diff --git a/doc/paper/taler.tex b/doc/paper/taler.tex
index ce40fd948..7abe80d63 100644
--- a/doc/paper/taler.tex
+++ b/doc/paper/taler.tex
@@ -1274,7 +1274,7 @@ exchange.
 
 \begin{theorem}
 Let $C$ denote a coin controlled by users Alice and Bob.
-Suppose Bob creates a coin $C'$ from $C$ following the refresh protocol.
+Suppose Bob creates a fresh coin $C'$ from $C$ following the refresh protocol.
 Assuming the exchange and Bob operated the refresh protocol correctly,
 and that the exchange continues to operate the linking protocol
 in \S\ref{subsec:linking} correctly,