The Riksbank has been working on the production of a new series of banknotes and coins since 2008. Many different decisions have been made along the way. For example on motifs, colours, materials and security features. In spring 2011, the Riksbank announced a competition to design Sweden's new banknotes. The competition was concluded in April 2012. After the competition jury had assessed all of the entries, the General Council of the Riksbank chose Göran Österlund’s “Kulturresan” (Cultural Journey) as the winning entry. It will therefore form the artistic basis for the new banknotes.
In August 2012, the General Council of the Riksbank decided that Ernst Nordin's design proposal "Sun, wind and water" will form the artistic basis for the production of the new coins.
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Replacing an entire banknote and coin series takes time. This is because the process comprises several extensive stages. Once an artistic basis for the design of the banknotes and coins has been determined, designers begin to adapt the proposals to produce finished banknotes and coins. In the case of the banknotes, for example, all of the portraits must be engraved and the background motifs designed in detail. The security features on the various banknotes must also be designed. After this the printing of the banknotes is tested to ensure that the intended results are achieved. The banknotes are then tested in different types of machine, for example ATMs, cash deposit machines and retail cash systems. When the test printing has been finalised and approved, the printing of the banknotes that will then be used in general circulation begins. At the same time, all the cash handling machines in Sweden will be adjusted to fit the new banknotes, which will be of a different size and have different security features than the banknotes we use today. The new coins will also be test minted before they are produced. This will be followed by extensive work to adjust the equipment that handles coins.