Executive Summary
The banknotes market in North America, encompassing the United States, Canada, and Mexico, is characterized by the widespread use of the national currencies of these countries: the US dollar, the Canadian dollar, and the Mexican peso, respectively. The banknotes market in North America is distinguished by the presence of strong and stable currencies, which are equipped with robust security features aimed at preventing counterfeiting. Additionally, there is a growing trend towards the adoption of polymer banknotes in the region. This shift is driven by the desire to enhance the durability and security of banknotes, making them more resistant to wear and less susceptible to counterfeiting compared to traditional paper-based banknotes.
Polymer Banknotes in the United States
The United States does not manufacture or use polymer banknotes as the country has not adopted this technology for its currency.
Impact of the Pandemic on U.S. Currency Demand
The COVID-19 pandemic led to increased cash demand in the United States, with citizens needing more money to address various challenges posed by the virus. This resulted in a rise in the number of banknotes in circulation in 2021. Additionally, global economic fluctuations, trade dynamics, and geopolitical events have influenced the demand for U.S. currency, leading to adjustments in production levels.
Security Measures and Currency Updates
To combat counterfeiting, the United States has introduced new security features in its banknotes. This initiative has required the printing of new notes to replace older ones and stay ahead of counterfeiters.
Bank of Canada's Use of a special type of material for its Currency
The Bank of Canada uses a special type of material to manufacture its currency which is commonly used in various applications, including beverage containers and medical implants.
Currency Update in Mexico
Mexico is currently updating all its coins and banknotes. One significant change in this process is the replacement of one of its denominations with a corresponding coin. This transition is expected to be noticeable and signifies a shift in the country's currency circulation.
Counterfeit Currency Challenges in Mexico
Bank of México reports indicate that inkjet or laser printers are commonly used tools for producing forged banknotes. This highlights the need for continuous vigilance and improved detection methods to combat counterfeit currency. These insights underscore the ongoing challenges faced by Banco de México in maintaining currency security.
Production of Banknotes
The report delves deep to assess production facts of banknotes in different countries in North America. Production facts comprises of volume of banknotes, banknotes production by value, and banknotes printing cost. Additionally, banknotes production by denomination has also been discusses in the report.
Circulation of Banknotes:
Circulation of banknotes has been discussed for the countries included in North America in the research report. To study circulation of banknotes, we have identified circulation of banknotes by volume and value including by denominations.
Scope of North America Banknote Research Study
Makreo Research recently published a comprehensive study titled "North America Banknote Market Performance (2018-2023): Currency Dynamics, Production, Counterfeit Prevention, Polymer Adoption" This study thoroughly examines the production and circulation of banknotes, analyzing both volume and value metrics. It also provides a detailed assessment of key macroeconomic and industry drivers. The increasing adoption of digital currency has significantly influenced banknote demand, prompting a thorough analysis comparing digital payment adoption with traditional currency usage. The report maintains a balance between qualitative and quantitative factors, integrating macroeconomic analyses and sector assessments. In summary, this North America Banknotes Market report serves as a valuable resource for understanding the past performance and anticipated future trends of the banknote industry amid evolving variables.
The research study evaluates key countries in North America to offer insights into banknote production and supply dynamics in the region. Additionally, it explores the historical performance of the industry and the current market situation, taking into account factors closely related to the banknote sector. The report also covers essential topics such as currency production and circulation, polymer banknotes, the prevalence of counterfeit banknotes, analysis of production costs, and counterfeit detection.
How is the North American banknote market performing?
What is the regional breakdown of banknote adoption in North America and the region's position in the global market?
Which currencies are the most traded in North America?
What is the banknote market scenario in the United States?
What is the banknote market scenario in major North American countries?
What is the currency production volume of various North American countries?
What are the key facts about banknotes in major North American countries?
What is the current status of polymer banknote adoption in Canada, and how has it impacted the durability and security of the currency?
How is Mexico's transition from paper to polymer banknotes affecting the country's currency circulation and counterfeit prevention measures?
What is the printing cost of banknotes in various North American countries?
What is the production and circulation scenario in the United States?
What is the total currency in circulation in each major North American country, and what is the value of different banknote denominations?
What is the scenario for counterfeit banknote detection in North America?
Which North American countries have adopted polymer banknotes?
1.1. Market Definition
1.2. Objective of the Study
1.3. Research Process
1.4. Data Collection Methods
1.5. Analytical Framework
2.1. Global Banknotes Market Performance
2.2. North America Positioning in Global Banknotes Market
2.3. Global Currency Performance & Impact of COVID-19
2.4. Regional Break-up of Polymer Banknotes
2.5. Countries Using Polymer Banknotes
3.1. United States Banknotes Production Facts
3.1.1. United States Banknotes Print Order
3.1.1.1. United States Banknotes Printing Costs
3.1.2. United States Banknotes Production
3.1.2.1. United States Banknotes Production by Denomination
3.1.2.2. United States Banknotes in Circulation
3.1.2.3. United States Banknotes Processed and Destroyed
3.2. Canada Banknotes Production Facts
3.2.1. Canada Banknotes in Circulation
3.2.1.1. Canada Banknotes in Circulation by Denomination
3.2.2. Canada Adoption of Polymer Banknotes
3.2.3. Canada Counterfeit Banknotes
3.2.4. Canada Counterfeit Coins
3.3. Mexico Banknotes Production Facts
3.3.1. Mexico D Type Notes
3.3.2. Mexico Banknotes in Circulation
3.3.2.1. Mexico Banknotes and Coins in Circulation by Denomination
3.3.3. Mexico Digital Currency
3.3.4. Mexico Withdrawal of Banknotes
3.3.5. Mexico Introduction of Polymer Currency
3.3.6. Mexico Banknotes Counterfeit Facts
Conclusion
Limitations of the Study
Global Banknote Market Revenue - Regional Breakup (%)
Most Traded Currencies in the World
Regional Breakup of Polymer Adoption Worldwide
United States Federal Reserve Notes Print Order for Each Denomination, CY’2022 – CY’2024
United States Printing Costs of Federal Reserve Notes for Each Denomination, 2022 - 2023
United States Total Annual Production of Bank Notes in Volume (‘000), 2018 - 2023
United States Total Annual Production of Bank Notes in Volume by Denominations, 2016 – 2023
United States Currency in Circulation by Denomination, by Value (USD Billion), 2018 - 2022
United States Currency in Circulation by Denomination, by Volume (in billions of notes), 2018 - 2022
United States Currency Processed and Destroyed in Volume and Value, 2019 - 2022
Canada Banknote Research, Production and Processing Budget, 2018 – 2023
Canada Banknotes in Circulation (Quarterly), 2019 – 2023
Canada Banknotes in Circulation Monthly, Sep’23 - Jan’24
Canada Bank Notes in Circulation by Denomination, 2018 – 2022
Canada Share of Different Denominations in Circulation, 2022
Canada Polymer Banknotes Application as of 2022
Canada Counterfeit Banknotes, Total Number Passed and Seized in Volume, 2016 – 2022
Canada Counterfeit Banknotes by Provinces, 2022
Canada Counterfeit Banknotes by Denomination, Total Number Passed and Seized, 2018 – 2022
Canadian Counterfeit Coins - Total numbers passed and Seized, 2019 - 2022
Mexico Banknotes in Circulation, 2016 – 2021
Mexico Share of Cash Estimate at Point of Sale (POS), 2016 – 2022
Mexico Area Banknotes Circulation by Denomination, 2016 – 2020
Mexico Area Coins in Circulation, 2016 – 2020
Mexico Denominations in Withdrawal
Advancements in Banknote Technology: Banco de México's Introduction of GUARDIAN™ Polymer Banknotes