Exhibition revives forgotten elegance and identity of French banknotes

This exhibition is a collaboration between NGMA and Alliance Française de Bombay. Curated by researcher and collector Rukmini Dahanukar, Beyond Face Value offers a rare glimpse into the artistic and cultural significance of French banknotes from around the world

MUMBAI: When the euro was introduced in 1999, it unified the economies of Europe but erased the individual identities of many national currencies. Among them was the French Franc, a currency that had existed since 1360 and had become deeply woven into the fabric of French identity. Its banknotes told stories of history, art, and national pride. Now, for a brief period in Mumbai, history enthusiasts, art connoisseurs, and numismatists will have the rare opportunity to rediscover the lost elegance of French banknotes through the exhibition Beyond Face Value at the National Gallery of Modern Art (NGMA), Mumbai.

Exhibition revives forgotten elegance and identity of French banknotes

This exhibition is a collaboration between NGMA and Alliance Française de Bombay. Curated by researcher and collector Rukmini Dahanukar, Beyond Face Value offers a rare glimpse into the artistic and cultural significance of French banknotes from around the world. Dahanukar, a founder-partner at the brand identity design firm Nirmiti, has spent years studying and collecting global currency, uncovering the stories embedded in their designs.

“This exhibition is an opportunity for history and art enthusiasts to explore a slice of Francophone culture and artistic expression before the emergence of the euro,” said Laurent Vergain, director of Alliance Française de Bombay- the official French language and cultural centre in Mumbai.

Evolution of a nation through currency

One of the exhibition’s highlights is the enlarged reproductions of French banknotes, printed on canvases up to three feet wide, allowing visitors to appreciate the intricate details often missed in daily transactions. Among these, the designs of the French Franc banknotes emerge as powerful statements of national identity, reflecting the cultural and political climate of their time. “The introduction of the Euro aimed to create a transnational identity,” Dahanukar explained. “But with that, it also erased a part of national and personal identity.”

Although Euro banknotes were standardised to reflect a shared European heritage, countries were given the freedom to design the backs of their coins. France chose three iconic symbols: a portrait of Marianne (the emblem of the French Republic), the national motto ‘Liberté, Égalité, Fraternité,’ and an image of a sower—Marianne scattering seeds—a tribute to the French Revolution’s working-class struggle. These symbols, central to French national pride, find their echoes in the banknotes featured in Beyond Face Value.

Stories etched in banknotes

One of the most compelling exhibits is a 5,000-Franc note from March 20, 1947. Printed just two years after the end of World War II, this banknote was more than just a means of exchange—it was a declaration of France’s resurgence. At its center stands a resolute woman, a representation of France itself, gazing directly ahead.

“In earlier depictions, Marianne was an allegorical figure, almost mythical. But here, she looks like an ordinary Frenchwoman—real, grounded, a reflection of the people,” Dahanukar observes.

The note also features three men surrounding Marianne, each representing different parts of France’s then-overseas territories. A man from French West Africa, another from a North African colony (perhaps Morocco, Nigeria, or Tunisia), and a third from Indochina (Vietnam, Laos, or Cambodia) all look towards the northwest—towards France. “This was France telling its colonies and the world that it was standing tall again,” Dahanukar explained. The floral patterns surrounding them exude a sense of romanticism, blending nationalism with artistic elegance.

It is this intricate storytelling through design that makes the exhibition more than just a display of old money. By presenting banknotes as cultural and artistic artifacts, Beyond Face Value encourages visitors to see currency not merely as a tool of commerce, but as a medium of historical narrative.

A broader perspective on money as art

NGMA Director Nidhi Choudhari, an IAS officer and a historian at heart, believes that currency is a rich repository of cultural heritage. “Currency is not just money; it carries art, history, and identity,” she stated. “In the past, ancient Indian dynasties like the Mauryas and Guptas used coins to showcase their art, music, and textiles. French banknotes do the same—they are visually stunning, deeply symbolic, and form part of our collective human heritage.”

By exhibiting these banknotes in the art gallery, Choudhari aims to challenge conventional definitions of modern art. “We want to show that money talks more than money,” she said. “It tells the story of a people, an era, and a nation’s aspirations.”

Vergain echoes this sentiment. “For me, banknotes are not just financial instruments; they reflect the times, values, and artistic expressions of a nation,” he said.

A collector’s journey

Even as she prepares for the exhibition, Dahanukar continues her research, adding to her impressive collection of over 3,800 banknotes from various countries and historical periods. Her collection includes currency from long-lost nations like Rhodesia (modern day Zimbabwe and Zambia) and Yugoslavia (existed from 1918 to 1992), as well as privately issued Arctic territory notes.

Her goal is simple yet profound: to make people pause and look at banknotes not as disposable pieces of paper, but as cultural and artistic artifacts.

The exhibition will be inaugurated on April 3, 2025, at 6 PM at National Gallery of Modern Art in Fort. It will be open to the public from April 4 to April 24, 2025, between 10 AM and 6 PM, except on Mondays and public holidays.