Exhibit 4.2

|Option to purchase common stock:
No. _____________ | CUSIP:  024490  14 6
|-------------------------------------------------- | --------------------

Exercisable During the Period Commencing October 1, 2002
and Terminating at 5:00 p.m. on October 1, 2012
except as provided below
OPTION TO PURCHASE
COMMON STOCK OF
AMERICAN BANKNOTE CORPORATION

This Certifies          
          that or registered
assigns, is the owner of        
  EQUITY OPTIONS, each of which represents the right, after
fulfillment of the conditions precedent set forth on the reverse hereof and on
or before 5:00 p.m., New York City time, on October 1, 2012, to purchase from
American Banknote Corporation, a Delaware corporation (the "Company"), at the
price of $2.50 per share (the "Exercise Price"), one share of Common Stock, $.01
par value, of the Company as such stock was constituted as of October 1, 2002,
subject to adjustment by the Companys board of Directors as provided
hereafter, upon surrender hereof with the subscription form on the reverse
hereof duly executed, by hand or by mail to American Stock Transfer & Trust
Company as Equity Option Agent at 59 Maiden Lane, New York, New York 10038,
attention Exchange Department, and simultaneous payment in full (by certified or
official bank or bank cashiers check payable to the order of the Company)
of the Exercise Price in respect of each Equity Option represented by this
Equity Option Certificate that is so exercised, all subject to the terms and
conditions hereof.

Upon any partial exercise of the Equity Options represented by this Equity
Option Certificate, there shall be issued to the holder hereof a new Equity
Option Certificate representing the Equity Options that were not exercised.

No fractional shares of Common Stock shall be issued or delivered pursuant to an
Equity Option. The Board of Directors of the Company shall determine whether
cash, other Equity Options, or other property shall be issued or paid in lieu of
such fractional shares or whether such fractional shares or any rights thereto
shall be forfeited or otherwise eliminated.

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS EQUITY OPTION SET
FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

|Dated: | AMERICAN BANKNOTE CORPORATION
By: _________________________________
Title:
By: _________________________________
Title:
|------ | -----------------------------------------------------------------------------------------------------------------------

|Countersigned:
AMERICAN STOCK TRANSFER & TRUST COMPANY,
    as Equity Option Agent
By: _____________________________________
       Authorized Signatory | 
|-------------------------------------------------------------------------------------------------------------------------------------------------------- | 

[FORM OF REVERSE OF EQUITY OPTION CERTIFICATE]

AMERICAN BANKNOTE CORPORATION

|Article 1. | Classification.
Each Equity Option is not intended to be an "incentive stock option" within
the meaning of Section 422 of the Internal Revenue Code of 1986, as amended.
|---------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Article 2. | Exercise Price.
The option exercise price per share for any Equity Option shall be $2.50
|---------- | ----------------------------------------------------------------------------------------

|Article 3. | Term and Exercise of Equity Options.
3.1  The term of any Equity Option shall terminate upon October 1,
2012 (the "Expiration Date"). Upon the Expiration Date, all rights under an
Equity Option shall cease.
3.2  Each Equity Option shall become exercisable at such time as the
Common Stock trades at an average price of at least $5.00 over a twenty (20)
consecutive trading day period.
If the Common Stock is listed on one or more stock exchanges or quoted on the
National Market System or SmallCap Market of NASDAQ (the "NASDAQ Market"), the
average price determined above shall be based upon the closing sales prices of a
share of such Common Stock on the primary national or regional stock exchange on
which such Common Stock is listed or on the NASDAQ Market if quoted thereon. If
the Common Stock is not so listed or quoted but is traded in the
over-the-counter market (other than the NASDAQ Market), the average price
determined above shall be based upon the closing bid and asked prices of a share
of such Common Stock in such over-the-counter market.
To the extent all or any portion of an Equity Option becomes exercisable as
described above, such Equity Option will remain exercisable until the Expiration
Date even though the Common Stock subsequently trades at an average price less
than the target levels described above; provided, however, that no
portion of any Equity Option shall be exercisable after the Expiration Date.
3.3  An Equity Option shall be exercised by delivering notice to the
Equity Option Agent at 59 Maiden Lane, New York, New York 10038, attention
Exchange Department. Such notice shall specify the number of shares of Common
Stock with respect to which the Equity Option is being exercised and the
effective date of the proposed exercise. Payment for shares of Common Stock
purchased upon the exercise of an Equity Option shall be made on the effective
date of such exercise in cash or by certified check, bank cashiers check,
wire transfer, or by such other provision as the Board of Directors of the
Company (the "Board") may from time to time authorize.
3.4  Certificates for shares of Common Stock purchased upon the
exercise of an Equity Option shall be issued in the name of the Optionee or
other person entitled to receive such shares of Common Stock, and delivered to
the Optionee or such other person as soon as practicable following the effective
date on which the Equity Option is exercised.
|---------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Article 4. | Transferability.
An Optionee shall be permitted to sell, transfer, pledge or assign all or any
portion of an Equity Option.
|---------- | ---------------------------------------------------------------------------------------------------------------------------

|Article 5. | Adjustment for Change in Capitalization.
In the event that the Board shall determine that any dividend or other
distribution (whether in the form of cash, Common Stock, or other property),
recapitalization, Common Stock split, reverse Common Stock split,
reorganization, merger, consolidation, spin-off, combination, repurchase, or
share exchange, or other similar corporate transaction or event, affects the
Common Stock such that an adjustment is appropriate to prevent dilution or
enlargement of the rights of an Optionee, then the Board shall make such
equitable changes or adjustments as it deems necessary or appropriate to any or
all of (i) the number and kind of shares of Common Stock or other property
(including cash) that may thereafter be issued in connection with any Equity
Option, (ii) the number and kind of shares of Common Stock or other property
(including cash) issued or issuable in respect of any Equity Option, and (iii)
the option exercise price relating to any Equity Option; provided,
however, that no adjustment shall be made pursuant to this Section 5 as a
result of the exercise of other stock options, warrants or employee stock
options that were issued prior to or on the same date as the Equity
Options.
|---------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Article 6. | Rights as a Stockholder.
No person shall have any rights as a stockholder with respect to any shares of
Common Stock covered by or relating to any Equity Option until the date of
issuance of a stock certificate with respect to such shares. Except as otherwise
expressly provided in Section 5, no adjustment to any Equity Option shall be
made for dividends or other rights for which the record date occurs prior to the
date such stock certificate is issued.
|---------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Article 7. | Securities Matters.
7.1  The Company shall be under no obligation to effect the
registration pursuant to the Securities Act of 1933, as amended, of any shares
of Common Stock to be issued pursuant to an Equity Option or to effect similar
compliance under any state laws. Notwithstanding anything herein to the
contrary, the Company shall not be obligated to cause to be issued or delivered
any certificates evidencing shares of Common Stock pursuant to an Equity Option
unless and until the Company is advised by its counsel that the issuance and
delivery of such certificates is in compliance with all applicable laws,
regulations of governmental authority and the requirements of any securities
exchange on which shares of Common Stock are traded. The Board may require, as a
condition of the issuance and delivery of certificates evidencing shares of
Common Stock pursuant to an Equity Option, that the recipient of such shares
make such agreements and representations, and that such certificates bear such
legends, as the Board, in its sole discretion, deems necessary or desirable.
7.2  The transfer of any shares of Common Stock hereunder shall be
effective only at such time as counsel to the Company shall have determined that
the issuance and delivery of such shares is in compliance with all applicable
laws, regulations of governmental authority, and the requirements of any
securities exchange on which shares of Common Stock are traded. The Board may,
in its sole discretion, defer the effectiveness of any transfer of shares of
Common Stock hereunder in order to allow the issuance of such shares to be made
pursuant to registration or an exemption from registration or other methods for
compliance available under federal or state securities laws. The Board shall
inform an Optionee in writing of its decision to defer the effectiveness of a
transfer. During the period of such deferral in connection with the exercise of
an Equity Option, an Optionee may, by written notice, withdraw such exercise and
obtain the refund of any amount paid with respect thereto.
|---------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Article 8. | No Fractional Shares.
No fractional shares of Common Stock shall be issued or delivered pursuant to an
Equity Option. The Board shall determine whether cash, other Equity Options, or
other property shall be issued or paid in lieu of such fractional shares or
whether such fractional shares or any rights thereto shall be forfeited or
otherwise eliminated.
|---------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

SUBSCRIPTION FORM
(To be executed only upon exercise of Equity Option)

TO          
AMERICAN BANKNOTE CORPORATION

The undersigned (i) irrevocably exercises ______________ of the Equity Options
represented by the within Equity Option Certificate, (ii) purchases one share of
Common Stock of American Banknote Corporation for each Equity Option so
exercised (before giving effect to the adjustments provided in the within Equity
Option Certificate) and herewith makes payment in full of the purchase price of
$2.50 in respect of each share purchased pursuant to such Equity Options so
exercised (such payment being by certified or official bank or bank
cashiers check payable to the order of American Banknote Corporation), all
on the terms and conditions specified in the within Equity Option Certificate,
(iii) surrenders this Equity Option Certificate and all right, title, and
interest therein to American Banknote Corporation, and (iv) directs that the
securities or other property deliverable upon the exercise of such Equity
Options be registered or placed in the name and at the address specified below
and delivered thereto.

|Dated: | ______________________________________
(Owner)*
______________________________________
(Signature Of Authorized Representative)
______________________________________
(Street Address)
______________________________________
(City) (State) (Zip Code)
_______________________________________
Signature Guaranteed**
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Securities or property to be issued and delivered to:

| | Please insert social
security or other
identifying number
_____________________
| | -------------------------------------------------------------------------------

Name __________________________________________________________________

Street Address ___________________________________________________________

City, State, and Zip Code __________________________________________________

*The signature must correspond with the name as written upon the face of the
within Equity Option Certificate in every particular, without alteration or
enlargement or any change whatsoever.

**The signature must be guaranteed by a securities transfer agents medallion
program ("stamp") participant or an institution receiving prior approval from
the Equity Option Agent.

FORM OF ASSIGNMENT

FOR VALUE RECEIVED, the undersigned registered holder of the within Equity
Option Certificate hereby sells, assigns, and transfers unto the Assignee named
below all of the rights of the undersigned under the within Equity Option
Certificate, with respect to the number of Equity Options set forth below:

`Name of Assignee                              Address                           No. of Equity Options
----------------                              -------                           ---------------------

Please insert social
security or other
identifying number
of Assignee`

______________________

and does hereby irrevocably constitute and appoint
_________________ attorney to make such transfer on the books of American
Banknote Corporation maintained for that purpose, with full power of
substitution in the premises.

Dated: __________________, _____

Name __________________________________*

__________________________________
Signature or Authorized Representative

Signature Guaranteed _____________________**

*The signature must correspond with the name as written upon the face of the
within Equity Option Certificate in every particular, without alteration or
enlargement or any change whatsoever.

**The signature must be guaranteed by a securities transfer agents medallion
program ("stamp") participant or an institution receiving prior approval from
the Equity Option Agent.

|Option to purchase common stock:
No. _____________ | CUSIP:  024490  15 3
|-------------------------------------------------- | --------------------

Exercisable During the Period Commencing October 1, 2002
and Terminating at 5:00 p.m. on October 1, 2012
except as provided below
OPTION TO PURCHASE
COMMON STOCK OF
AMERICAN BANKNOTE CORPORATION

This Certifies that           
          or registered
assigns, is the owner of      
    EQUITY OPTIONS, each of which represents the right,
after fulfillment of the conditions precedent set forth on the reverse hereof
and on or before 5:00 p.m., New York City time, on October 1, 2012, to purchase
from American Banknote Corporation, a Delaware corporation (the "Company"), at
the price of $2.50 per share (the "Exercise Price"), one share of Common Stock,
$.01 par value, of the Company as such stock was constituted as of October 1,
2002, subject to adjustment by the Companys board of Directors as provided
hereafter, upon surrender hereof with the subscription form on the reverse
hereof duly executed, by hand or by mail to American Stock Transfer & Trust
Company as Equity Option Agent at 59 Maiden Lane, New York, New York 10038,
attention Exchange Department, and simultaneous payment in full (by certified or
official bank or bank cashiers check payable to the order of the Company)
of the Exercise Price in respect of each Equity Option represented by this
Equity Option Certificate that is so exercised, all subject to the terms and
conditions hereof.

Upon any partial exercise of the Equity Options represented by this Equity
Option Certificate, there shall be issued to the holder hereof a new Equity
Option Certificate representing the Equity Options that were not exercised.

No fractional shares of Common Stock shall be issued or delivered pursuant to an
Equity Option. The Board of Directors of the Company shall determine whether
cash, other Equity Options, or other property shall be issued or paid in lieu of
such fractional shares or whether such fractional shares or any rights thereto
shall be forfeited or otherwise eliminated.

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS EQUITY OPTION SET
FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

|Dated: | AMERICAN BANKNOTE CORPORATION
By: _________________________________
Title:
By: _________________________________
Title:
|------ | -----------------------------------------------------------------------------------------------------------------------

|Countersigned:
AMERICAN STOCK TRANSFER & TRUST COMPANY,
    as Equity Option Agent
By: _____________________________________
       Authorized Signatory | 
|-------------------------------------------------------------------------------------------------------------------------------------------------------- | 

[FORM OF REVERSE OF EQUITY OPTION CERTIFICATE]
AMERICAN BANKNOTE CORPORATION

|Article 9. | Classification.
Each Equity Option is not intended to be an "incentive stock option" within the
meaning of Section 422 of the Internal Revenue Code of 1986, as amended.
|---------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Article 10. | Exercise Price.
The option exercise price per share for any Equity Option shall be $2.50.
|----------- | -----------------------------------------------------------------------------------------

|Article 11. | Term and Exercise of Equity Options.
11.1  The term of any Equity Option shall terminate upon October 1,
2012 (the "Expiration Date"). Upon the Expiration Date, all rights under an
Equity Option shall cease.
11.2  Each Equity Option shall become exercisable at such time as the
Common Stock trades at an average price of at least $7.50 over a twenty (20)
consecutive trading day period.
If the Common Stock is listed on one or more stock exchanges or quoted on the
National Market System or SmallCap Market of NASDAQ (the "NASDAQ Market"), the
average price determined above shall be based upon the closing sales prices of a
share of such Common Stock on the primary national or regional stock exchange on
which such Common Stock is listed or on the NASDAQ Market if quoted thereon. If
the Common Stock is not so listed or quoted but is traded in the
over-the-counter market (other than the NASDAQ Market), the average price
determined above shall be based upon the closing bid and asked prices of a share
of such Common Stock in such over-the-counter market.
To the extent all or any portion of an Equity Option becomes exercisable as
described above, such Equity Option will remain exercisable until the Expiration
Date even though the Common Stock subsequently trades at an average price less
than the target levels described above; provided, however, that no
portion of any Equity Option shall be exercisable after the Expiration Date.
11.3   An Equity Option shall be exercised by delivering notice to the
Equity Option Agent at 59 Maiden Lane, New York, New York 10038, attention
Exchange Department. Such notice shall specify the number of shares of Common
Stock with respect to which the Equity Option is being exercised and the
effective date of the proposed exercise. Payment for shares of Common Stock
purchased upon the exercise of an Equity Option shall be made on the effective
date of such exercise in cash or by certified check, bank cashiers check,
wire transfer, or by such other provision as the Board of Directors of the
Company (the "Board") may from time to time authorize.
11.4  Certificates for shares of Common Stock purchased upon the
exercise of an Equity Option shall be issued in the name of the Optionee or
other person entitled to receive such shares of Common Stock, and delivered to
the Optionee or such other person as soon as practicable following the effective
date on which the Equity Option is exercised.
|----------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Article 12. | Transferability.
An Optionee shall be permitted to sell, transfer, pledge or assign all or any
portion of an Equity Option.
|----------- | ---------------------------------------------------------------------------------------------------------------------------

|Article 13. | Adjustment for Change in Capitalization.
In the event that the Board shall determine that any dividend or
other distribution (whether in the form of cash, Common Stock, or other
property), recapitalization, Common Stock split, reverse Common Stock split,
reorganization, merger, consolidation, spin-off, combination, repurchase, or
share exchange, or other similar corporate transaction or event, affects the
Common Stock such that an adjustment is appropriate to prevent dilution or
enlargement of the rights of an Optionee, then the Board shall make such
equitable changes or adjustments as it deems necessary or appropriate to any or
all of (i) the number and kind of shares of Common Stock or other property
(including cash) that may thereafter be issued in connection with any Equity
Option, (ii) the number and kind of shares of Common Stock or other property
(including cash) issued or issuable in respect of any Equity Option, and (iii)
the option exercise price relating to any Equity Option; provided,
however, that no adjustment shall be made pursuant to this Section 5 as a
result of the exercise of other stock options, warrants or employee stock
options that were issued prior to or on the same date as the Equity Options.
|----------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Article 14. | Rights as a Stockholder.
No person shall have any rights as a stockholder with respect to any shares of
Common Stock covered by or relating to any Equity Option until the date of
issuance of a stock certificate with respect to such shares. Except as otherwise
expressly provided in Section 5, no adjustment to any Equity Option shall be
made for dividends or other rights for which the record date occurs prior to the
date such stock certificate is issued.
|----------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Article 15. | Securities Matters.
15.1  The Company shall be under no obligation to effect the
registration pursuant to the Securities Act of 1933, as amended, of any shares
of Common Stock to be issued pursuant to an Equity Option or to effect similar
compliance under any state laws. Notwithstanding anything herein to the
contrary, the Company shall not be obligated to cause to be issued or delivered
any certificates evidencing shares of Common Stock pursuant to an Equity Option
unless and until the Company is advised by its counsel that the issuance and
delivery of such certificates is in compliance with all applicable laws,
regulations of governmental authority and the requirements of any securities
exchange on which shares of Common Stock are traded. The Board may require, as a
condition of the issuance and delivery of certificates evidencing shares of
Common Stock pursuant to an Equity Option, that the recipient of such shares
make such agreements and representations, and that such certificates bear such
legends, as the Board, in its sole discretion, deems necessary or desirable.
15.2  The transfer of any shares of Common Stock hereunder shall be
effective only at such time as counsel to the Company shall have determined that
the issuance and delivery of such shares is in compliance with all applicable
laws, regulations of governmental authority, and the requirements of any
securities exchange on which shares of Common Stock are traded. The Board may,
in its sole discretion, defer the effectiveness of any transfer of shares of
Common Stock hereunder in order to allow the issuance of such shares to be made
pursuant to registration or an exemption from registration or other methods for
compliance available under federal or state securities laws. The Board shall
inform an Optionee in writing of its decision to defer the effectiveness of a
transfer. During the period of such deferral in connection with the exercise of
an Equity Option, an Optionee may, by written notice, withdraw such exercise and
obtain the refund of any amount paid with respect thereto.
|----------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Article 16. | No Fractional Shares.
No fractional shares of Common Stock shall be issued or delivered pursuant to an
Equity Option. The Board shall determine whether cash, other Equity Options, or
other property shall be issued or paid in lieu of such fractional shares or
whether such fractional shares or any rights thereto shall be forfeited or
otherwise eliminated.
|----------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

SUBSCRIPTION FORM
(To be executed only upon exercise of Equity Option)

TO          
AMERICAN BANKNOTE CORPORATION

The undersigned (i) irrevocably exercises ______________ of the Equity Options
represented by the within Equity Option Certificate, (ii) purchases one share of
Common Stock of American Banknote Corporation for each Equity Option so
exercised (before giving effect to the adjustments provided in the within Equity
Option Certificate) and herewith makes payment in full of the purchase price of
$2.50 in respect of each share purchased pursuant to such Equity Options so
exercised (such payment being by certified or official bank or bank
cashiers check payable to the order of American Banknote Corporation), all
on the terms and conditions specified in the within Equity Option Certificate,
(iii) surrenders this Equity Option Certificate and all right, title, and
interest therein to American Banknote Corporation, and (iv) directs that the
securities or other property deliverable upon the exercise of such Equity
Options be registered or placed in the name and at the address specified below
and delivered thereto.

|Dated: | ______________________________________
(Owner)*
______________________________________
(Signature Of Authorized Representative)
______________________________________
(Street Address)
______________________________________
(City) (State) (Zip Code)
_______________________________________
Signature Guaranteed**
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Securities or property to be issued and delivered to:

| | Please insert social
security or other
identifying number
_____________________
| | -------------------------------------------------------------------------------

Name __________________________________________________________________

Street Address ___________________________________________________________

City, State, and Zip Code __________________________________________________

*The
signature must correspond with the name as written upon the face of the within
Equity Option Certificate in every particular, without alteration or enlargement
or any change whatsoever.

**The signature must be guaranteed by a securities transfer agents medallion
program ("stamp") participant or an institution receiving prior approval from
the Equity Option Agent.

FORM OF ASSIGNMENT

FOR VALUE RECEIVED, the undersigned registered holder of the within Equity
Option Certificate hereby sells, assigns, and transfers unto the Assignee named
below all of the rights of the undersigned under the within Equity Option
Certificate, with respect to the number of Equity Options set forth below:

`Name of Assignee                              Address                           No. of Equity Options
----------------                              -------                           ---------------------

Please insert social
security or other
identifying number
of Assignee`

______________________

and does hereby irrevocably constitute and appoint
_________________ attorney to make such transfer on the books of American
Banknote Corporation maintained for that purpose, with full power of
substitution in the premises.

Dated: __________________, _____

Name __________________________________*

__________________________________
Signature or Authorized Representative

Signature Guaranteed _____________________**

*The signature must correspond with the name as written upon the face of the
within Equity Option Certificate in every particular, without alteration or
enlargement or any change whatsoever.

**The signature must be guaranteed by a securities transfer agents medallion
program ("stamp") participant or an institution receiving prior approval from
the Equity Option Agent.