I like money.
Well, yeah, we all (to some degree) like the idea of having money…but I like money itself. From a very young age, I’ve collected coins, stamps and paper currency from around the world, picking up bits and pieces here and there while doing it on the cheap; for me, it was an immersion in the worlds of geography, economics, and history. When it comes to paper currency, I don’t have a huge collection; I only have around 50 pieces which were either collected in my business travels, picked up at flea markets, or given to me by friends.
With the recent news that Harriet Tubman will be replacing Andrew Jackson on the US $20 bill, I pulled out my collection; while flipping through it, I was struck by the ‘frozen history’ found in many of the pieces. Sure, many bills commemorate individuals or events, but there can be so much more lurking just below the surface.
In no particular order, then:
1) Currency can be an snapshot of economic history. The title image of this diary is a perfect example; with the rise of the euro, it’s highly unlikely that we’ll see any new Deutsche Marks in the foreseeable future. Most of us in the US cannot imagine what it would be like to “give up the dollar” for another monetary unit; such a willing surrender of national icons is a comparatively rare thing, and this one remains immortalized in tangible form.
A more depressing example comes to us from Zimbabwe:
Zimbabwe’s economic struggles are well known, and their monetary system crumbled as the government struggled to maintain fiscal sanity. The original Zimbabwe dollar was introduced in 1980, with an exchange rate of 1:1 with the previous Rhodesian dollar; after three rounds of devaluation by the government, the “fourth dollar” of 2009 was worth 1025 1980 Zimbabwe dollars. The government effectively abandoned its own currency in 2009, and the Zimbabwe dollar was demonetized last year. The nation now uses a basket of currencies (including the US dollar, Indian rupee, South African rand, and Chinese yuan) for all transactions. This bill, then, is artifact of decades of mismanagement and hyperinflation.
2) Currency can be activist.
Many of us have forgotten that any of us—or any group of us—can issue money, as long as folks choose to use it and agree on its relative value. Some folks have remembered this in recent years, and so I give you the Lewes Pound:
The Lewes pound is a complementary currency, which simply means that it circulates alongside the UK pound (with which it has a 1:1 exchange rate). The idea is that a local currency encourages local spending with local businesses, as opposed to spending one’s money at national/international chain stores or in other cities; local spending also reduces transport in support of merchants, whcih reduces the overall carbon footprint. Over 100 businesses in the Lewes region accept the Lewes pound alongside UK pounds sterling.
3) Currency can remind us of a nation’s roots and transitions.
Consider this note, from Madagascar:
Madagascar spent 65 years as a French protectorate/colony before achieving its independence in 1960. After independence, the nation adopted the Malagasy franc, whose value was pegged to the French franc; however, the new government also reintroduced the ariary, which had been the pre-colonial currency of the Malagasy monarchy. For decades, banknotes and coins were designated in both (Malagasy) francs and ariary; that practice lasted until 2007, when franc denominations were dropped from banknotes entirely, leaving Madagascar right back where it began...with the ariary. So, just a few years after the nations of Europe surrendered their historical monetary units to the euro, Madagascar finally reclaimed its monetary history.
4) Currency can reflect conflict.
After World War II, the US realized that paying its soldiers in US dollars was creating real problems for the rebuilding local economies of Europe and Asia; black markets were flourishing, local businesses were operating on US dollars at less than the established exchange rates, and the local currencies were inflating as a result. To limit/prevent this kind of currency exchange, the US government introduced Military Payment Certificates, or MPCs. They were designed for short-term use, because they would be converted to a new design with no notice; soldiers would be restricted to base on “C-Day” (conversion day) with no warning, so that they could not assist any locals in converting their MPCs; those MPCs in civilian hands immediately became worthless.
MPCs were issued between 1946 and 1973, and were used in 22 countries. Here are two examples of MPCs used in Vietnam, from my late father’s effects:
Other examples of “conflict” currency would include overprinted notes (such as the Kosovo Liberation Army’s overprints of Macedonian currency) or banknotes specifically printed for conquered/occupied areas (such as the Japanese Government banknotes, denominated in rupees, issued in WWII India).
5) Currency can be beautiful.
While there are many banknotes which can be described as utilitarian at best in their design, one can find incredibly ornate works of engraving and coloring. I’d like to finish this diary with a few of my favorite pieces. Here’s a 100-riyal note from Qatar:
A 100-peseta note from pre-Civil War Spain:
I’ve always liked this 5 jiao note from the People’s Republic of China:
Finally, a current 20-peso note from Mexico:
I know that collecting paper money isn’t a common hobby, so let’s use the comments as something of an open thread for stamp, coin and banknote collectors (I have small collections of all three). If you collect something else that crosses national boundaries, tell us about it!