The global banknote industry has come a long way since the first fully printed paper money appeared in the middle of 19th century. Today, the industry is characterized by a constant that is change. This industry continues to be shaped and driven forth by regular developments in technologies highlighted by innovations primarily focusing on delivering newer security features to take on the industry's dominant threat: counterfeiting. Newer banknotes embodies a range of security features including 3D security ribbons, watermarks, security threads, portrait modifications and micro printing among others. To take the battle against counterfeiting a step further, countries across the world are increasingly turning towards basing their currencies on polymer substrate rather than the conventional paper substrate. Some are also experimenting with what can be called a hybrid substrate, consisting of the best features and abilities of both the substrates. Countries that have adopted polymer substrates have significantly reduced the risk of encountering counterfeit banknotes in their respective economies, notably New Zealand, Australia and Switzerland, although none reported the ride to be smooth.