8 million to reconcile the net loss to net
cash used in or provided by operating activities before changes in
operating assets and liabilities.  The non-cash adjustments principally
consisted of depreciation and amortization of $10.7 million offset
partially by deferred tax benefits of approximately $5.1 million.

   Significant increases in certain balance sheet amounts at September
30, 1995 compared to December 31, 1994 were due principally to the
acquisition of the business and certain operating assets of Grafica
Bradesco by ABN-Brazil in exchange for a 22.5% minority interest in
ABN-Brazil during 1995. As a result of the acquistion, the following balance
sheet accounts increased: inventories $5.1 million, prepaid expenses and
other current assets $2.0 million, property plant and equipment $17.6
million, net excess cost of investment in subsidiaries over net assets
acquired $2.6 million, accounts payable and accrued expenses $2.4
million, deferred income tax liability $8.0 million and minority
interest $16.9 million.  In addition to the changes discussed above, the
net decrease in accounts and other receivables of $4.0 million and
inventory of $1.8 million provided cash during the period. Cash was used
to reduce accounts payable and accrued expenses by $4.7 million, other
liabilities by $2.7 million and increase prepaid and other assets by
$1.2 million.  

   Net cash used in investing activities was $6.6 million as a result
of capital expenditures for new equipment of $5.4 million and a long-term
investment in marketable securities of $1.2 million.

   Net cash used for financing activities amounted to $0.3 million
resulting primarily from payments of long-term debt.

<PAGE>
<PAGE>
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF   
FINANCIAL CONDITION AND RESULTS OF OPERATIONS


LIQUIDITY AND CAPITAL RESOURCES - continued

   At September 30, 1995, the Company had approximately $19.1 million
in cash and cash equivalents, $126.5 million of 10-3/8% Senior Notes
outstanding, $63.9 million of 11-5/8% Senior Notes outstanding, and had
approximately $5.6 million of availability under the Credit Agreement,
as extended, after giving effect to $4.4 million of outstanding letters
of credit.

  The Company is currently negotiating a $20 million credit facility to
replace the Credit Agreement which expired (other than the letter of
credit facility) on October 31, 1995.  On September 20, 1995, the
Company signed a commitment letter for a new credit facility and is
negotiating an extension of the commitment which expired November 2,
1995.

   Certain states are continuing the evaluation of the feasibility of
utilizing electronic benefit transfer ("EBT") programs which replace the
traditional methods of distribution of public assistance benefits to
recipients, including replacing food coupons with debit-type cards. Food
coupon production constitutes a significant component of the Company's
sales and earnings. While sales of food coupons have increased in recent
years, recent reforms proposed by Congress as well as EBT programs and
the USDA's high level of food coupon inventory will reduce the Company's
volume of food coupon production for 1995 and in future years.  The USDA
is currently soliciting bids for the future printing of food coupons at
substantially lower volumes than in prior years.  Reference is made to
the Company's Annual Report on Form 10-K and Form 10-K/A for the year
ended December 31, 1994.

   Management of the Company believes that cash flows from operations
of the Company, together with its cash balances and borrowings, will be
sufficient to service its working capital and debt service requirements
and fund capital expenditures for the foreseeable future.

<PAGE>
<PAGE>
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF   
FINANCIAL CONDITION AND RESULTS OF OPERATIONS


LIQUIDITY AND CAPITAL RESOURCES - continued

NEW ACCOUNTING STANDARD

   In March 1995, SFAS No. 121, "Accounting for the Impairment of Long-
Lived Assets and for Long-Lived Assets to be Disposed Of," was issued
and contains changes to current accounting practices and must be adopted
for fiscal years beginning after December 15, 1995.  Management
estimates that the adoption of this Standard will not have a material
effect on the Company's financial statements and will be adopted in
1996.

IMPACT OF INFLATION

   The Company's domestic operations are not significantly affected by
inflation.  ABN-Brazil sales for 1995 contributed a significant portion
of consolidated sales of the Company (43.1%).  Reference is made to the
Company's Form 10-K and Form 10-K/A for the year ended December 31, 1994
"Impact of Inflation." 

   On July 1, 1994 the Brazilian government introduced a new currency,
the "Real" as part of the government's economic stabilization program
designed to reduce the country's hyperinflation.  Prior to the
introduction of the Real, the Brazilian government created a new
monetary unit (the "URV") as a transition mechanism.  During this period
prices were re-negotiated in URV's. From April 1 to June 30, 1994
inflation increased over pre-URV levels, resulting in higher than
anticipated translation losses.  However, the annual inflation rate has
decreased substantially (to approximately 1.4% per month in September
1995 and 1.2% per month in September 1994) and in 1995 the Company
realized a nominal translation loss.  The Company cannot predict what
impact, if any, such initiatives will have on the Brazilian economy or
on ABN-Brazil's consolidated results of operations<PAGE>
<PAGE>
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF   
FINANCIAL CONDITION AND RESULTS OF OPERATIONS


PART II    OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

   Reference is made to the Company's Annual Report on Form 10-K and
Form 10-K/A for the year ended December 31, 1994.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a)    Exhibits:
   Exhibit
   Number

   4.1   New Credit Agreement and Temporary Commitment, dated as of
         August 31, 1995, among American Banknote Corporation,
         American Bank Note Company and American Bank Note
         Holographics, Inc. and Citibank, N.A., as Agent
   4.2   Security Agreement dated as of August 31, 1995, between
         American Bank Note Company and Citibank, N.A.
   4.3   One month extension of New Credit Agreement and Temporary
         Commitment dated as of September 30, 1995 among American
         Banknote Corporation, American Bank Note Company and American
         Bank Note Holographics, Inc. and Citibank, N.A., as Agent
   4.4   Chemical Bank commitment letter dated September 20, 1995
         pertaining to Credit Facility for American Bank Note Company
         and American Bank Note Holographics, Inc.
  10.1   Offer of employment, dated August 18, 1995, between Robert
         Wilcox and American Banknote Corporation
  10.2   Agreement for Services, effective October 1, 1995, between
         Kelly, Anderson, Pethick & Associates, Inc. and American
         Banknote Corporation
  27     Article 5 Financial Data Schedule

(b)    Reports on Form 8-K
    a)    Form 8-K dated July 10, 1995 (filed July 19, 1995)
               Item 2     Acquisition or Disposition of Assets
               Item 7     Exhibits
    a)    Form 8-K/A dated July 10, 1995 (filed September 21, 1995)
               Item 7     Financial Statements of Business Acquired, Pro
                          Forma Financial Information and Exhibits
<PAGE>
<PAGE>      
                         SIGNATURE
                                    
                                    
    Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.


AMERICAN BANKNOTE CORPORATION
(formerly named United States Banknote Corporation)


By: s/ John T. Gorman         
  John T. Gorman
  Executive Vice President,
  Chief Financial Officer and
  Chief Accounting Officer


Date:    November 13, 1995


<PAGE>
<PAGE>      
                       Exhibit Index


List of Exhibits Pursuant to Item 601 of Regulation S-K:         Exhibit
                                                                  Page #

   4.1   New Credit Agreement and Temporary Commitment, dated as of
         August 31, 1995, among American Banknote Corporation,
         American Bank Note Company and American Bank Note
         Holographics, Inc. and Citibank, N.A., as Agent
   4.2   Security Agreement dated as of August 31, 1995, between
         American Bank Note Company and Citibank, N.A.
   4.3   One month extension of New Credit Agreement and Temporary
         Commitment dated as of September 30, 1995 among American
         Banknote Corporation, American Bank Note Company and American
         Bank Note Holographics, Inc. and Citibank, N.A., as Agent
   4.4   Chemical Bank commitment letter dated September 20, 1995
         pertaining to Credit Facility for American Bank Note Company
         and American Bank Note Holographics, Inc.
  10.1   Offer of employment, dated August 18, 1995, between Robert
         Wilcox and American Banknote Corporation
  10.2   Agreement for Services, effective October 1, 1995, between
         Kelly, Anderson, Pethick & Associates, Inc. and American
         Banknote Corporation
  27     Article 5 Financial Data Schedule

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