Money is one of the most tangible symbols of a nation’s identity. As that identity evolves, so too does the design of the country’s coins and banknotes-and the process can be fraught. But how do countries determine whose portraits to feature on their currency, and what does it tell us about their pasts?
United States
Controversy erupted when the U.S. Treasury issued a five-cent note bearing the portrait of Spencer Clark, the first chief of what is now known as the Bureau of Printing and Engraving.
- Following public outcry, Congress passed a law on April 7, 1866, which prohibited depicting the “portrait or likeness of any living person” on the country’s currency.
South Africa
Like New Zealand, the evolution of South Africa’s banknotes reflects the country’s reckoning with its colonial history.
- In 1961, it issued its first banknotes after gaining independence from Great Britain.
- Each bill bore a portrait of Jan van Riebeeck, a Dutch explorer who in 1652 founded the trading station that would become Cape Town, but in 1992, as South Africa grappled with dismantling its racist apartheid system, he was finally replaced with its iconic “big five” animals-the rhinoceros, elephant, lion, Cape buffalo, and leopard.
Mongolia
Its monetary history dates back to the 13th-century rule of Genghis Khan, who transformed the nation from a pastoral economy into a global powerhouse, creating the largest contiguous empire in history.
- The nation has kept things relatively simple with just two prominent figures on its banknotes: its famous ancient ruler Genghish Khan, and revolutionary hero Damdin Sükhbaatar.
Bosnia and Herzegovina
The country’s banknotes bear the images of the country’s famous writers, but that decision was driven more by conflict avoidance than literary admiration.
- After the Dayton Accords, the two sides agreed on using portraits of writers-and even found some common ground as both selected novelist Meša Selimović for their five-mark notes.
Dominican Republic
The Dominican Republic’s 200-peso note pays homage to three sisters who organized a resistance movement against dictator Rafael Trujillo-and whose murder kicked off a revolution.
- In the 1950s, the Mirabal sisters-Patria, Minerva, and María Teresa-became leaders in the resistance movement that sought to end the brutal regime.
- President Juan Francisco Varela recognized them as national heroes and honored them with a commemorative coin in 2007.
New Zealand
Its banknote design has been an unintentional litmus test of New Zealand’s evolving self-image ever since it began issuing currency in 1934
- The earliest series bore a portrait of Māori King Tawhaio, whose image was replaced in 1940 with Captain James Cook
- New Zealand became a self-governing nation in 1947-yet in 1967, more than 20 years later, it was still proud of its association with Britain
- Queen Elizabeth II displaced Cook on all denominations, alongside indigenous plants and birds
