The criteria for the award are:
- The banknote must have been issued to the public for the first time in the year of nomination.
- The banknote must be submitted to the IBNS Journal for publication in 'New Notes'.
- The banknote must be circulating currency (i.e. no specimens or non-circulating currencies are eligible).
- The banknote must have artistic merit.
- Imaginative designs will be well considered.
- Good use of colour, contrast and general balance will be well considered.
- Design features that take advantage of modern security features will be well considered, taking into account the issuing authority and the value of the note.