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Why there's a need to change the design of money?

Money is what we use as a medium of exchange in everything we buy or sell. Some said it makes people happy, or it makes people complete. While others said you can do whatever you want through money. That's why some people called "counterfeiters" are creating ways to make exact copies of money in order to do whatever they want. This is the main reason central banks such as the BSP (Bangko Sentral ng Pilipinas) change the design of the money regularly.

New Money Designs
Picture of Money Designs


It's a matter of practice that central banks regularly change the designs of the money - be it coins or paper bill (banknotes) mainly because to make it safe from counterfeiters.

Counterfeiters nowadays are also very advanced in using technology in order to copy exactly the money. By regularly changing the designs of the money, these kind of criminals find it difficult and costly to copy the newly-designed money. These means new advanced techniques or new expensive machines to the criminals or counterfeiters.

Central banks aim to protect the integrity of the currency. It is therefore needed to change the designs of the money. Other central banks redesign their money every 10 years on average , while the Philippine's present money series has been in place for about 25 years.
 

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"Why there's a need to change the design of money?" was written by under the Banking category. It has been read 3962 times and generated 0 comments. The article was created on and updated on 15 October 2011.
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