## CURRENCY NOTES

## Source details

**Canonical URL:** [CURRENCY NOTES](https://www.imf.org/-/media/files/publications/fandd/article/2022/march/currency-notes.pdf)

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### Overview
- Physical currency continues to undergo technological advancement and can convey cultural and environmental narratives.
- Mexico redesigned its paper currency and coins to feature more design-forward nods to cultural and natural heritage while incorporating modern security and accessibility technologies.
- The vertically oriented polymer 100-peso banknote debuted in November 2020 and was chosen “Bank Note of the Year” by the International Bank Note Society (IBNS), a first for Mexico.

### Technological and security features
- The 100-peso banknote is Mexico’s first vertical polymer banknote.
- Anti-counterfeiting and accessibility features include:
  - color-shifting ink with a sliding bar movement effect and color change from gold to green;
  - a clear window with embossed security features and metallic iridescent ink;
  - a design revealed by fluorescent ink under ultra-violet light; and
  - raised ink.

### Cultural and historical imagery
- Front imagery:
  - Sor Juana Inés de la Cruz (1648–1695), depicted as “a learned and determined woman” and described by the Bank of Mexico as “the Founding Mother of Mexican literature” and “the most important poet and writer of New Spain’s literature.” Sor Juana previously appeared on Mexico’s 200-peso note.
  - The arches of the Antiguo Colegio de San Ildefonso (an 18th century baroque building), birthplace of Mexico’s 20th century muralism movement; artists including José Clemente Orozco and Diego Rivera painted early murals on the building’s courtyard walls.

### Natural heritage and environmental messaging
- Reverse imagery:
  - Monarch Butterfly Biosphere Reserve (a UNESCO World Heritage site) in the forests of Michoacán and the State of Mexico is depicted on the back of the banknote.
- Monarch butterfly migration facts and concerns:
  - Monarchs migrate from the northern United States and parts of Canada to hibernate in the oyamel fir trees of central Mexico, 9,000 feet above sea level.
  - This is the largest monarch butterfly colony in the world and described by the World Wildlife Federation (WWF) as the world’s “most highly evolved [migration] of any known species of their kind.”
  - Monarch butterfly numbers are declining drastically, according to the WWF, due to climate change, deforestation, conversion to farmland, increased use of pesticides in their US breeding grounds, and disappearing milkweed (the exclusive food of monarch caterpillars).
- Symbolism:
  - The monarch butterfly carries important spiritual and cultural values for Mexicans and is celebrated in music, poetry, and folklore (sometimes associated with good luck or representing the souls of the dead).
  - The bank’s director of currency issuance, Alejandro Alegre, notes the monarch butterfly has “an important symbolism for Mexicans.”

### Interpretive framing
- The 100-peso design links biodiversity and cultural heritage to national identity and public messaging on environmental stewardship.
- As noted by Sir Partha Dasgupta in a recent Finance & Development article, “A thriving natural environment, underpinned by abundant biodiversity, is our ultimate safety net,” suggesting the banknote’s monarch motif is a reminder that “what is good for the butterflies is good for us all.”

*Courtesy of the Bank of Mexico. MELINDA WEIR is on the staff of Finance & Development.*

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_Source: https://www.imf.org/-/media/files/publications/fandd/article/2022/march/currency-notes.pdf_