A new €10 banknote will enter into circulation on 23 September, European Central Bank executive board member Yves Mersch announced today.

The banknote is the second banknote of the “Europa” series to be introduced, following the €5 banknote which was introduced last year. The Europa series banknotes are being introduced gradually, in ascending order, over several years to give enough time to all parties to prepare for a smooth introduction.

The Europa series banknotes bear a clear resemblance to the ones first issued in 2002, although they been given a fresh look and has several new and enhanced security features. These security features include a portrait of the Greek mythological figure Europa in the hologram and in the watermark, and an emerald number which changes colour from emerald green to deep blue when tilted.

As was the case with the original series of banknotes, the new banknotes can be easily checked manually and visually through the “feel, look and tilt” method.

The new banknotes are also more durable as they have a protective coating, which will save costs and reduce their environmental impact in the long run as they will need to be replaced less frequently.

670,000 counterfeit euro banknotes discovered in 2013

The ECB also announced that a total of 670,000 counterfeit euro banknotes were withdrawn from circulation last year, with 317,000 banknotes withdrawn in the first six months of the year and 353,000 withdrawn in the following six.

The number of counterfeit banknotes identified was thus higher than in 2011 and 2012, when 606,000 and 531,000 counterfeit banknotes were withdrawn from circulation respectively.

But the ECB pointed out that the proportion of counterfeits actually remains very low. Over 15 billion euro banknotes are presently in circulation, which means that the number of counterfeit banknotes withdrawn represents less than 0.0005% of the total number.

And the new Europa series banknotes, with their enhanced security features, are set to help ensure that the eurozone remains a step ahead of counterfeiters.

Over 75% of counterfeits in the second half of 2013 were €20 and €50 banknotes.