Euro banknotes produced by VALORA are easily identifiable by their serial number, which always starts with the letter ‘M’.

Banknote production at VALORA complies with strict standards of quality, environment, occupational health and safety, and the physical security of the process and product, namely those standards defined by the European Central Bank for the production of euro banknotes. The scope of VALORA’s integrated management system is the production of banknotes and is certified according to the international standards for quality, environmental, occupational health and safety, and anti-bribery management systems, Standards ISO 9001, ISO 14001, ISO 45001 and ISO 37001 respectively. 

VALORA does not produce metal coins. In Portugal, coins are minted by Imprensa Nacional-Casa da Moeda (the Portuguese mint and official printing office), although the Banco de Portugal does put them into circulation.

Aiming to maximise capacity utilisation and increase efficiency levels, VALORA also produces non-euro banknotes for export. Between 2017 and 2022, about 2,235 million banknotes were produced: 1,414 million euro banknotes and 821 million non-euro banknotes for export. This strategic orientation enabled VALORA to print a total volume of 490 million banknotes in 2022, of which 170 million euro banknotes and 320 million non-euro banknotes, the same productivity level as a private printing works.

Agreement between the Banco de Portugal and the central banks of Belgium and Austria

To increase efficiency in the production of euro banknotes, national central banks with in-house printing works have established partnerships. This is the case with the Banco de Portugal, which has maintained a cooperation agreement with the Banque National de Belgique (BNB) and the Oesterriechische Nationalbank (OeNB) since 2017.

This ground-breaking agreement within the Eurosystem provides for the production quotas allocated to Belgium, Portugal and Austria to be merged and distributed equally between the Banco de Portugal and the OeNB and produced by VALORA and OEBS printworks respectively.

Close collaboration between the three central banks in the joint production of euro banknotes prevents duplication of work, avoids unforeseen disruption of production, generates economies of scale, promotes the exchange of experience and best practice, and safeguards and consolidates specialised knowledge restricted to a stable group of professionals.