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Today with David McCullagh

The history of money

24 Apr 2026

Transcription

Transcript generated automatically by AI and may contain errors.

Chapter 1: Why are we moving away from cash in today's economy?

0.031 - 16.138 David McCullagh

Now, many of us no longer use cash as much as we used to. The convenience of tapping has reduced our reliance on coins and banknotes, though they are, of course, still in circulation. But have you ever wondered how we decide what gets featured on our notes and coins? And would you have a preference if you were asked?

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16.158 - 30.624 David McCullagh

Well, across the water, the Bank of England intends to relaunch the £5, £10, £20 and £50 notes and has appealed to the public for suggestions. There is always debate about what should make the cut. Could it be a person, a place, a building or wildlife?

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30.664 - 43.208 David McCullagh

Here to talk us through some of the currency designs that have passed through our wallets and pockets is Dr Linda King, Senior Lecturer in Design and Visual Culture at the Institute of Art, Design and Technology. Linda, good morning.

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Chapter 2: How do currency designs reflect societal values?

43.228 - 43.789 David McCullagh

Thanks for coming in.

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43.809 - 45.312 Dr. Linda King

Good morning, David. Thanks for having me back.

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45.332 - 47.115 David McCullagh

OK, bring us back. Where does it all begin?

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47.382 - 68.783 Dr. Linda King

Well, I suppose, you know, currency goes back to the ancient world. And really, you know, these are just pieces of metal or paper that promise an exchange value. So the Greeks put animals and then deities on coins. The Romans put the Caesars on coins. So that idea of the head of state, the important political figure, goes back to that point.

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68.763 - 85.527 Dr. Linda King

And I suppose what's happening in Britain at the moment is that they have canvassed the public as to what they might like to see on the new banknotes. So obviously you've got King Charles on one side, but what would appear on the other side? And they've overwhelmingly said they want wildlife.

85.547 - 103.092 Dr. Linda King

So there's going to be a number of wildlife experts that's going to put together a panel of suggestions and they're going to choose from those. You can't have household pets. They're not allowed. Wow. But, you know, that's really a Greek idea. So we're going back to the ancient world and that's what we've done ourselves.

103.172 - 125.162 David McCullagh

Yeah, it's kind of interesting because at the moment it's people, it's people from history. So I think Winston Churchill is on the fiver. Jane Austen, J.M.W. Turner, Alan Turing, the mathematician and the father of computers. So it's to replace them with animals. I'm sure there's some people will be outraged.

125.767 - 148.887 Dr. Linda King

Yeah, though I was thinking it probably speaks to King Charles's, you know, interest in the environment and it probably, you know, chimes with that. But there's something I suppose about wildlife, which is very almost essentialist. It goes back to like what we are, like what's around us, the natural world. Whereas, you know, Britain has typically represented itself.

149.227 - 165.507 Dr. Linda King

I was thinking about this on the way in. Even if you think of the Olympics from 2012, it was all about inventions and it was about the steam engine and it was about the Industrial Revolution and it was all man-made things. And now they're going back to, you know, the natural world.

Chapter 3: What historical significance do symbols on coins hold?

196.875 - 224.732 Dr. Linda King

And I suppose a lot of Irish people may have had a problem with exchanging coins with George V on them. So Yates went back to the Greek idea of putting animals on coins. He said he didn't want the hackneyed symbols of the Celtic revival. He didn't want Kathleen de Houlihan. He didn't want sunbursts and round towers and all of that kind of thing. So it was his idea to go back to wildlife.

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224.752 - 255.505 Dr. Linda King

So he put together... a committee and they went out to international competition and there was people from sculptors from Britain from Slovakia from America Paul Manship who did the big Prometheus statue outside the Rockefeller Center he was unsuccessful and it was a British sculptor called Albert Power who won the competition and he produced the coins that are very fondly remembered of

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255.485 - 262.895 Dr. Linda King

the horse, the woodcock, the hen with the chicks. I have a few props here.

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262.975 - 265.137 David McCullagh

Very good. And there's a pig on one of them as well.

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265.177 - 281.138 Dr. Linda King

There's a little pig. There is a hare. And I actually, I only found out recently that the hare is one of the few indigenous animals to Ireland. That a lot of what we think is indigenous, like squirrels, aren't actually.

281.118 - 286.867 David McCullagh

From memory, I don't think it went down very well with some people, though, because... No, that's a great quote.

287.008 - 307.161 Dr. Linda King

Now, Maud Gonne, she famously didn't like them, but neither did the Catholic Church. But there was one comment, and I don't know who this is from, but they said, if these pagan symbols once get a hold, then it is the thin edge of the wedge of Freemasonry sunk into the very life of our Catholic... Catholicity? I don't know how to pronounce that properly.

307.441 - 320.78 Dr. Linda King

For the sole object of having these pagan symbols instead of religious emblems on our coins is to wipe out all traces of religion from our mind, to forget the land of saints and beget a land of devil worshippers where evil may reign supreme.

320.8 - 333.619 David McCullagh

Well, wasn't that prescient? Yeah. But, I mean, they're very beautiful. I mean, you have them there in front of you. They are very beautiful examples of design. And they're very much, Ireland was very much an agricultural country at the time.

Chapter 4: What role does wildlife play in modern currency design?

357.289 - 364.184 Dr. Linda King

So the designs are very modernist, they're very reductionist, but they are speaking to what we were at the time.

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364.365 - 368.614 David McCullagh

And they stayed in circulation until we went decimal in, what was it, 1971?

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368.634 - 391.782 Dr. Linda King

1971, yeah. And we had a few changes then when... An Irish sculptor, Gabriel Hayes, who's actually female, even though her name implies otherwise, she produced three coins, the halfpenny, the penny and the twopence. But again, took birds, you know, natural creatures and did a Celtic version of those.

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391.962 - 401.372 David McCullagh

And interestingly, while Yeats, who was in charge of designing the coins, didn't want any Celtic imagery, on the banknotes, we had Kathleen de Hullohan.

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401.352 - 426.769 Dr. Linda King

We had Kathleen O'Houlihan, yeah, painted by Lavery, his wife, Hazel Lavery. And they were very famously friendly with Michael Collins and various people involved in the treaty negotiations in 1921. So she's represented as Kathleen O'Houlihan, balanced on Brian Brew's harp with the Lakes of Killarney in the background. So we've got a whole rake of 19th century imagery going on there.

426.749 - 438.145 David McCullagh

And we did change the banknotes. Kathleen didn't last, or Lady Lavery didn't last the whole way because I remember there was new notes in the mid-70s, I think, was it?

438.385 - 464.069 Dr. Linda King

Yeah, so we only had three series of notes. So the first one was Lady Lavery and she lasted up until, I think that was... 1976. 1976. And then we had Series B. So they were designed by Patrick Hickey and Michael Biggs. Excuse me. So Patrick Hickey, a printmaker, and Michael Biggs is a sculptor who did the carving of the proclamation at Arbor Hill. So known for, you know, letter forms.

464.751 - 472.669 Dr. Linda King

And we had writers, philosophers and artists, including Queen Maeve, John Scottus, Jonathan Swift, WB Yeats and O'Carrollan.

472.649 - 493.712 David McCullagh

And then they changed them again in the mid-90s. And I remember this because I was a reporter with the Evening Press and I was sent out with the new £20 note which had Daniel O'Connell on it. And I was sent out to see if anybody recognised who it was. And most people I asked thought that it was actually the then Minister for Finance, one Bertie O'Hearn.

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