Hymans:The Changing Color of Money Third,one might expect currency iconography to reflect Inglehart's distinction between Catholic,Protestant and Anglo-Saxon cultural regions. The Anglo-Saxons do seem generally to lag behind the rest (as do the Americans,of course,though the dollar is not included in this study). Indeed,as noted in Section 1,Helleiner and Gilbert's impression of the nature of currency iconography is driven by their over-sampling of the Anglo-Saxon and Commonwealth cases.11 But while Anglo-Saxons are distinctive,there does not appear to be a significant difference between Catholic and Protestant regions.The top group of iconographic leaders is a mix of historically Catholic and Protestant nations,and the group of laggards also includes both.So this hypothesis is moderately helpful. Fourth,there is a difference between the currency iconographies of monarchies and republics.Of the 53 notes featuring state figures in the period since 1980,over 40%(23)of these depict currently reigning hereditary rulers.This factor clearly slowed the iconographic evolution of the banknotes of Belgium,Great Britain,Luxembourg,Spain and Sweden into the 1980s and 1990s.On the other hand,only in Great Britain and Luxembourg have monarchs consistently appeared on paper money of all denominations.And other monarchical countries-Denmark,the Nether- lands and pre-1974 Greece-opted not to feature their monarchs at all in the postwar period.Clearly,the monarchy-republic distinction is not the whole story. Fifth,dictatorships'iconographic choices do not appear dramatically different than those of democracies,although the number of post-1980 or even post-1950 dictatorships we have to judge this is small (East Germany 1950-89,Greece 1967-74;Portugal 1950-74;and Spain 1950-75).For instance,East Germany was already featuring Goethe,Schiller and Hum- boldt on its Mark notes by 1964.On the other hand,countries emerging out of dictatorship exhibit an increased tendency to focus on the state.The currencies of Greece,Portugal and Spain all featured more state than non- state figures in the post-1980 period (the only others to do so were the monarch-heavy notes of Great Britain and Luxembourg). Most interesting is the sceming division between original and later joiners of the EC/EU.Among the original EC 6-Belgium,France,Germany, Italy,Luxembourg and the Netherlands-since 1980 only 16%(8 of 51) of the human figures pictured have been state representatives.All of these are portraits of the current reigning monarchs of Belgium and Luxem- bourg.In contrast,images of state representatives account for 44%(45 of 102)of the human figures pictured on the post-1980 banknotes of the later EC joiners(including East Germany).12 Moreover,since 1980 all of the latter group,except Denmark,featured at least one state figure on their banknotes.The finding that the original EC states have harbored more 17 Reproduced with permission of the copyright owner.Further reproduction prohibited without permission.Reproduced with permission of the copyright owner. Further reproduction prohibited without permission