Phillipa Peploe, Marketing, Currency, De La Rue
Across the world, banknotes commemorate and celebrate leading and noteworthy people from across history and culture. In essence, they are the business cards and the cultural identity of each country, acting as a physical symbol of national pride.
Presently, inclusivity on cash is an essential topic for central banks and governments worldwide, with women being notably featured less frequently than their male counterparts regarding money.
In this article, we will explore women on banknotes, why this type of representation is important, and how we are helping to address this development for central banks.
Representation on global banknotes
With banknotes often heralding historic and cultural figures, decision-makers need to consider diversity and representation when crafting their designs.
Featuring women on currency promotes gender equality while showcasing their contribution to society. It's inspiring for young girls to see women on banknotes, and it can encourage them towards leading positions across traditionally male-dominated sectors.
At present, only 1 in 12 banknotes feature women which equates to 7.54%, according to a study by TradersBest which encompassed 115 countries and a total of 716 individuals. Meanwhile, of major nations, only Sweden, Australia, and Denmark had achieved gender parity in research completed by Ubuy South Africa. Australia was the only currency that featured women on every banknote, while 60% of Sweden’s and 50% of Denmark's currency depict women on their cash.
Generally, women are underrepresented, and this may be symptomatic of there being fewer women in positions of power around the world. While progress is slow in making currency more gender diverse, it is gradually improving and it’s becoming a focus for many globally.
Noteworthy women
Having delved into the significance of featuring women on banknotes, let's now spotlight some remarkable and influential women who have been featured on physical cash - from the past and present.
Queen Elizabeth II
Queen Elizabeth II was the first monarch to be featured on the Bank of England’s banknotes in 1960. Her image was perhaps the most widely reproduced image in the world. During her reign, she appeared on more currencies than any other living figure and at the time of her passing, the Queen was depicted on 50% of all banknotes depicting women.
Last year, the Bank of England issued the new King Charles III banknotes to replace the portrait of the Queen. This has provided monetary authorities within the Commonwealth with the chance to release new banknotes featuring the new monarch, as seen with the Falkland Islands and the Bermuda Monetary Authority. Meanwhile, others, like the Central Bank of Belize, are opting for entirely new designs that showcase their own national heroes and culture.
Bank of England
The first historical woman to be featured on a Bank of England banknote was Florence Nightingale in 1975 for her role in finding modern medicine during the Crimean War. She was displayed on £10 notes until 1992. In 2002, Elizabeth Fry, a quaker prison and social reformer, was shown on the £5 banknote until 2016. Finally, much-loved novelist Jane Austen appeared on the £10 banknote in 2017.
Royal Bank of Scotland
Scottish banknotes highlight several influential women from the nation's history. Among those featured are writer and poet Nan Shepherd, scientist and author Mary Somerville, notable businesswoman Catherine Cranston, and education advocate and pioneer Flora Stevenson, appearing on the £5, £10, £20, and £50 Royal Bank of Scotland banknotes. This entire series exclusively showcases women.
Bank of Sierra Leone
Constance Cummings-John was an educator and political figure from Sierra Leone. In 1966, she made history as the first woman to serve as mayor of a major African city, when she became mayor of Freetown. A politician in both pre- and post-colonial Sierra Leone, she was a unwavering advocate for African women's rights. Since 2022, her portrait has been featured on the Central Bank of Sierra Leone’s 20 Leones banknote.
Central Reserve Bank of Perú
Last year, the Central Reserve Bank of Perú (BCRP) received the award for "Best New Series" from the High Security Printing Latin America conference in Santiago, Chile. The BCRP chose to focus on leading figures within the 20th century, including influential women such as singer and composer Chabuca Granda, historian María Rostworowski, and painter Tilsa Tsuchiya. By featuring these extraordinary women, the BCRP not only acknowledges their individual contributions but also underscores the importance of recognising and celebrating the diverse talents and achievements of women in shaping the country's identity.
Central Bank of Samoa
The award-winning Samoan 60 tala was recognised as the "Best Commemorative Banknote of the Year" at HSP Asia, with the design commemorating the 60th anniversary of Samoa's independence. As part of this, the Honourable Fiame Naomi Mataafa, Samoa's first female prime minister was featured on the note to mark the country’s sovereignty. The country’s Minister of Finance, Lautimuia Uelese Vaai said in an interview with the Samoa Observer, “It is significant for Samoa in recognition of women in politics and gender equality.”
Bank of Jamaica
Nanny of the Maroons, a renowned freedom fighter, was conferred the Order of the National Hero in 1982 and has been featured on Jamaica's currency since 1994. In 2023, Bank of Jamaica introduced a new polymer series, continuing to honour Queen Nanny of the Maroons, a military leader and symbol of unity and strength, by featuring her as one of the subjects on the latest $500 banknote, with her portrait also appearing in the holographic stripe.
Making banknotes more diverse
Women featuring on banknotes, and generally inclusion and representation, is becoming a more prevalent discussion in the world of currency. And this is why it’s even more important to celebrate International Women’s Day, to recognise the women that have shaped the fabric of our history and culture worldwide.
Here at De La Rue, as a specialist in currency solutions, we’re proud to have women in many leading management positions and we will be highlighting this throughout the month through our social media channels. As of 30th March 2024, the male/ female split across the organisation in senior management roles is 52/48. Women are represented on the Board of De La Rue and form part of the Executive Leadership Team, 40% of the Currency Leadership Team is female and throughout the Currency division women are represented in every major function that men are represented in, driving R&D workstreams, selling into a range of countries, leading transformation projects and providing their technical and engineering skills. More information about our inclusivity can be found in our 2024 Annual Report.
It’s important to have this representation to enact positive change and evolve the discussion around women in the financial market. Through our inclusive practices, we create a place where our employees can bring their whole selves to work and are treated fairly and equally.
We are starting to see more change, with more women featured on banknotes than ever before. As a currency supplier, we create and design fully finished polymer and paper banknotes that not only celebrate cultural and historical national figures but also serve as a testament to the diverse achievements of women throughout history. Our banknotes feature cutting-edge advancements in secure colourshift, micro-optic, and holographic technologies. These banknotes are not only visually captivating but also exceptionally secure, offering countries a dependable and contemporary form of currency that respects their heritage and fosters inclusivity.
