THE new €20 banknote was unveiled this Tuesday (February 24) and will feature new anti-counterfeiting measures.
Though the note is not due to enter circulation until November 25 of this year, it was unveiled by president of the European Central Bank (ECB), Mario Draghi, at a presentation in Frankfurt, Germany.
“Introducing a new banknote isn’t just change for the sake of change,” said Mr Draghi. “Every central bank needs to upgrade its banknotes periodically to benefit from advances in banknote technology and to maintain their integrity.
“The new note includes a feature which you won’t have seen before. It is called the ‘portrait window’ and is a real innovation in banknote technology. It is the outcome of the Eurosystem’s work to ensure that the euro notes continue to be resilient against counterfeiting. This will reinforce the trust that the 338 million citizens across the euro area place in their banknotes.”
Mr Draghi said that by the time the new €20 note is introduced, more than 4.3 billion notes will have been printed. He added that the note is important as it is one of the most frequently used denominations across the euro area.
“It is widely distributed via ATMs, it is accepted by many vending and ticketing machines, and it is often checked for authenticity by retailers using small devices at their counters,” he said.
The new note is the third denomination in the Europa series that is gradually replacing the original euro notes introduced in 2002.