Sample Translations
Gujae Park Money, Who Are You? E ng l i s h
Book Information
Money, Who Are You? (돈, 너는 누구니?) Hyeonamsa Publishing corp. / 15 p. / ISBN 9788932373119 73300 For further information, please visit: http://library.klti.or.kr/node/772
This sample translation was produced with support from LTI Korea. Please contact the LTI Korea Library for further information. library@klti.or.kr
Money, Who Are You? Written by Park Gujae, Illustrated by Sim Seunghui
Banknotes, the epitome of culture, history, and economy 1 Just as countries have different cultures, money from each country has its own distinct characteristics. Banknotes are especially worth the title “the epitome of a nation’s culture, history and economy.” Money does not only serve the basic economic function of a means of exchange (currency), but it also calls forth the traditional culture and history of a part of the world as a visual artwork. Since most designs on the obverse (the front side) feature the portraits of figures who have contributed to the nation, banknotes represent the country they are made in. It is for this reason that paper money is also called a silent ambassador. The reverse (back side) of paper money depicts either images related to the figure on the obverse or icons like architecture, traditional patterns, culture or plants and animals unique to the country. The size of the notes varies from one country to another, but on average they are 15 cm in length and 7 cm in width. Man’s materialistic desire is captured in these palm-sized pieces of paper. Depending on the amount of money, people are classified into wealthy and poor classes, and wealthy and poor nations. People experience all kinds of emotions when money is in sight. However, having a lot of money does not determine one’s happiness. Money cannot be the measure of a man’s happiness. Not all wealthy men are happy, and not all poor men are unhappy. However, people do quarrel, commit crimes and hurt others over money. Money can make life prosperous if it is used well, and not necessarily in materialistic
terms. If money is a means to help others or spent where it is needed, it can certainly be a useful tool. Looked at this way, money has both virtues and vices. So we should focus on the virtuous aspects and use money properly.
Aha! That’s it! What is the monetary base?
The currency issued by each country’s central bank is called the monetary base, or the base money, because it is the most basic currency. A country’s monetary base is measured by the sum of currency circulating in public hands and in commercial banks’ reserves. If the monetary base is expanded, then the amount of circulating currency and reserves held by banks have increase. If the monetary base is contracted, then the amount of circulating currency and reserves have decreased.
p. 42 Why are there portraits on banknotes?
Portraits are most commonly used on the obverse of banknotes. (Approximately 83% of all banknotes have portraits.) Next come sculptures, architecture, and plants and animals. Of the portraits, politicians are the most popular subjects (66.9%), followed by musicians or artists (30.7%), and ordinary people (2.4%). Why do many countries put portraits on the obverse of banknotes? Historical figures are the easiest way to represent a nation’s identity. The individual’s admirable character and distinguished accomplishments dignify the money and prove the
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money’s credibility. Also, images of historical figures are more memorable than other topics. An added feature is it aims to stop any attempt at imitation (making counterfeit money), since each figure has his or her own personal traits that are difficult to reproduce. It is for the same reason that the figures in many banknotes have thick beards. You can easily see this in Korean paper money. On the Korean 10,000-won bill, King Sejong the Great has very thick facial hair. On the 1,000-won note and the 5,000-won note are Yi Hwang (pen-name Toegye, or “retreating creek”) and Yi I (pen-name Yulgok, or “chestnut valley”), both of whom are the most prominent Confucian scholars of the Joseon dynasty. They too are characterized by their thick beards and moustaches. The more detailed a portrait is, the more difficult it is to reproduce. It is not easy to determine who to put on the bills. It has to be an individual with great achievements and outstanding characteristics. In a word, it must be a person who is respected by everyone. Also, the person has to be in the public’s favor over several generations, and there has to be no controversy about him or her. Even as the central bank selects a person meeting the above criteria, if he or she is seen to be too political or religious, then this figure may not receive public approval. For that reason, contemporary figures are generally avoided, except for monarchs, and only historically approved figures are printed on bills. In July 2000, the Indonesian central bank recalled the 50,000-rupiah notes, which had the portrait of the dictator and former president Suharto. The front side of the bill featured Suharto with a bright smile and the phrase “the father of development.” The Indonesian central bank hurriedly recalled this bill because of the national feelings of antagonism towards the dictator. When the historical figure selected for a banknote is questionable and controversial, money may cause nationwide chaos. Latin American paper money is different from other bills that have the portraits of politicians, scholars, or cultural figures. There are particularly many images of
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revolutionaries, freedom fighters, and leaders of nationalist movements in Latin America. Why? Because Latin American countries were European colonies that became independent after revolutions and independence movements. The central banks in Latin America print revolutionary leaders and independence movement activists on banknotes to enable their spirit to live on. It is not necessarily the people that have achieved illustrious things who are printed on money. Ordinary people can also be the models. Also, even though most images on the obverse are usually of a single person, there are some with two or more figures. Unlike the single portraits, these plural models are ordinary people. Paper money with group portraits is more commonly seen in Asia than in Europe or America. Two banknotes issued by North Korea’s Joseon Central Bank each depicts more than a single individual. On the North Korean 50-won note there is one female worker and two male workers. On the North Korean 5-won note there is a group of some 10 people. Meanwhile, there is a whole baseball team celebrating on the Taiwanese 500-New Taiwan dollar note, and children studying the globe on the 1,000-New Taiwan dollar note. Groups of people are frequently found on the reverse of banknotes in various countries. Farmers at a harvest are featured on the Swedish 1,000-krona note, the Prince of Transylvania is seen with several scientists on the Hungarian 2,000-forint note; athletes including swimmers and soccer players are on the Singaporean 10-dollar note; and children playing ice hockey adorn the Canadian 5-dollar note.
Aha! That’s It! Who’s the Most Popular Model in Bills?
Who is the most popular model on currency in use in our time? It is Queen Elizabeth
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II, the monarch of the United Kingdom, which was once called the empire on which the sun never sets. The portrait of Queen Elizabeth is printed in 32 banknotes in 15 countries including England, Canada, New Zealand and Australia. All British bills have the portrait of Queen Elizabeth II wearing her crown. The New Zealand 20-dollar note has the image of the queen when she was young. The Australian 5-dollar and Canadian 20-dollar note depict the queen without her crown. Australia, New Zealand, and Canada are all members of the British Commonwealth. These nations are constitutional monarchies and feature the portrait of the ruling monarch in their money.
Artistic Touches on Paper Money
Before the euro was adopted as the currency of the European Union, each member state had paper money that carried the images of artists. The bills, the symbol of materialistic desire, were embellished with an artistic spirit to give them an aesthetic touch. Each bill in Europe embodied a musician’s melodious tunes or an artist’s memorable palette.
(Fig. 1) English, New Zealand, and Canadian bills featuring Queen Elizabeth II (Fig. 2) Finnish 100 markka featuring Jean Sibelius (Fig. 3) Austrian 5,000 schilling featuring Mozart.
p. 47-49 North African Animal Banknotes
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A considerable number of nations does not put historical figures on the obverse of banknotes. Portraits are convenient to prevent counterfeit money, but the contemporary anticounterfeit technology is sufficient to prevent imitation, so the central banks do not necessarily have to use portraits. The most unique of all the non-portrait bills were the ones used in the Netherlands. The Netherlands now uses the euro, but it once used the images of poets, artists, musicians, and philosophers on the obverse of the bills issued in the 1970s. Starting from 1982, the Netherlands switched the images of people to those of flowers and lighthouses that symbolize the country. The paper money of the Netherlands was also known for its intense color schemes. Unlike countries that use green or brown tones, which are known to have calming and soothing effects, the Dutch bills used vivid color schemes like blue, red, and orange. The Dutch 50-gulden banknote had a sunflower, which reminded people of the painting by the famous Dutch artist Vincent van Gogh. South Africa, the host country of the 2010 World Cup, is another country that does not have portraits on its bills. Instead, there are images of wild animals found in South Africa. The South African 10-rand bill features a rhinoceros, the 20-rand bill an elephant, the 50-rand bill a lion, the 100-rand bill a water buffalo, and the 200-rand bill a leopard. The Tanzanian shilling also features animals: an African buffalo on the 500-shilling banknote, a lion on the 2,000-shilling note, a rhinoceros on the 5,000-shilling note, and an elephant on the 10,000shilling note. In Russia, sculptures are a popular topic. Except for the 10-ruble bill, which depicts the bridge across Yenisey in Krasnoyarsk, all bills feature sculptures. A sculpture on one of two Rostral Columns by the Neva River in St. Petersburg on the 50-ruble bill, and a sculpture at the entrance of the Bolshoi Theatre on the 100-ruble bill. The sculpture of Peter the Great in Arkhangelsk is on the 500- ruble bill, and the sculpture of Yaroslav the Wise on the 1,000-
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ruble banknote.
“I want to go to South Africa too!” “How come a leopard is considered the king of all animals?”
(Fig. 1) South African rand banknote featuring wild animals (Fig. 2) Russian rubles featuring sculptures
Aha! That’s it! Some Banknotes are Vertical?
Most paper bills are horizontal because the design is made horizontally. Swiss bills, vivid in their color scheme and reminiscent of pastels, are designed vertically. The reason why Swiss bills are vertical is because people exchange bills vertically and it is easier to tell one bill from another if the design is vertical. Although it is not scientifically proven, some people also argue that the composition is more effective and less space is wasted on vertical paper money. There were other vertical bills before the introduction of euro in the Netherlands. Two out of the five Dutch banknotes, the 50- and 250-gulden bills, were designed to be read vertically.
(Fig. 1) Vertically designed Swiss bills
p. 50-51
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What’s written on the bills from different countries?
There are no special phrases written on Korean bills. If you look at a Korean 10,000won note, for example, it only gives basic information like “Bank of Korea,” “10,000 won,” and “10,000.” Like Korea, most countries only print minimal information including the name of the central bank, issuing entity, and monetary value. But some countries print memorable phrases or give warnings. The official motto of the United States “In God We Trust” is written on all U.S. paper currency. It also states “This note is legal tender for all debts, public and private.” Before the euro was introduced in France, the French franc notes stated “imitation or mutilation of currency and distribution of same is subject to a maximum of 30 years imprisonment or a fine of 3,000,000 francs as stated in clauses 1 and 2, article 442 of the criminal code.” The North Korean 1-won note issued since 1979 has an image of a boy blowing a trumpet and a girl dancing with the text “Nothing to envy in the world” below them. Some Islamic nations print quotations from the Quran on their paper money. Some countries print the date when the banknotes are issued. Before the euro was used, Germany, Italy, and Greece noted when each individual bill was issued. In Europe, the issuer is shown with a hand-written signature, while Asian countries like Korea, China and Japan use the seal of the governor of the central bank.
Aha! That’s It! Why Socialist Countries’ Banknotes Do Not Have a Signature or Seal
Countries like China, Russia, and North Korea do not have a signature or the seal of the
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governor of the central bank. These countries are alike in that they had pursued, or presently still support, socialism. Why don’t socialist nations carry a signature or the seal of the governor? One major reason is because socialist nations do not have a highly developed finance industry. A signature or seal is the symbol of credit-based societies. Also, socialist countries have a planned economy, in which the central government determines the price of goods. In a socialist planned economy, currency does not play as many roles as in capitalist nations, and the function of money is limited to a means of exchange for goods. Slovenia, which recently switched to capitalism from socialism, issued new bills with the signature of the governor of its central bank. We will see whether China and Russia, which are now introducing capitalist financial systems, will issue paper money with a signature or seal.
p. 52 Banknotes and gender inequality?
Are there more men or women on paper bills? There are far more banknotes with male figures. United States dollars, for example, do not depict any women. Asian countries, including Korea, are very stingy about putting women on a banknote. In Japan, there was a woman on a bank note during the Meiji Restoration period (1868-1912) but was later removed, and in 2004 female novelist Ichiyo Higuchi was printed on the newly issued 5,000-yen bank note. The Indonesian 10,000-rupiah note features independence activist Tjut Nyak Dien, who led the independence movement against the Netherlands. Korea features Shin Saimdang, a model of Confucian ideals and respected as a Wise Mother, on the Korean 50,000-won bill, which began to be issued in June 2009.
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There are more women found on European banknotes. Those on European paper money are mostly artists, scientists, educators, and social workers. Before the introduction of the euro, the German 500-mark bill features Maria Sibylla Merian, a naturalist and scientific illustrator of the early-18th century. The Norwegian 100-kroner note portrays opera singer Kirsten Flagstad. The Swedish 50-kronor depicts opera singer Jenny Lind and the 200-kronor actress Johanne Luise Heiberg. The New Zealand 10-dollar note features the prominent leader of the women’s suffrage movement, Kate Sheppard. The Chilean 5,000-peso note has the image of the Nobel prize winning writer Gabriela Mistral.
Aha! That’s It! Gender Equality in Australian Paper Money
Australian notes are known to be designed to promote gender equality. If the front of the bill has an image of a female figure, then the reverse has an image of a male figure and vice versa. The only exception is the 5-dollar note, which has the portrait of Queen Elizabeth II on the obverse and the image of Parliament House on the reverse side.
p.54-56 Countries where all the bills have the same portrait on them
Most countries have different portraits for each paper banknote. In Korea, Yi I is on the 5,000-won bill, and King Sejong on the 10,000 won bill. But Asian countries like India, China, Vietnam, Thailand, Singapore, and Malaysia print the portraits of the former or current presidents or kings.
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All seven bills in India carry the image of Mahatma Gandhi. During the British colonial period, Gandhi led the non-violent resistance movement and contributed to national Independence in August 1947. Gandhi is printed on all bills to unify the 1.1 billion Indians of all the numerous language and ethnic groups and religions. Due to the multiracial, multilingual nature of Indian society, the bills denote the value of the money in the 15 official languages listed in India’s constitution. Older Chinese money depicted the images of workers and farmers, as expected in socialist countries, and also ethnic minority groups. However, the Chinese central bank gradually replaced those images with Mao Zedong, or Chairman Mao. The portrait of Mao can be found on the 1, 3, 10, 20, 50 and 100 yuan notes. The portrait of Chairman Mao is printed in all bills to remind people of the revolutionary communist spirit, as well as to unify them. All Vietnamese notes have the portrait of Ho Chi Minh, who is called the father of the nation. A communist revolutionary, Ho Chi Minh was a key figure in the foundation of the Democratic Republic of Vietnam (North Vietnam) in September 1945, and in the independence and unification of Vietnam. The reverse of the Vietnamese bills have images of the Mekong River, Ha Long Bay, an elephant, a loom, and a jewel processing factory. All Thai banknotes show the image of the King Phumiphon (also spelled Bhumibol). King Phumiphon is listed in Guinness World Records in 2006, his diamond jubilee year, as the constitutional monarch with the longest reign in the world. Thai people are said to revere their king so much that when the portrait of King Phumiphon on banknotes becomes crumpled, they iron the bills to keep the portrait clean. They are also very careful when folding the notes in order not to crumple the image of their king.
Aha! That’s It!
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Why are there holes in Indian Paper Money?
In Korean banks, paper money is tied up with paper ties and stored in bundles. In India, paper money is stapled for storage, so you can see that some of them have large holes in the middle. You will not have any trouble using banknotes with holes. If the edge of the bill is damaged, however, the money loses its value. You can exchange damaged bills at banks in large cities, but it is difficult to exchange them in smaller cities, because banks do not accept the damaged banknotes.
Vietnamese Paper Money is So Confusing!
Many visitors to Vietnam are confused by Vietnamese banknotes, because there are many types and all bills have Ho Chi Minh on the obverse. It is difficult for tourists to tell the difference when they first use Vietnamese money. Also, keep in mind that higher exchange rates applies to larger bills, which means that there is a considerable difference when exchanging a 100-dollar note and a 1-dollar note. However, there is no difference in the exchange rate if you pay for goods or services whose prices are marked in dollars.
p.57 Unchanging Banknotes: the U.S. dollar
The United States dollar is an international common currency. Since 1928 the Federal Reserve Bank (FRB) in the United States has printed seven different banknotes: 1, 2,
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10, 20, 50, and 100-dollar notes. However, the portraits in these dollars have not changed once in the last 80 years. President George Washington, the first president of the United States, is on the 1-dollar bill, President Thomas Jefferson, who drafted the United States Declaration of Independence, is on the 2-dollar bill, President Abraham Lincoln is on the 5dollar bill, the first Secretary of Treasury Alexander Hamilton adorns the 10-dollar bill, President Andrew Jackson is on the 20-dollar bill, President Ulysses S. Grant is on the 50dollar bill, and inventor and politician Benjamin Franklin is on the 100-dollar note. Except for the 10- and 100dollar bills, a president is shown on every banknote. Since the paper money was resized in 1929, the dimension of the banknotes has remained the same until today (15.59 cm X 6.63 cm). The has color also stayed the same shade of green over the years, earning U.S. currency a reputation of no changes. The reason why the U.S. dollar has maintained its original design, size, and color for a long time is because it is the basic currency. If the U.S. dollar changed drastically, then the cost and confusion when exchanging currencies all around the world would rise.
(Fig. 1) The U.S. dollar, with a long history of no changes over 80+ years.
p.58-59 The fate of U.S. dollars, the king of all currencies
The U.S. dollar is known as the king of currency. Why? The biggest reason is because the U.S. dollar is the reference point in an international transaction. Economists call it the “basic currency” or “key currency.” When we determine the price of goods that are used in all countries, or when one country trades merchandise with another, there has to be a
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reference currency. The U.S. dollar is used as that reference. Then when did the U.S. dollar become the basic currency? Before U.S. dollar became the international reference, gold was the standard of international trade. The monetary system in which gold is the fixed standard is called the gold standard. In 1816, England first adapted the gold standard after the industrial revolution. The English central bank reserved gold and exchanged it for pound sterling banknotes. However, the gold standard was put to an end after the First World War, when the world economy had problems resulting from printing too much money during wartime. In 1944 the U.S. dollar emerged as the basic currency. A meeting of 730 delegates from 44 nations, including the United States, took place for three weeks at a hotel in Bretton Woods, New Hampshire in the United States. At the end of the conference, the nations signed an agreement on the monetary and financial system, thereby launching the Bretton Woods system. The significance of the Bretton Woods system is that it recognizes the U.S. dollar as the reference currency in lieu of gold. The U.S. dollar replaced the English pound and became the king of all currencies for more than 60 years. However, the unchallenged authority of the U.S. dollar has rapidly crumbled since the international recession started in 2008 with the subprime mortgage crisis in the United States. The international community began to question the financial stability of the United States which had led the international economy. As the United States’ financial influence declined, the value of the U.S. dollar also decreased. China, a newly emerging economic power, suggested making its currency the yuan the next basic currency. Some European nations argue that it is time for the euro to become the international standard. However, countries like Brazil, Russia and India, which have high U.S. dollar reserves insist on setting various currencies as key currencies. Some economists suggest that the U.S. dollar will remain the key currency for the next few decades. What is
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certain is, however, that the role of the U.S. dollar will diminish from what it used to be in the past. The influence of the U.S. economy over the international economy is becoming less significant, while other economic blocs like the European Union, China and Japan are rapidly rising. As a result, more and more forecasts suggest that the U.S. dollar will lose its position as the single basic currency. 15