Everyone values their money. But what countries choose to depict on their currency uncovers what they value most.
This idea dates back to city-states and early empires. On their coinage, the Greeks and Romans featured mythological figures, deities, heroes, sacred animals and royal symbols. Picture Zeus holding a thunderbolt or the winged horse Pegasus. The imagery inspired wonder and legend.
Julius Caesar broke tradition in 44 BCE, becoming the first living ruler depicted. His effigy asserted dominance. Citéco, a Paris museum of economics, explains: “He wanted to show his subjects he was the absolute ruler of Rome. Money became an instrument of political propaganda.”
Just like organizations, countries curate their image. Banknotes and coins are their most widely-circulated piece of marketing collateral. Every person, place or thing on cash conveys a story. It’s modern-day mythmaking.
Highlighting power vs. place
The variations highlight distinct themes. Consider the $1 to $100 denominations in Canada and the U.S.
Front side:
- The U.S. is all Presidents and founding fathers: Washington, Jefferson, Lincoln, Hamilton, Jackson and Franklin.
- Canada has the monarch plus three Prime Ministers (Laurier, King and Borden), but also one civilian: Viola Desmond, a Nova Scotia activist for civil and women’s rights. She’s the first woman besides the Queen to appear solo.
Back side:
- American bills feature the Great Seal, the Declaration of Independence and landmarks: Lincoln Memorial, Treasury building, White House, Capitol building and Independence Hall.
- Canadian bills show the Vimy Memorial, Canadian Museum for Human Rights, and imagery of nature and ingenuity: loon, polar bear, northern map, “arctic” in Inuktitut, the Canadarm, insulin, pacemaker and a DNA double helix.
American money reinforces stability via institutions. Canada’s identity-through-currency is more about place, discovery and diversity. These contrasts aren’t merely aesthetic. They reflect what each nation has decided to platform.
Who writes the history?
One analysis looked at 241 people depicted on the banknotes of 38 countries. More than half (56%) are traditional power players: heads of government, founders, revolutionaries, monarchs and military personnel.
Men outnumber women on currency by nearly four to one (79% vs. 21%). That underscores uneven power and minimizes women’s contributions in national narratives.
The underrepresentation on currency extends beyond gender. Only 1.7% of slots go to social activists, Viola Desmond among them. In challenging norms, activists cause discomfort. They influence history, but rarely write it.
Still, many currencies feature more than authority figures: artists like Jane Austen (U.K.), Gabriel Garcia Marquez (Colombia), Frida Kahlo (Mexico) and Greta Garbo (Sweden), and STEM pioneers Alan Turing (U.K.) and Nikola Tesla (Serbia).
Elevating cultural creators and innovators doesn’t happen near enough. When it does, it signals that those who imagine are nation builders too.
Faces of the future
That’s happening in some jurisdictions. The European Central Bank (ECB), for example, is running a design competition for future euro banknotes, centred around two themes.
One aims to promote “a shared sense of belonging, inclusion and dialogue”. It proposes to celebrate European culture: Maria Callas, Ludwig van Beethoven, Marie Curie, Miguel de Cervantes and Leonardo da Vinci. The backs would align with each, showing street performances, choirs, classrooms, libraries and art.
The other theme is rivers and birds, which recognize no borders, reminds the ECB. That iconography symbolizes freedom, unity and a shared responsibility to protect the environment.
The euro redesign embodies a move towards the ideals of collective values, universal symbols and stewardship.
In Canada, meanwhile, more than 600 nominees were considered for the new $5 bill, from Samuel de Champlain to John Candy. The selection: Marathon of Hope runner Terry Fox. In raising awareness and funding for cancer research, Fox became a symbol of public good and citizen power.
Yet, efforts to pay tribute to such ordinary heroes can face roadblocks.
In the U.S., Harriet Tubman, the abolitionist and a major figure in the Underground Railroad, was slated to appear on the $20 bill. Announced in 2016 for a 2020 release, the redesign was delayed until 2028. Trump called the proposed change “pure political correctness”. Another bill was introduced this year to put Tubman on a bill by 2031.
A recent YouGov survey about hypothetical U.S. currency redesigns showed partisan divides. Republicans prefer Ronald Reagan and Theodore Roosevelt. Democrats like civil rights icons Rosa Parks and Martin Luther King Jr., as well as Tubman.
While the Tubman campaign has been slow going, the U.S. Treasury announced plans to commemorate the country’s 250th birthday in 2026 with a $1 coin depicting a certain someone on both sides – well, do you even need to guess who? Hint: like Caesar at the time, he’s another living ruler.
Nations continually bank on the power of symbols in their communications toolkit. With money, what they print or mint reveals the heritage they’re invested in. Often, it’s political leaders. But sometimes, it’s citizens who sparked real change. And not just the kind that jingles in your pocket.
Stuart Foxman is a Toronto-based freelance writer, who helps clients’ products, services, ideas and organizations to come alive. Connect with me here on LinkedIn, or check me out at foxmancommunications.com where I share these blogs too. More original posts coming regularly about communications, information, motivation, writing, branding, creativity, media, marketing, persuasion, messages, learning, etc.
November 26, 2025