Switzerland’s new 1’000 Swiss franc bank note

Switzerland’s 1'000 Swiss franc bank note is the second-largest value bank note in the world still printed today. The largest is Brunei’s B$10,000 bill (worth about $7,400 USD).

This large denomination note is a Swiss tradition. There is still a preference for physical money over digital currency. It a popular choice for big-ticket items or settling large bills at the post office. Also very importantly it is seen as a store of value, and some people keep a cash money reserve at home or in a safety deposit box in the bank.

According to Swiss National Bank (SNB) figures, there is around 48.6 billion francs in circulation in the form of 1'000-franc notes. That is some 59 percent of all Swiss notes in circulation.

One interesting quirk is that there is a rush on 1'000-franc notes in December every year as people move their assets to cash, so as to decrease their wealth tax. The money is then deposited in bank accounts again in the New Year.

Swiss shopkeepers are quite accustomed to seeing the huge bills, as are restaurants that usually carry enough money to make change if someone wants to pay a bill with a CHF 1’000 note.

There is however some controversy around the 1'000-franc note. Critics claim the high-denomination Swiss note is the perfect vehicle for money laundering, tax evasion and other criminal activities.

Transparency International has repeatedly called for Switzerland to scrap its 1'000-franc note for the same reason.

The Swiss government however defends the high-denomination note, saying there is no evidence to suggest the 1,000-franc bill has any particular link to criminal activities and noting that Switzerland’s culture of cash usage and high prices and salaries justify the note’s existence.

The artwork on the new purple 1,000-franc note focuses on Switzerland’s communicative flair – expressed by language.

Obviously such a huge denomination would be a forgers dream! The new note has 16 different state of the art security features.

The notes will go into circulation on March 13th.