Summary of the last series of Belgian franc notes © Museum of the National Bank

In 2002, Belgium was one of the twelve countries that introduced the euro banknotes and coins. Thus, after 170 years, the familiar Belgian francs disappeared permanently from our wallets. This month, the Spotlight focuses on the last series of Belgian franc banknotes. Indeed, although some people still convert euros to francs, the notes themselves often seem to have been forgotten already.

The last series of banknotes was put into circulation between 1994 and 1998. For these last series, the National Bank opted for depicting realistic portraits of famous Belgians for each denomination. Because this required meticulous elaboration, the notes were made more difficult to forge and, at the same time, they highlighted the cultural wealth of the country. Following previous series, this last series again featured Belgian artists. This time, the honour was awarded to artists whose work had strongly influenced 20th century art. Among those selected were painter James Ensor, musical instrument maker Adolphe Sax, painter René Magritte, painter-sculptor Constant Permeke and architect Victor Horta. The 10 000 BEF note bears the portrait of the royal couple. The designs were made by draughtsmen and engravers of the National Bank’s printing department. Draughtsman and engraver are always mentioned on the note, followed by ‘inv.’ (draughtsman) and ‘sculp.’ (engraver).

The last series of Belgian franc banknotes was brought in back in 1992, with the re-introduction after 48 years of a 10 000 F note. This note was dedicated to King Baudouin and Queen Fabiola and depicts their portrait and the parliamentary hemicycle on the front. The back shows the Royal Greenhouses of Laeken. Technically speaking, this 10 000 F note was the forerunner of the last Belgian franc banknotes. With it, a number of security features were introduced, such as optically variable ink and the security thread, which are still protecting our euro against counterfeiting today.

This new banknote meant the end of the 5 000 F notes. The latter disappeared in 1994, when the 2 000 F notes were also introduced as the first of the new series. Victor Horta was given the honour of becoming the face of this completely new denomination. As he was a prominent Art Nouveau architect, the note was designed in this style. The typical elements refer to his total works of art, such as the Solvay House in Brussels and Villa Carpentier in Renaix. One year later, the 100 F note was put into circulation. This note broke with the tradition of banknotes having to be illustrations of sobriety, virtuousness and diligence. Indeed, this note is devoted to the symbolist painter James Ensor, who is widely known for his satirical and critical view of reality.

Obverse of the 200 F note, type “Sax” © Museum of the National Bank

The note contains clear references to Ensor’s native town Ostend, his penchant for the sea and his works of art. In 1996, the National Bank again came up with a remarkable new banknote. This time, the 200 F note was placed in circulation, with the image of the inventor of the saxophone, Adolphe Sax. This banknote, too, highlights Sax’s accomplishments and his native town Dinant. The Sax note was all the more remarkable as both its colour and its value were completely new.

As the introduction of the euro was gradually taking shape and the date was drawing closer, the National Bank still decided to put the last series completely – and sooner than planned – into circulation. Thus, two updated denominations were introduced in 1997: 1 000 F and 10 000 F. The portrait of Constant Permeke features on the 1 000 F note. This artist was one of the most important figures of the Flemish expressionist school. Again, the pictures on the note clearly refer to the portrayed artist’s life and works. Although a 10 000 F note had only been put into circulation in 1992, the National Bank nevertheless decided to replace this note as well. Thus, in 1997 banknotes appeared bearing the portrait of the new royal couple, King Albert II and Queen Paola. Finally, the series’ last banknote was put into circulation one year later. It was dedicated to the surrealist painter René Magritte. As with the previous banknotes, there are again references to the artist’s works. As the surrealist elements are clearly present, the banknote evokes a certain alienation, as do so many of Magritte’s works. The door between the two images on the front not only refers to Magritte’s works, it also adds another dimension. For soon, the door of the Belgian franc was to be locked and that of the euro opened. The keyhole in the right-hand corner constitutes the see-through register on the note. Thus, the technique perfectly fits the note’s aesthetics.

Obverse of the 500 F note, type “Magritte” © Museum of the National Bank

This series of banknotes displays a number of remarkable innovations. To start with, the note’s value is also mentioned in German for the first time. The front of the note always indicates the value in the mother tongue of the portrayed artist. On the reverse, the value is stated in the other official national language, and so here also in German. A second innovation has been mentioned before. For the first time, denominations of 200 and 2 000 F were put into circulation. There were two reasons to do so. On the one hand, there was a demand from the financial sector for a banknote that could be distributed via cash dispensers. The 2 000 F note met this demand. On the other hand, the Belgian banknotes were thus in accordance with European habits, as most countries were using a 1-2-5 series. This also made for an easier transition to the euro, as 200 Belgian francs are more or less equivalent to a 5 euro note and 2 000 F to a 50 euro note. These banknotes also offered a new method of identification to the visually impaired. From now on, the tangible bars in the left-hand corner indicated the value. The vertical bars represent the hundreds, thousands or ten thousands (‘I” = 00, ‘II’ = 000, ‘III’ = 0000). The horizontal bars multiply the vertical ones by 1, 2 or 5 (‘-’ is 1, ‘=’ is 2, ‘=’ is 5).
Although these banknotes are no longer in circulation, there are still many of them in the possession of the general public. A little over 15 million banknotes (*) have not yet been returned to the National Bank, some 10 million of which are 100 F notes (*). These can still be exchanged at the National Bank, with no time limits. Who knows, a stack of James Ensor banknotes might turn up as a real treasure during spring-cleaning!

Laurence Verpoort
Museum guide

(*) These are the figures on 31 December 2012.

Bibliography:

• DANNEEL, M., TE BOEKHORST, B. en RANDAXHE, Y., Adieu frank. Het boeiende verhaal van België en zijn geld, Tielt, 2001.
• National Bank of Belgium: Het Belgische bankbiljet, CD-ROM, 2001.
• NBB – Belgian banknotes
• NBB – Belgian banknotes not exchanged
• SALADE, M. (ed.), 2000!, brochure on the occasion of the issuance of the 2000 F banknote “Horta”.

To help people to gain a better understanding of the set-up of economic mechanisms, the Cité des Sciences et de l’Industrie in Paris is holding a temporary exhibition under the banner of “L’économie: krach, boom, mue ?“. It will give you a chance to broach these issues from an educational and recreational angle (videos, games, animation, etc.), so that when you come out of the exhibition, the key concepts of economics will no longer hold any secrets for you! The exhibition, organised in partnership with the Banque de France, revolves around three themes: “Who makes up the economy?”, “How does the economy work?” and “What state is the world in?”.

Come and see the exhibition in La Villette up to 5 January 2014:

http://www.cite-sciences.fr/francais/ala_cite/expositions/economie-krach-boom-mue/

But before that, and a bit closer to home, a little trip to the National Bank’s Museum would give you a head start by refreshing your memory on all these issues!

Will you make it to the Top Floor? Location: ECB’s Headquarters, Frankfurt, Germany

 
Your Mission: Collect the 7 briefing documents for the Governing Council on the Top Floor 

Response time: Intelligently fast! 

Mission support: A phone call away

Watch the video on Youtube: http://youtu.be/5qt7_PCZ9n8

When?
Sunday 21 April

Where?
The income hall of the museum (rue du Bois Sauvage 10)

Activities?
Guided visit (NL, F): ‘Money never sleeps: from the Bruges inn Ter Buerse to Wall Street’
Activity for children (NL, F): ‘In search of money: from cowry shell to euro’

Hours of departure?
NL:
10.00
11.30
14.30
16.30

F:
11.00
15.00

Price?
Free

Click here in order to see the full programme of Erfgoeddag in Brussels.

National face of the Greek 2 euro
coin, illustrting the story of
Europa’s adbuction by Zeus.
© European Central Bank

On 2 May 2013, a new 5 euro note will be placed in circulation. This will be the first stage in the issuing of the “Europa” series, named in honour of the Phoenician princess of Greek mythology who gave our continent its name. Good reason to take a look at the current 5 euro note and the surprises that its replacement has in store for us…

It is one of the banknotes that we use all the time without really looking at it. While the smallest euro note does not have the same aura as its big brother, the 500 euro note, it is nevertheless worth a closer look, especially as its current familiar appearance is about to change. Not radically, but enough for the changes to disconcert some people.

THE HIGHLY SYMBOLIC ARCHITECTURE

But first, let’s just go back to the banknote that you handle every day. The images depicted on our banknotes all contain references to European architecture, divided chronologically into seven styles (one for each denomination). For instance, the 5 euro note illustrates the Greco-Roman style, while the largest denomination, the 500 euro note, focuses on contemporary architecture. The motif is not random, since it symbolises Europe’s cherished values: openness and cooperation. Openness, indicated by the window (or door) on the front of the banknote, is intended in its broadest sense: open borders, but also open mind, as Europe wants to be a continent open to the rest of the world. And cooperation, symbolised by the bridge on the back of the banknote, indicating that European countries are linked together in a mutual desire to help one another.

Front of the 5 euro note, first series. © European Central Bank

These windows and bridges may already have reminded you of some famous European monuments (such as the Pont du Gard, suggested by the image on the back of the 5 euro note), but you should be aware that the structures are fictitious, and are designed to illustrate a specific architectural style. They are therefore necessarily based on existing buildings, but are not an exact replica . If they were, then they would refer to a particular country, whereas that is precisely what was not wanted: the euro aims to unite, not divide. The architecture fulfils that need: the seven styles depicted by the banknotes are seen throughout Europe, so all European citizens, regardless of their nationality, can feel at home with the euro banknotes.

THE NEW SERIES: FROM A PRINCESS TO A CONTINENT

The new banknote series will feature hardly any changes to the graphics. However, one minor innovation is the explicit introduction of mythology, with the face of Europa depicted on the hologram stripe and in the banknote’s watermark. So who was this lady? In fact, there are several young women bearing this name in ancient literature, but the tradition most commonly referred to is Cretan. According to this myth, she was a princess from the Phoenician town of Tyre (modern Sour, in Lebanon), daughter of Agenor. She was seduced by the god Zeus, who had turned himself into a magnificent white bull. Fearful at first, Europa climbed on the animal’s back. He then leapt into the air and swept her off to Crete, where the two were united, and where Europa gave birth to three sons (including Minos, see the myth of the Minotaur). Her father Agenor then ordered three of his sons to go in search of her, stipulating that they must not return until they had found their sister. Unfortunately for them, their quest was in vain. Fearing their father’s wrath, they did not return to their home country but all settled in countries farther west where they established centres of civilisation: one in Thrace, another in Sicily and the third in Thebes (Greece) where they introduced the alphabet.

But what is the connection between this princess Europa and the continent that now bears her name? That is a difficult question, and in Antiquity opinions were already divided. Because, as the Greek historian Herodotus (484 BC to 420 BC) pointed out, the young lady never set foot in “Europe”. But if we look at the travels of Europa’s three brothers, we find that they cover a geographical area which includes Greece, and in ancient literature, Greece is constantly opposed to Asia, be it politically, militarily or culturally. So perhaps the origin of the word “Europe” may be found in that antagonism: the West (Greece, Europe) against the East (Asia). There is support for that theory, especially as some people discern in the word “Europe” the Semitic root “ereb-” which refers to the setting sun, i.e. something found in the West, and that is true of the European continent.

Front of the 5 euro note, “Europa” series. © European Central Bank

The abduction of Europa by Zeus is a story commonly depicted in western art, be it literary or pictorial. It is already found on the Greek 2 euro coin, which can be seen in the Museum.

BUT IN THE END, WHY CHANGE THE BANKNOTES?

The euro was officially created in 1999, when it first became possible to effect transfers in euro. But the coins and notes were only introduced 3 years later, in 2002. Eleven years is a considerable period of time for a banknote series: forgers have endeavoured to copy them. So the aim is to make their task more difficult by enhancing banknote security. Three new security features have been unveiled to the public; the first two are the “hologram portrait” and the “watermark portrait”, which we have already talked about. The third feature is the “emerald number”. On your new 5 euro note you will find a large number 5 on the front; the colour of the number will change through various shades of green when you tilt the banknote.

The change from the first series to the new series of banknotes will take place unobtrusively, as in the case of the Belgian franc. At first, the two series will be used simultaneously, until a pre-announced date. From then on, the old 5 euro note will cease to be legal tender. However, if you later come across a few hidden bundles of the first series (you never know ….), you can always come and exchange them at the National Bank. The other denominations will follow in the next few years.

Charlotte Vantieghem
Museum guide

BIBLIOGRAPHY

• Centre régional de Documentation pédagogique (CRDP) de l’Académie de Paris, “Textes fondateurs: Le mythe d’Europe” : http://crdp.ac-paris.fr/parcours/fondateurs/index.php/category/le-mythe-deurope?paged=1
• European Central Bank, “Découvrez le nouveau billet de 5 euros”: http://www.ecb.int/euro/shared/files/130110_presskit_europa_fr.pdf?d66be24f840d02d857a785a9968a594c
• HERODOTUS, “The Survey”, in HERODOTUS and THUCYDIDES, Complete works (Pleiades Library), p.303 and 379.

The contest is split into three stages. Last November, the teams squared up via an on-line quiz on the competition website: 30 questions about the ECB, the single currency and monetary policy drawn at random from a pool of one hundred, and classed into three levels of difficulty. All in all, 107 Belgian teams had a go. This figure makes our country the most active participant after Spain and Slovakia, and ahead of Germany.

The 20 best French-speaking teams and the same number of Flemish teams have been invited into the second round. This time, they had to present and argue the case for a monetary policy decision, in less than 2 000 words. This was a major challenge in itself considering the huge amount of information that has to be gathered and interpreted for a simulation of the exercise that the ECB Governing Council immerses itself in each month. Only 11 French-speaking and 10 Flemish teams managed to make it through this test. Among them, five teams of each language have been selected for the finals, which were held within the walls of the National Bank. Governor Luc Coene himself came to present the prize to the winners. And among these prizes is the promise of a trip to the European Central Bank.

This is the second year that the National Bank has held this competition in our country. And it is not the only link that our central bank has with the world of education. Its Museum is attended regularly by schools and close on 500 Economics teachers gather each year for the study days arranged especially for them by the central bank.

For more information, contact: generationeuro@nbb.be

Bernard Lietaer

In April 2012 an article on the system of Lets was published on our site: an alternative barter system which has its roots in Canada during the 1960s.
(http://www.nbbmuseum.be/2012/04/all-about-lets.htm)

Following up, we would like to draw your attention to a reading organized by the Financial Forum and Voseko (Alumni Economics and Business Administration of the University of Ghent).

Prof. Dr. Bernard Lietaer, lecturer of the University of Berkeley-California, will talk about complementary currencies, based on his publication “Money and Sustainability”.

If you are free on the evening of Tuesday 23 April at 7 p.m., all will be explained about new monetary systems and the different aspects of money and barter systems.
The financial world is changing fast, and prof. Lietaer, being an expert in monetary matters, is sure to introduce some fresh and stimulating ideas on the evening.

Venue: University of Ghent, auditorium Quetelet, Tweekerkenstraat 2 in 9000 Ghent
The lecture is in English

Information and registration: www.financialforum.be

CHURCHILL Ron and THOMAS Bob, The Brussels Hoard of 1908. The Long Cross Coinage of Henry III, London, Baldwin’s, 2012.
ISBN 978-0-906919-23-1