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There are different reasons for creating a new or upgrading an existing banknote design – sometimes it is to test a new substrate or security features, in other cases, the designer’s goal is to commemorate important events or outstanding individuals and their role in the history of the country and its citizens, or it can be the development of the functionality of banknotes in circulation. The key cause always defines the process of banknote design that should be adopted. This presentation focuses on the various approaches to banknote design with reference to case studies on circulation, commemorative and house notes.