Banknotes as our identity : the cultural significance of Hong Kong's banknotes

Abstract

Banknotes are the most common form of living culture as everyone uses money daily. They have invariably comprised an inextricable part of continuing heritage in any contemporary society—almost all nations have banknotes. Given it universal predilection, it would be significant to investigate in its pertinence to Hong Kong culture. The most influential characteristic of banknotes is the choice of imageries that are carefully selected to broadcast certain messages. From the early European gods, such as Apollo to the current landmarks, such as the HSBC building, images on banknotes show a story pertaining to that era’s cultural identity and politics. By studying the choice of such imageries and their changes, the continuity and shift in Hong Kong social context could be understood. Apart from the images per se, the concomitant printing process reflects an autonomous banking system—Hong Kong is one of the only few places globally where private banks print banknotes instead of a central treasury. Additionally, the ever-improving anti-counterfeiting measures demonstrated Hong Kong’s technological progress. Notwithstanding its cultural and historical importance, its status quo is not guaranteed. In the past, there was a long period where Hong Kong traded with foreign silver instead of money. In the future, the imminent cashless society will threaten the existence of banknotes. Ascribing to other payment methods such as e-payment and cryptocurrencies with accelerating usage, banknotes will inexorably vanish. Such predicament thereto necessitates a thorough research before its disappearance. Through desktop research and interviews, the character-defining elements of banknotes are revealed. These elements are critically assessed to investigate their assimilation in a cashless society without their physical forms. The research lays a foundation for future conservationists and computer experts to incorporate banknote iconography via digital media.