Nearly a week after Sweden’s central bank, Sveriges Riksbank, launched a contest asking the public to help design their upcoming series of banknotes, the Bank of Israel (BOI) is following suit.
For the first time ever, the BOI is reaching out to the community for the design of their new series of banknotes that will enter into circulation in the next two or three years.
Much like the Swedes, the images that will appear on the banknotes have already been predetermined. In April, the government approved images of four poets – Rachel Bluwstein, Shaul Tchernichovsky, Leah Goldberg and Nathan Alterman – to appear on the NIS 20, 50, 100 and 200 banknotes.
This marks the first redesign of Israeli banknotes since 1999.
“Developed nations tend to replace their currency notes once every 12 to 15 years due, among other things, to outdated security markings and the development of new and advanced security techniques to prevent counterfeit notes,” said Stanley Fischer, Governor of the Bank of Israel. “In order to maintain the public’s trust in the State’s currency, the governor decided to replace the currency series with a new series which will include some of the world’s most advanced security and identification markings in a bid to make counterfeiting more difficult.”
The current banknotes – the Israeli new shekel – contain standard anti-counterfeiting security features such as watermarks, security threads, latent images, and specialized text.
Though the new banknotes will include upgrade security features, the BOI has not yet revealed what those features will be.