compromise financial privacy. Cash is also immune to the fees that are incurred for using credit cards and payment apps. Furthermore, most companies regard cash as the most economical means of payment. Cash assets The Federal Council and parliament plan to enshrine in the federal constitution that the SNB guarantee the nationwide provision of cash. This is in response to the “Cash is freedom” popular initiative that was launched in 2023. The electorate will vote on the initiative and the associated counterproposal next spring (see box on page 7). Besides using notes and coins to pay for goods and services, many people like to store their cash at home or in safes – if the number of large-denomination banknotes currently in circulation is anything to go by. Switzerland has over 36 million 1,000-franc banknotes in circulation that account for almost half of the value of all banknotes in use. The SNB is unable to put a figure on how much cash is being hoarded. “We simply don’t know,” says Eltschinger. A possible clue comes from the proportion of obsolete banknotes that have yet to return to the SNB. For example, the number of 500-franc notes that have been obsolete for the last 25 years and are still to be retrieved is over 170,000. The total value of withdrawn banknotes still lying around amounts to over nine billion francs. It is highly likely that many of these obsolete notes are languishing under the nation’s floorboards. But here is the good news: although banknotes from earlier series no longer count as legal tender, you can still cash them in at the SNB any time in the future. Information sheets on this topic are available on the SNB website (www.snb.ch). Eltschinger advises Swiss Abroad to check whether they can return their old banknotes to the SNB securely by post from their country of residence or otherwise physically exchange them at a bank in Switzerland. New banknotes from 2030 The SNB is planning to issue a new series of banknotes. Every banknote series has a life cycle of around 15 to 20 years. The current series, introduced from 2016 to 2019, showcases Switzerland in all its diversity. Ahead of the next series, the SNB recently launched a design competition entitled “Switzerland and its altitudes”. Each of the new 10-, 20-, 50-, 100-, 200- and 1,000-franc banknotes will pay homage to Switzerland’s unique topography. Six finalists This is the first time that such a competition has been subject to a survey conducted among the Swiss population. In the space of three weeks, over 100,000 people viewed the 12 design submissions and voted for their favourites. Eltschinger: “We were pleasantly surprised by how many people took part.” The SNB nominated the six finalists this autumn, from whom the winner will be announced in spring 2026. Further development of the designs will then begin. These drafts can be viewed on the SNB website. The new notes – Switzerland’s new “calling cards” – should go into circulation at the beginning of the 2030s. The SNB is currently deciding on a new design for its banknotes. Above: two of the design nominations. Photo: Keystone Used 20-centime coins run through the sorting machine. In 2024, coins with a total value of CHF 3 billion were in circulation. Photo: SNB Swiss Review / December 2025 / No.5 7
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