New look for the Swiss Franc 1000 bank note10 March 2019
The new CHF 1000 bill was finally presented by the Swiss National Bank and it will be in circulation starting March 13th. This is the 5th denomination to be changed out to 6 planned for a new design series. Until now following denominations have been updated: CHF 10, 20, 50 and 200. The last denomination to be updated will be the CHF 100 bank note, which will be presented in September 2019. But what is to know about the new bills and design series?
CHF 1000 – Controversial bank note
Because of its high value, the 1000 bill is controversial and highly criticized to be used by money launderers or for tax evasion purposes. It is one of the bank notes with the highest value worldwide.
Although the weight of the bank notes remains the same, the paper used in this new design series has three layers, which are 3 times thinner and lighter. Having these three layers allows for implementation of different security and color features. Just as comparison, the euro or dollar bank notes have only one layer.
But why is there a need for a new design series?
According to the SNB, the introduction of a new series looks for the implementation of state-of-the-art security features. The series in place dates back to 1995 and its security features are not in line with today’s standard any more. In total, the new series brings 15 security features, which aim to do the new bank note series forgery proof.
How long will the old bills still be in use?
Current bank notes in use should be valid until further notice according to the information provided by the SNB. This was not the case until now, as old bank notes were set to expire and lost all value once a new series was introduced. The federal council thinks that this procedure is outdated and has proposed a change of regulation to the Swiss Parliament.
For the best exchange rate EUR CHF, try out our service ExchangeMarket.ch. it is now easy to change Swiss Francs to Euro, as well as change Euro to Swiss francs. Transparency is our motto: We do not wait for your payment to tell you at what exchange rate are you changing your money. At ExchangeMarket.ch you select the exchange rate when confirming a transaction, which we will guarantee throughout the course of the entire transaction.
For more details visit the website of the Swiss National Bank.