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Handicapping currency design: counterfeit deterrence and visual accessibility in the United States and abroad

Author

Listed:
  • Richard G. Anderson
  • Marcela M. Williams

Abstract

Despite the increasing use of electronic payments, currency retains an important role in the payments system of every country. Two aspects of currency usage drive currency design worldwide: deterring counterfeiting and making paper currency accessible to the visually impaired. Further, among the world's currencies, only U.S. banknotes are widely owned and used in transactions outside their country of issue (although the euro also has some external circulation). In this article, we compare and contrast major currencies and their design features. We conclude that the designs of the two most widely used currencies in the world-the U.S. dollar and the euro-have successfully deterred counterfeiting; data on other currencies are not public. We also conclude that, among the world's major currencies, U.S. banknotes have the fewest features to assist the visually impaired.

Suggested Citation

  • Richard G. Anderson & Marcela M. Williams, 2007. "Handicapping currency design: counterfeit deterrence and visual accessibility in the United States and abroad," Working Papers 2007-011, Federal Reserve Bank of St. Louis.
    • Handle: RePEc:fip:fedlwp:2007-011
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    Citations

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    Cited by:

    1. Chris Stewart & Iris Chan & Crystal Ossolinski & David Halperin & Paul Ryan, 2014. "The Evolution of Payment Costs in Australia," RBA Research Discussion Papers rdp2014-14, Reserve Bank of Australia.
    2. Kylie Springer & Priya Subramanian & Terence Turton, 2015. "Australian Banknotes: Assisting People with Vision Impairment," RBA Bulletin (Print copy discontinued), Reserve Bank of Australia, pages 01-12, March.
    3. Frank A.G. den Butter & Stefan P.T. Groot & Faroek Lazrak, 2007. "The Transaction Costs Perspective on Standards as a Source of Trade and Productivity Growth," Tinbergen Institute Discussion Papers 07-090/3, Tinbergen Institute.
    4. Nurfarhana Hassan & Tahir Ahmad & Naji Arafat Mahat & Hasmerya Maarof & Mujahid Abdullahi & Nur Farah Dina Ajid & Zarith Sofia Jasmi & Foo Keat How, 2023. "Authentication of Counterfeit Hundred Ringgit Malaysian Banknotes Using Fuzzy Graph Method," Mathematics, MDPI, vol. 11(4), pages 1-12, February.
    5. Kim Nguyen & Anny Francis, 2019. "Confidence in Australian Banknotes," RBA Research Discussion Papers rdp2019-12, Reserve Bank of Australia.

    More about this item

    Keywords

    Paper money design; Coinage; Counterfeits and counterfeiting;
    All these keywords.

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