New note designs

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Something I've been wondering for a while...

Does anyone have any information about the process by which designs for new notes are considered and then eventually chosen?  I presume that some sort of invitation is put out to graphic designers, who then "bid" on the process by submitting their designs, with one eventual winner.  

Or does the BoC employ designers in-house who do this work for them?  

Does anyone have any more information?

I assume they have a few designers. Central banks around the world have a few designers submit their designs and pick the best ones, example of this is Switzerland and the European Union.

I think they have a designer submit rough designs of each denomination, picks the best one, and then works from there, developing new security features, etc.

Well, I know for the recent designs of the Journey Series, the Bank of Canada employed the services of Jorge Peral, Art Director of the Canadian Bank Note Company, to design the Canadian banknotes

He has a long list of achievements and won numerous awards from many countries.  

I was told that the CBN enticed Jorge Peral away from the Banco de Mexico just for this project, he's designed the current series for Mexico and the last Sucres issue for Ecuador as well as others. I like his work and wished the Journey series had more engraving to showcase his talent.

Thanks for all the info, guys.  Learning all this interesting stuff is why I like this board!

Seth

more info:

http://www.cbnco.com/bluepages/sep01-one.html