Some say there are too many conferences in the industry, but in terms of global currency conferences there are only two, the Currency Conference and Banknote X (where X = whatever year it is in). They are very different in character and that is probably one of the major reasons they are both so successful.

Banknote is always in Washington, has a strong but not dominant US flavour, a technical bias in its papers and an open door policy to any legitimate delegate wishing to attend, whether supplier or central bank. It is workmanlike - there is, for example, no conference gala dinner. The last event, in December 2009, attracted over 600 delegates, of which 37% were from central banks.

The Currency Conference on the other hand focuses on securing a wide spectrum of sponsors, limits their competitors, guarantees to deliver 50% of the delegates from central banks and will restrict the attendance of sponsors and delegates to achieve that ratio. It also favours presentations from central banks.

There is another significant difference – the Currency Conference moves around the world so the flavour is different for each conference, which is expressed in the cultural entertainment at the gala dinner. It typically attracts around 500 delegates, with the ratio of delegates from central banks (of which 71 were represented) achieving the 50% goal again.

Brave Decision?
The Currency Conference has been going for 20 years with 13 conferences held over that period. But none, until this year, have been held in Latin America, despite it being such a vast market. There were many reasons for this – security undoubtedly was one of them - so was the brave decision to hold the 2010 conference in Buenos Aires justified?
Delegates certainly gained a full flavour of the cultural delights of this cosmopolitan yet unique city. And the conference went with a swing too - with lively debate and a roster of presentations  from around the world touching on all aspects of currency production and management.

They also gained a full flavour of the different aspects of sharp practices in currency and experienced first-hand why our industry has so much to offer in this region. Several delegates were professionally pick-pocketed, others were tricked in a classic 10 peso/100 peso substitution in currency exchange, in taxis for example, and one delegate even reported receiving a 10 peso instead of a 100 peso banknote from an ATM.

Counterfeit notes were also in evidence – on one occasion a photographer went round customers who had paid her claiming they had given her a counterfeit banknote and demanding a replacement. Maybe someone had, or maybe it was another example of sharp practices (if so, she was singularly ill-judged in trying it on with the two delegates in question, given the nature of our business). And then there was the condition of some banknotes – very dirty and worn.
So, delegates who had heard the stories or had first-hand experience were on full alert and checking their banknotes every time – probably a very unusual and uncomfortable experience for some.

Currency in the Raw
The local point here is that delegates were subjected to many of the problems surrounding the use and security of currency in the raw, while  redesigned currency could fix some of these problems (although not those who perpetrated them). The forum of the two conferences provides a great opportunity for the industry to learn about new technologies, exchange ideas and learn from one another’s experiences. It is perhaps surprising that despite these conferences, industry publications and supplier and central bank websites, there are still so many opportunities everywhere to improve currency - but then one of the most attractive things about our industry it that it is traditional yet at the same time so dynamic with everyday new challenges and solutions.

The global point is that we gain hugely in experience by visiting different regions of the world even if there is some risk attached, as long as that risk is manageable. We strongly support the Currency Conference in taking that calculated risk and holding their conference for the first time in Latin America – this is an emerging area and the timing was right.

However, the thought occurred to many while enjoying Buenos Aires but watching the riots in Thailand on TV, that just three years ago Bangkok was hosting the Currency Conference and had been chosen for its safety, history and beauty. Timing is everything!

Banknote 2011 will be held in Washington DC from July 11-14, 2011, while the next Currency Conference is in Singapore in October 2011– volcanoes permitting!!