## Franc Democracy

## Source details

**Canonical URL:** [Franc Democracy](https://www.imf.org/en/publications/fandd/issues/2026/06/currency-notes-franc-democracy-andreas-adriano)

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## Bibliographic details
- Authors: ANDREAS ADRIANO
- Published: May 19, 2026

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### Public participation and process
- Switzerland practices direct democracy: its 9 million citizens are consulted about four times a year on federal issues and have up to 100 cantonal referendums.
- About 100,000 people voted online on 12 sets of designs for banknotes of 10, 20, 50, 100, 200, and 1,000 francs.
- The online poll was combined with analysis by an expert advisory board.
- The Swiss National Bank (SNB) announced the winning designs in March; the designs were created by Emphase, a Lausanne-based studio.

### Design features and themes
- Proposed topic: “Switzerland and its altitudes,” highlighting geographic diversity: the Jura region; the Swiss Plateau; the lowlands (valleys and cities such as Geneva and Basel); the Alpine foothills; the Alps; and the High Alps.
- Emphase designs feature:
  - Scale drawings of native plants found at different altitudes on one side of the notes.
  - Striking landscapes and “civilizational achievements” on the other side: Alpine vistas, cable cars, famously punctual trains, the CERN research center, and the hi-tech Monte Rosa Hut atop a 4,634-meter massif.
- Quotation: “With its precision and craftsmanship, this concept impressively articulates the diversity and quality of Switzerland,” said Sébastien Kraenzlin, alternate member of the central bank board.

### Timeline, security, and manufacturing
- The new notes will not circulate until after 2030, following more development and incorporation of security features.
- The SNB noted: “The security elements and manufacturing processes are becoming more complex.”
- Developing a new series “offers more opportunities to improve banknotes, whether in terms of security, functionality, or graphic design.”

### Cash usage trends and legal mandate
- A recent referendum enshrined access to cash in the Swiss Constitution, reinforcing the central bank’s mandate to always ensure an adequate supply of coins and notes.
- Cash usage trends:
  - About 1 in 3 in-person transactions are made in cash.
  - Cash usage is down from 70 percent in 2017.
  - Many prefer the fast payment app TWINT.
- Switzerland replaces its banknotes every 15–20 years; the forthcoming series will be the bank’s 10th.

### Denominations and policy stance on large bills
- Switzerland preserves the 1,000 franc bill (about $1,250), the world’s largest denomination in active circulation.
- Most countries have discontinued large bills, which are seen as mostly facilitating money laundering and tax evasion; the European Central Bank stopped issuing new €500 notes in 2019.
- SNB payment methods survey findings: about a quarter of respondents reported owning 1,000 franc bills in the past two years, using them mostly for payments, not to store value.
- SNB statement: “The current denominations have proven themselves reliable and, from today’s perspective, should therefore be retained.”

*Franc Democracy — F&D Magazine, ANDREAS ADRIANO, June 2026.*

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_Source: https://www.imf.org/en/publications/fandd/issues/2026/06/currency-notes-franc-democracy-andreas-adriano_