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166 Panel 4Banknotes and IdentityOften overlooked is that paper in itself is of little or novalue compared to a piece of gold or silver. However, apiece of paper printed into a banknote depending onwhat is written on it and the person or institution thatissues, it is a promise to pay in a given value. Banknotescan be as simple as cheques if all that is required are thetext and numbers that clearly indicate its amount orvalue, but all banknotes issued by different MonetaryInstitutions around the world contain more than thevalue and the guarantee of payment. These banknotesusually have the portrait of a person significant in theircountry on the front of the note and a scene or othericonic elements on the reverse. All these pictures areplaced on the notes primarily to deter counterfeitingbut in the process these images reflect the uniquehistory and culture of the issuing country. One couldsay that the images on banknotes can be read as anexpression of the identity of a country. When you seeGeorge Washington on a green dollar bill, you know itis issued by the United States of America; when yousee the face of Queen Elizabeth II on a banknote, youknow that it is issued by the United Kingdom or any ofthe countries in her realm. Like Flags and Emblemsthat are symbols of a State, a banknote placed in yourpocket or wallet is like a name card of a country.Banknotes are a supplement to textbook andclassroom history and civics because they expresssomething about the past: Founding Fathers,significant events and personages. Some banknotes,like the present currency series in Malaysia expressaspirations for the future or a development goal theycall “Wawasan”. In a global and globalizing worldbanknotes are not just means of exchange but a way forpeople to see their place in the larger world or even in asmaller geographic and political grouping like theAssociation of Southeast Asian Nations (ASEAN).Banknotes attempt to tell a story, or part of a storyregarding nation and nationhood. Thus, like classroomhistory a banknote is both informative as well asformative when this past is utilized to situate citizens inthe context of nation. While banknotes tell a story on asmall sheet of paper, what people do not see are thereasons behind banknote design, for example, the useof particular historical personages and the exclusion ofothers is a decision that underscores the contestednature of history especially when it is handmaid tonation building and nationalism.Numismatics or the study of money is traditionallyfocused on coins that have a longer, more complexhistory than banknotes. Numismatics often studiesphysical qualities of coins and coin design inchronological order for as a reference for collectors andspecialists. This study was narrowed down tobanknotes or paper money because it provided morevisual material and its widespread use covers themodern rather than ancient history.Almost all modern banknotes in the countries visitedwere issued in the 19 th century by private banks orindividuals and as a promise to pay was, in principle,physically convertible to precious metals like gold orsilver. Sometimes the banknotes were worth theprecious metal value that was to be drawn by the issuerfrom whatever was kept on deposit in a secure storagefacility. In abstract terms, paper money is importantbecause it is based on trust or confidence in the issuer.Thus, most early money came in two forms: a draftthat was value held on account or a bill that was apromise to convert to its equivalent in precious metals.With the establishment of central monetaryauthorities in the 20 th century, banknotes issued byprivate banks were taken off circulation and replacedby notes issued by sovereign governments. Fromsimply printed or designed monetary instruments,these evolved into the complex and beautifulbanknotes we know and use today.All the monetary authorities interviewed for this studysaid that the design or redesign of banknotes wasprimarily a response to counterfeiting. All otherconsiderations like durability, legibility, and aestheticdesign were secondary. Like the Philippines, Thailand,Indonesia and Japan printed their own banknotes.Malaysia outsourced banknote production. In Japan,the system is slightly different. The Bank of Japanissues the banknotes but these are produced by theJapan Bureau of Printing, coins are manufactured byMint Bureau. Some security printing facilities in othercountries produce passports and documents onsecurity paper aside from banknotes. During our visitsmuch discussion was related to the various securityfeatures placed on the notes: from actual printing,engraving and embossing to the type of paper or plasticused, and other elements such as holograms, magneticstrips, infrared text etc. The end result of this longdesign process was to factor in all the physicalrequirements and yet keep in mind the aestheticconsideration that banknotes should be beautiful, or atleast pleasing and attractive to the end user.The Work of the 2010/2011 API Fellows