Currency is often closely linked with national prestige and pride. How many times have you heard an American refer to the ‘mighty Dollar’. Much of this pride is reflected in the design of a countries notes or coins in the form of notable citizens, national animals and historic occasions. Colour can also play an important part in the success of a currency. In China red is considered to be lucky and so it’s used heavily on banknotes.
Other design considerations are size and durability. There is no point producing a bank note that won’t fit in a wallet, or that is too fragile to go through the washing machine a few times. It is also important that the cost of production is low - each £10 note costs the Bank of England three pence to produce.
But as I have learnt the design of a banknote should not just be pleasing on the eye and cheap to produce; it also needs to be secure. You can’t just have any old Tom, Dick and Harry printing out your notes.
The Bank of England employ many features in the design of their notes that make them difficult to forge including holograms, micro lettering and a metallic thread. In fact they take it forgery so seriously that when the £20 note was redesigned they chose to feature Edward Elgar over the novelist Jane Austen because his face was thought to be more difficult to copy.
The Australians have gone one step further, printing their notes on polymer (plastic) material. Not only does it reduce counterfeiting but it also means that they can recycle their notes into useful plastic products such as compost bins, plumbing fittings and wheelbarrows.
So here is the final design of the IOU – it may look familiar but I think you will agree it’s certainly packs a punch. As yet it is only one sided on the basis that we are short of a national hero. Any ideas…send in your suggestions?
