© The Financial Times Ltd 2013 FT and 'Financial Times' are trademarks of The Financial Times Ltd.
June 28, 2013 7:30 pm
With Sir Winston Churchill replacing Elizabeth Fry as the new face of the £5 note, the Queen will now be the only woman to feature on an English banknote. After the bank’s announcement prompted an outcry, outgoing governor Sir Mervyn King said Jane Austen was “waiting in the wings” and could be the new face of the £10 note – but that decision will rest with his successor Mark Carney. Here are three other banknote blow-ups.
1. Devil in the detail
Perhaps one of the most bizarre incidents in banknote history occurred in the 1950s, after the Bank of Canada issued dollar bills featuring a portrait of the newly crowned Queen Elizabeth II. In the months following the release of the notes, a number of people complained to the bank, saying they could see the image of a devil’s face nestling in the Queen’s hair.
In March 1956, the Toronto Daily Star called on the bank to “Remove Devil in Queen’s Curls By Changing Currency Engraving”. The Bank took note: the following year, the Ottawa Citizen reported: “New $1 bills now being issued carry the same photograph. But the Queen’s hair has been retouched to remove the ‘devil.’ ”
2. The Reserve Bank and the Royal
One of the first tasks bestowed on Australia’s new central bank in 1960 was to create a decimal currency and a distinctive set of Australian banknotes. But what to call the new cash?
A competition to generate ideas from the public led to a clutch of evocative suggestions, including “the Oz”, “the roo”, “the kanga”, “the boomer”, and even “the dinkum”. After careful consideration, the government chose to go with an altogether more solemn name – “the royal”.
According to treasurer Harold Holt, the name was selected as it emphasised the country’s “link with the Crown” while also being “a dignified word with a pleasing sound”. Uproar ensued. Within three months, the government changed its mind, announcing that the currency unit would be named simply “the dollar”.
3. Misspelling the president
In 2005, the central bank of the Philippines issued a new batch of 100 peso notes in time for Christmas. Unfortunately, the notes contained a mistake: the surname of then President Gloria Macapagal Arroyo, had been misspelled as “Arrovo”.
The bank, which had outsourced the printing of the notes to a European company, swiftly apologised to the president and announced an investigation into the mishap. It also declared the notes legal tender and encouraged the public to treat them as a collectors’ items.
Letters in response to this article:
Copyright The Financial Times Limited 2013. You may share using our article tools.
Please don't cut articles from FT.com and redistribute by email or post to the web.