Electronic cash (e-cash) aims at achieving client privacy at payment, similar to real cash. Several security protocols have been proposed to ensure privacy in e-cash, as well as the necessary unforgery properties. In this paper, we propose a formal framework to define, analyze, and verify security properties of e-cash systems. To this end, we model e-cash systems in the applied π-calculus, and we define two client privacy properties and three properties to prevent forgery. Finally, we apply our definitions to an e-cash protocol from the literature proposed by Chaum et al., which has two variants and a real implementation based on it. Using ProVerif, we demonstrate that our framework is suitable for an automated analysis of this protocol.