Apparently, Switzerland will get some new banknotes. I’m not entirely sure why—it’s not as though we have a new monarchy that requires us to reprint all the money1. But here we are.
The notes from the 8th series that I grew up with as a child.
This is quite interesting to me because this would be the second time banknotes have changed in my lifetime. The last transition brought some excitement about the new designs, but since then, physical cash has become almost irrelevant in my daily life. I’m not even entirely sure when I last used a banknote to pay for something in Switzerland2. So the ninth series has gradually become less significant.
The current notes from the 9th series.
And while digital payments and transfers become increasingly important, it’s clear we still need physical cash. After all, we need a standard that can be universally accepted3.
So, what’s to be done? We require cash, and it’s probably beneficial to update the banknote series now and then. Switzerland is unique in that we only have one series of valid banknotes at a time, unlike the Euro, which makes switching to a new series a bit of an operation. It requires phasing out the old notes and gradually replacing them.
From a security standpoint, it would be interesting to see more modern features, such as digital signatures that could be verified with a smartphone or perhaps some other novel visual elements. Will this be the first banknote series with a QR code? Only time will tell.
I recently visited the United Kingdom and was quite surprised to see that they have new money with the new King’s face on it. So, please forgive this not-so-great joke. ↩︎
I do carry local banknotes whenever I travel abroad. This lets me try the small, cash-only food vendors or quirky pubs that don’t accept cards. It’s definitely worth it to me. ↩︎
Of course, private businesses can choose to accept only cards, under freedom of contract. But a form of money that can be used for all official purposes remains necessary, and banknotes fulfil this role. ↩︎