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By the end of the century, the company was supplying bank notes for 48 countries, and was also printing stock certificates, bonds, and checks, including the new "traveler's checks" introduced by American Express Company in 1891.
Incorporated in 1925, B.T. Babbitt had begun as a seller of cleaning products.
He undertook a $55 million capital spending program and by 1981 he had cut long-term debt nearly in half.
The company also experimented with holography, developing the Holoprint in 1982.
The picture, only 300 millionths of a centimeter thick, was the first holograph to appear in a national periodical. Its first customers included Visa and Mastercard, Hallmark, and National Geographic, with the company producing a 3-D eagle for the cover of the March 1984 issue.
In 1989 a proxy fight for control of International Banknote's board was averted when International agreed to merge with United States Banknote for $104 million.
The breakup of the Soviet Union in 1991, and the resulting start-up stock exchanges, offered Banknote new opportunities.
In 1993 the company bought Brazilian security printer Thaomas De La Rue Grafica e Servicos Ltda., for $45 million.
Revenues for 1995 dropped slightly to $206 million, and the company was in the red for a second year.
Trying to Raise Money: 1998
Banknote and Holographics announced they each would have to restate earnings for portions of 1998 (before and after Holographics' IPO) because of questions regarding overstatement of revenues and net income by Holographics.
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