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The Advent Calendar Day 17

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The changing face of money

Banknotes
Monday, 9th March 2009
Finding an unexpected £10 note stuffed in your back pocket brightens up the gloomiest of days. Rather than just representing food, drink or a splurge at Primark, how many of us view these precious bank notes as a point of interest in their own right?

Are they simply a means to a monetary end or a symbol of British pride, embodying the heroes of past generations?

The Bank of England’s Pictorial D Series of banknotes in the 1970s was the first to feature notable faces on the reverse. Featuring Sir Isaac Newton, Duke of Wellington, Florence Nightingale, William Shakespeare and Sir Christopher Wren, these identifiable English icons became firmly established within the widely circulated everyday currency, marking them out as national icons, both literally and figuratively.

Quote The figures which currently appear on our notes somewhat lack that sense of recognisability. Quote

With an ageing monarch and a developing society, these notes were re-vamped and re-issued during the 1990s, creating the Historical E Series. Rather than just featuring a famous face these notes further enhanced the patriotism and artistic merit of English currency by featuring complimentary historic scenes or references.

George Stephenson and his locomotive graced the £5 note whilst Charles Dickens and his Pickwick Papers became synonymous with the £10 note. However, whilst these are undoubtedly household names, the figures which currently appear on our notes somewhat lack that sense of recognisability.

Is this lack of familiarity reflecting a diminishing number of British icons? Does it show the Bank of England’s poor selection and lack of connection with the British public? Alternatively, is it perhaps a sign of public ignorance and lack of education towards national heritage? If the latter is correct then how much notice do we take of these snippets of information and what effect do they have on national consciousness?

These are all questions with numerous and varied answers; answers which greatly depend on the all-important question: Do you know your Bank of England icons?

£5: ELIZABETH FRY

fry
Elizabeth Fry

Appearing on our £5 notes since 2002 Fry is the newest addition to the currency elite and is a controversial choice. A household name she is not and yet a household name she perhaps deserves to be. A social reformer, Christian, Quaker and philanthropist, Fry dedicated her life to helping others. She played an instrumental role in the foundation of the Association for the Reformation of the Female Prisoners in Newgate in 1817 and the eventual creation of the British Ladies' Society for Promoting the Reformation of Female Prisoners.

Fry’s once known credentials are therefore far from lacking, and yet much speculation has surrounded the motivation of her selection. There has been some suggestion that her strong feminist qualities would go some way to readdressing the gender balance, whilst others have suggested that a plentiful supply of portraits also helped to secure Fry’s selection.

£10: CHARLES DARWIN

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Charles Darwin

The most famous of the current batch of icons, Darwin’s theory of evolution has changed the way in which we view the natural world. The current £10 note also features the HMS Beagle that Darwin joined as a young man for a scientific exploration. Darwin’s magnifying glass and the flora and fauna which he may have come across on his travels also feature within the note, highlighting the attention to detail and artistry with the currency designs.

£20 (Old Style): SIR EDWARD ELGAR

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Edward Elgar

An English composer of the late 19th century and early 20th century, Elgar’s music has become anthemic, especially the Pomp and Circumstance March No. 1 and ‘Nimrod' from his Enigma Variations. Featuring on the note alongside Elgar is the west side of Worcester Cathedral where the first full performance of his Enigma Variations took place in 1899. Despite being a famous name within musical circles Elgar may therefore be more recognizable through his works rather than his identity.

This may have been a consideration when the Bank of England issued new notes in 2007 containing a different famous face; a controversial move considering 2007 was the 150th anniversary of Elgar’s birth.

£20 (New Style): ADAM SMITH

adam smith
Adam Smith

Following on from Elgar, Adam Smith, widely cited as the father of modern economics now graces the latest £20 notes. The founder of free-market economics, Smith has featured on the £50 notes issued by Clydesdale bank in Scotland since 1981. Being the only Scotsman to have also featured on the English notes, it perhaps shows how his appeal and influence is more than nationally specific. His famous example of workers in a pin factory to describe the benefits of labour divisions is also depicted on the note. An analogy which perhaps may sound more familiar to some than the author’s actual identity.

£50: SIR JOHN HOUBLON

houblon
John Houblon

The first governor of the Bank of England, Houblon first appeared on the £50 notes in 1994, the year of the Bank of England's 300th birthday. Including an image of his house in Threadneedle Street, his depiction on the scarce £50 note has done little to enhance Houblon’s status with his selection being aimed at the banking world rather than the everyday public.

With several obscure if not unrecognisable faces, it may seem that the Bank of England’s selections are isolating instead of informing the general public. However, with a current list of suggestions including the names of Terry Wogan, David Beckham and Robbie Williams, it seems that perhaps we should make the effort to familiarise ourselves with these historical figures, if only to compare them to our own modern day ‘icons’.

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