Switzerland will soon introduce new banknotes; however, it will be some time before they become available to the public. At a press conference in Bern on Wednesday, the SNB announced the project, anticipating that the new banknotes will enter circulation no earlier than the early 2030s.

As a first step, the SNB is initiating design competition, as outlined by Martin Schlegel, President of the Executive Board, and Sébastien Kraenzlin, a Deputy Member. Designers active in Switzerland can submit their applications from now until December 11, 2024.

High Mountains, Mountains, Pre-Alps, Jura, Central Plateau, and Lowlands

The SNB will select twelve individuals to participate in the main competition, which will run from February to July 2025. The resulting designs will be presented to the public in the fall of 2025, with the winner announced in the following year. In a novel approach in the history of Swiss banknotes, the SNB aims to «gather public feedback on the banknote designs through an online survey, which will be factored into the evaluation process.»

The theme of the new (tenth) banknote series has been established by the Bank Council and Executive Board. It is titled «Switzerland and its Elevations,» focusing on the topography of the currency area. The denominations will directly correspond to various elevations: the 1000-franc note will represent the high mountains, followed by the 200-franc note for the mountains, the 100-franc note for the Pre-Alps, the 50-franc note for the Jura, the 20-franc note for the Central Plateau, and the 10-franc note for the lowlands.

Ample Room for Creative Design

Schlegel justified the theme selection by stating that it allows for a vivid and relatable representation of Switzerland's diversity, likely also referencing the theme of the current series, «The Versatile Switzerland». The theme «Switzerland and its Elevations» provides sufficient room for creative design through its various facets.

New Notes, but familiar colors (Image: SNB)

Continuity is also marked in terms of color. Kraenzlin explained that the colors of the new notes will match those of the existing series, facilitating recognition in everyday use. He also remarked that since the release of its first notes in 1907 (the so-called interim notes), the SNB has largely retained the colors of most of its banknotes.

Acting to Preserve the Status Quo

Schlegel elaborated on the need for a new series, stating that the current notes, introduced between 2016 and 2019, are high-quality, practical, aesthetically pleasing, and provide good protection against counterfeiting. The SNB is taking action now to ensure that all these attributes continue to be upheld in the future. He indicated that the average lifespan of a banknote is approximately 15 years, the same value the SNB cited during the launch of the current series in 2005.

During the conference, Schlegel took the opportunity to highlight the advantages of cash. It is accessible to everyone, easy to use, requires no electricity or IT infrastructure, and helps individuals maintain better oversight of their spending. Cash is highly valued by the Swiss population, with one in three payments still made in cash today.

There Will Also Be a 1000er-Franc Note Again

«We are convinced that cash will remain a widely used means of payment in the future,» Schlegel emphasized, not least in view of the market share gains of cashless payment methods.

He also reaffirmed a position that has surfaced repeatedly since the launch of the current banknotes: the SNB sees no reason to discontinue the issuance of the 1000-franc note. It will continue to be used for payment purposes and as a store of value. The Swiss 1000-franc note is internationally regarded as the heavyweight among banknotes and is sometimes — albeit reflexively and without substantial evidence — associated with money laundering, tax evasion, and other illicit activities.