Glossary

Money held in the form of deposits and used for lending by a commercial bank.

A carefully struck coin using special dies, with frosted images on a mirror-like background. Proof refers to a method of manufacture, not a condition or grade.

Money that is issued and held by a central bank.

A cooperative arrangement between two or more public (ie. government) and private sector entities.

A fibrous material produced by mechanically or chemically reducing plants to their component parts from which pulp, paper and paperboard sheets are formed after proper slushing treatment.

A computer that uses specialised technology – including computer hardware and algorithms that take advantage of quantum mechanics – to solve complex problems that classical computers can’t solve, or can’t solve quickly enough.

Semiconductor particles a few nanometres in size with optical and electronic properties that differ from larger particles due to quantum mechanics. Quantum dots may be ‘tuned’ to provide specific visual effects.

A fundamental theory in physics that describes the behaviour of nature at and below the scale of atoms. It is the foundation of all quantum physics.

A form of offset security printing involving the split duct process, which results in a gradual change of two specific colours.

A non-destructive analytical technique used to identify and study the molecular composition and structure of materials. It works by detecting molecular vibrations, which provide unique spectral fingerprints for different substances. Named after Indian physicist C V Raman, who discovered the Raman Effect, this technique is widely used in chemistry, materials science, biology, and other fields for analysing a wide range of substances.

A 2D picture represented as a rectangular grid of pixels.

The task of converting a vector graphic image into a raster image (ie. a series of pixels, dots or lines which recreate the vector image). The higher the resolution, the greater the number of pixels per unit area. Raster images are used for ensuring a smooth transition of colours and shades, with the most common use being for processing photos. The most popular raster graphics editor is Photoshop.

A funds transfer system that allows the transfer of money or securities instantaneously. In most cases, RTGS is used for high-value interbank transactions that need to be cleared as soon as possible.

Refers to payment rails (platforms or networks via which payments are made) that are real-time, or at least very close – initiating, clearing, and settling in a matter of seconds.

A pack of 500 sheets of paper or other substrate.

A self-service ATM that checks deposited banknotes, sorts them and pays out fit notes to customers withdrawing banknotes.

The recalibration of a country’s currency, typically due to hyperinflation and currency devaluation, whereby an old currency is exchanged for a new one at a fixed rate.

A system representing the colours used on a digital display screen. Red, green and blue can be combined in various proportions to obtain any colour in the visible spectrum.

A technique wherein a number of narrow ridges called reeds are carved or milled into the edges of coins. Reeding was originally undertaken as an anticounterfeiting measure to prevent gold and silver coins from being clipped. The technique is still used as an anticounterfeiting measure, and to help the visually impaired differentiate between coin denominations.

The bouncing of light off an object (as opposed to light that transmits through or is absorbed by an object).

The darkest black that can be made from the four CMYK ink colours, consisting of 100% cyan, 100% magenta, 100% yellow, and 100% black.

A note printed with a special symbol before the serial number, or with a special serial number prefix, used to replace notes damaged during the manufacturing process.

The inverse indicator of the average life of a banknote: the higher the replenishment rate of the note, the lower its average life.

A common business process for collecting written information about the capabilities of various suppliers. Normally, an RFI follows a format that can be used for comparative purposes. An RFI is primarily used to gather information to help make a decision on what steps to take next. RFIs are therefore seldom the final stage of procurement and are instead often used in combination with a request for proposal (RFP) and request for quotation (RFQ).

A document that solicits a proposal from suppliers, often as part of a bidding process, by an agency interested in procuring a commodity or service. An RFP is used when a general need or problem must be solved, and potential sellers are proposing solutions and how much they will cost. Companies evaluating an RFP must consider not only the cost but the effectiveness of the solution.

A document that solicits quotations from suppliers often as part of a bidding process, by an agency interested in procuring a commodity or service. An RFQ is used when a quote is needed for a specific need and solution.

Financial assets denominated in foreign currencies and held by central banks, which are primarily used to balance payments.

Occurs when a surface returns a large portion of directed light back to its source, from a much wider angle than a reflective surface. Retroreflective material is made using microlenses (microspheres).

The back of the banknote or coin. Referred to as the ‘tails’ side in coin tossing.

A raised area of metal around the edge of a coin, intended to protect the rest of the coin from wear. Blanks are rimmed before they are struck as coins

A printing press where the images to be printed are curved around a cylinder. There are three main types of rotary press: offset (including web offset), rotogravure, and flexography.

The schablon (stencil) multiple colouring process is used in intaglio printing to enable more than one colour to be printed simultaneously and accurately with one printing plate. The individual colours are applied via individual stencils that match the elements or parts of the required final design. The inks may overlap to a small extent and in the final printed image a slight colour transition can therefore be seen.

A process that uses a fine mesh with an impermeable coating, selected areas of which have been removed to allow ink to pass through. Screen printing produces a thick ink layer ideal for printing optical effect security features.

Inclusions added to security paper during manufacture comprising randomly distributed short thin fibres with specific optical or spectroscopic properties.The fibres can be made of silk, plastic or metal, and may be visible, invisible, multicoloured or fluorescent under UV light.

Paper typically manufactured from wood pulp or cotton containing security features such as watermarks and security fibres.

Polyester threads that are either fully or partially embedded down the length of paper during the paperforming process. Fully embedded threads – typically less than 1.8mm wide – can only be viewed when the document is held up to the light. Partially embedded threads appear intermittently on one side of the paper. Their size is typically up to 4mm wide and they act as carriers for a range of overt security features.

A security feature that, when held up to the light, combines elements of the front and back of a banknote or secure document into a specific image.

Derived from the French expression seigneuriage, referring to the right of the lord (seigneur) to mint money. In the context of banknotes, seigniorage refers to the interest earned by the central bank when investing funds received via issuance of banknotes at face value, minus the cost of producing, distributing and replacing them.

A semiconducting material has an electrical conductivity value falling between that of a conductor, such as metal, and an insulator, such as glass. Semiconductive inks can be used to create printed antennae.

A security feature requiring simple, sometimes commercially available tools to view it, such as ultraviolet (UV) lights, polarising filters, magnifiers and lenses. The examiner needs to know where the features are and how to examine them and they are not normally made known to the general public.

The application of a unique identifier to each unit in a lot or batch. The identifiers are numbers but might be printed as alphanumerics or barcodes or might be embedded in a chip activated by radio frequency (RFID). The numbers may be sequential or randomly generated; what is important is that the same number should not be used twice.

A printing press that requires sheets (as opposed to continuous rolls or webs) to be fed into the press prior to printing.

A papermaking machine which forms a thicker carrier sheet, on top of which is placed a second ‘laminated’ sheet. Wide security threads – either embedded or ‘windowed’ – can be incorporated between the sheets with little or no reduction in paper strength.

An inspection process that examines the visible and machine-read properties of newly printed banknotes before being issued. The process is used to reclaim good notes from defective sheets that, despite being fit for circulation, would otherwise be destroyed.

A coating mixture applied to paper or other substrate to improve printing or surface properties.

Skimming occurs when devices illegally installed on ATMs, point-of-sale terminals, or fuel pumps capture data or record cardholders’ PINs. Criminals use the data to create fake debit or credit cards and then steal from victims’ accounts.

A plastic card with a built-in microprocessor, used typically for electronic processes such as financial transactions and personal identification.

A cellular (or mobile) telephone with an integrated computer, camera, and other features not originally associated with a mobile phone.

A device for making the cash management of a retailer more efficient. Banknotes and/or coins deposited into the device are counted and provisionally credited to the account holder. The retailer does not have access to the contents of the safe, which is usually serviced by a cash management company.

the fraudulent practice of sending text messages purporting to be from reputable companies in order to induce individuals to reveal personal information, such as passwords or credit card numbers.