1. It’s All About the Benjamins: Why Banknotes Look As They Do, and Why You Should Care
- Author:
- Jacques E.C. Hymans
- Publication Date:
- 03-2023
- Content Type:
- Journal Article
- Journal:
- Brown Journal of World Affairs
- Institution:
- Brown Journal of World Affairs
- Abstract:
- In his classic treatise The Philosophy of Money, sociologist Georg Simmel asserts that money is “colorless” and “abstract,” a “system of numbers” that relentlessly promotes the rationalization and depersonalization of modern life.1 Simmel might be right about money, but banknotes are a different story. The banknotes of the world contain many colorful images of human beings, animals, landscapes, and other eye-catching features. What are the purposes of banknote iconography? What kinds of images best achieve those purposes? Does the art of the banknote still matter in the digital age? The answers to these questions also speak to broader issues, including the bases of social trust, the content of collective identities, and the power of visual politics. Some people think of physical cash as a relic of the old days of brick-and- mortar retail. It is true that credit and debit cards and digital means of payment are on the rise. Even the Monopoly board game no longer comes with its famous colorful paper money; instead, a voice-activated electronic “banker” processes players’ transactions and keeps track of their balances.2 Yet reports of the death of the banknote are highly exaggerated. Between 1990 and 2020 the value of cash in circulation soared worldwide from about $1 trillion to $7 trillion, and the annual rate of increase has been accelerating over time.3 The coronavirus pandemic that erupted in early 2020 caused a further spike in cash demand all over the world.4 A comprehensive study of 140 currencies found that the value of cash in circulation in 137 of those currencies rose in 2020 over the previous year while it declined in only three.5 The value of U.S. currency in circulation shot up by 16 percent during 2020, double the average increase of the previous 10 years.6 As of the end of June 2023, it stood at $2.3 trillion, or to be more precise, $2,342,265,000,000—almost 10 percent of U.S. GDP.7 In short, banknotes remain greatly in demand almost everywhere; and wherever there are banknotes, there is banknote iconography.
- Topic:
- Economy, Currency, and Iconography
- Political Geography:
- Global Focus