The new €20 banknote will need cash handling equipment to be upgraded
On 25 November this year, the central banks of the euro area, including Eesti Pank, will release a new €20 banknote into circulation with a new design and security features. So that the new note can enter smoothly into circulation, it is important for companies to update their cash handling equipment in good time.
Having cash handling and authentication devices ready technically will make sure that payments with the new banknote can be made correctly when it enters circulation.
“All traders have to accept the currency in circulation that is legal tender”, said Rait Roosve, Head of the Cash and Infrastructure Department at Eesti Pank. “Not being ready technically or not having authentication devices is not a reason to refuse to accept any banknote. If the cash authentication device is broken or needs updating, it is still possible to check the authenticity of notes using the feel, look, tilt method”.
The authenticity of the notes of the new series can be checked from the four simple security features: the watermark and hologram with a portrait of Europa, the emerald green number and the short raised lines on the edge of the note. The new €20 note has a completely new security feature as well, a transparent portrait window near the top of the hologram. To check the security features of notes of both the old and the new series, look at the banknote against the light, tilting it back and forth, and feel its surface. Further details on the security features of the banknotes can be found on the new-euro website.
Traders can get help in preparing their cash handling equipment from equipment suppliers. Suppliers needing to test the equipment with the new €20 banknote should contact Eesti Pank.
The European Central Bank has published a list of devices that can authenticate the new €5 and €10 banknotes on its website and will add a list of those that can authenticate the €20 note (http://www.ecb.europa.eu/euro/cashprof/cashhand/devices/html/results.en.html).
Eesti Pank will organise thorough training courses on the new banknote in Tallinn, Tartu and elsewhere in Estonia for cash handlers who will be using the note before it comes into circulation. More detailed information on the courses will be published on the website and sent out by email. Anyone interested in these courses may contact Eesti Pank about them.
In addition to this, the European Central Bank will send all cash handlers in Estonia a booklet on the new €20 banknote in October. The booklet can also be ordered from Eesti Pank (info [at] eestipank.ee, +372 6680 719).
Pictures and videos of the new €20 note can be found at http://www.new-euro-banknotes.eu/News-Events/Media/Media-Gallery.
For further information:
Public Relations Office
Tel: +372 668 0965, +372 512 6843
Email: press [at] eestipank.ee