Currency redesign refers to the process of updating the appearance and security features of banknotes and coins. This can involve changing the colors, images, and materials used in the currency to enhance its visual appeal and prevent counterfeiting. Governments often undertake redesigns to reflect cultural heritage or commemorate significant events. The redesign process typically includes public consultations and expert input to ensure the new currency meets the needs of the economy. Countries like Australia and Canada have successfully implemented currency redesigns, incorporating advanced security features such as holograms and watermarks to protect against fraud.