Collection Inspiration: Deposed Leaders
Posted on 12/17/2024
People honored on banknotes are typically dead. When living people are portrayed, it's typically a head of state, such as King Charles or the Sultan of Brunei. Most typically pass their power hereditarily to a younger relative. Sometimes, power is seized by an individual with popular and/or military backing. To maintain power, they sometimes develop a personality cult, which can include putting their face on their nation's currency.
Collectors with an interest in history or modern world events could build a collection of banknotes showing deposed leaders, heads of state who were later driven from power by popular uprising, civil war or the loss of the support of their own military or civilian leaders.
Ten banknotes featuring deposed leaders
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Syria 2017 £2,000 — Bashar al-Assad
Bashar al-Assad, Syria's leader since 2000, went into exile in December 2024 following a swift offensive by rebels, marking the end of more than 50 years of nearly uninterrupted rule by Assad and his father. The younger Assad’s image was added to the £2,000 in 2017, when the country had already experienced several years of civil war.
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Bangladesh 2023 50 Taka — Sheikh Hasina
Sheikh Hasina, the Prime Minister of Bangladesh, led the country from 1996 to 2001 and again from 2009 until 2024. During her tenure, Bangladesh saw notable economic growth, particularly in the garment industry, which became a key driver of the national economy. However, her leadership was marked by concerns about the erosion of democratic institutions, including controversial elections and the brutal suppression of dissent. In 2024, protests against her government intensified, which led to her resigning and leaving the country. She is shown on this note with her father, Sheikh Mujibur Rahman, who led the country before his assassination in 1975.
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Kazakhstan 2016 10,000 Tenge — President Nursultan Nazarbayev
Nursultan Nazarbayev served as the first President of Kazakhstan from 1990 until his resignation in 2019 amid protests against his government. During his tenure, he played a significant role in shaping the country’s political landscape after the dissolution of the Soviet Union. Nazarbayev oversaw Kazakhstan's transition from a Soviet republic to an independent nation. He was also known for his leadership within the region, positioning Kazakhstan as a key player in Central Asia. Despite stepping down from the presidency, Nazarbayev initially continued to wield considerable influence, but that waned amid public unrest in recent years.
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Libya 2009 1 Dinar — Moammar al-Gaddafi
Muammar al-Gaddafi was the leader of Libya from 1969 until his death in 2011. He came to power through a coup and ruled as a revolutionary leader, implementing socialist policies and maintaining control through a mix of charisma and repression. His leadership was marked by his stance on Pan-Arabism, support for militant groups and controversial foreign relations. In 2011, during the Arab Spring, protests against his rule led to a civil war, and Gaddafi was ultimately captured and killed by rebel forces.
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Tunisia 1965 1/2 Dinar — Habib Bourguiba
Habib Bourguiba was a key figure in the history of Tunisia, serving as the country’s first president after its independence from France in 1956. Known for his leadership during Tunisia’s transition to a republic, Bourguiba enacted significant reforms in education and women’s rights, including the establishment of free education and gender equality laws. Under his leadership, Tunisia modernized rapidly, adopting progressive policies such as the abolition of polygamy and the introduction of a new legal code. His political career, however, ended in 1987 when he was ousted by then-Prime Minister Zine El Abidine Ben Ali, who cited Bourguiba’s declining health.
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Haiti 1979 5 Gourdes — Jean-Claude Duvalier
Jean-Claude Duvalier, or "Baby Doc," became Haiti's president in 1971 after the death of his father, François Duvalier. His rule continued the oppressive policies of the Duvalier regime, marked by corruption, human rights violations and reliance on a militia to maintain control. Widespread unrest led to his flight to France in 1986. Duvalier returned briefly to Haiti in 2011 but was arrested on charges of embezzlement and human rights abuses. He died of a heart attack in 2014.
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Iran 1971-72 5,000 Rials — Mohammad Reza Pahlavi
Mohammad Reza Pahlavi, the last Shah of Iran, ruled from 1941 until his exile in 1979. He ascended to the throne after his father’s abdication and implemented significant modernization policies, such as industrialization and land reforms, as part of his "White Revolution." Despite these efforts, his rule was marked by political repression, censorship and the use of a secret police force. His reliance on Western powers, particularly the United States, and his failures on domestic policy led to widespread discontent. This culminated in the Iranian Revolution, which forced him to flee the country.
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Equatorial Guinea 1975 1,000 Ekuele — Francisco Macías Nguema
Francisco Macías Nguema was the first president of Equatorial Guinea, serving from 1968 until his overthrow in 1979. After the country gained independence from Spain, Nguema’s leadership quickly turned authoritarian, characterized by extreme repression and human rights violations. His regime saw widespread political purges, including the execution of thousands of perceived enemies, and the country's economy suffered under his rule. In 1979, he was ousted in a coup led by Teodoro Obiang, who has been the country’s supreme leader ever since.
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Afghanistan 1967 1,000 Afghanis — Mohammad Zahir Shah
Mohammad Zahir Shah was the last king of Afghanistan, ruling from 1933 until a coup led by his cousin ousted him in 1973. Known for his modernizing policies, he worked to improve infrastructure, health care and education in Afghanistan. After his exile to Italy, Zahir Shah remained a figurehead for those advocating for the restoration of the monarchy. Despite multiple efforts, including his return to Afghanistan in 2002 following the fall of the Taliban, he was unable to regain the throne. His return was widely welcomed, but political circumstances led him to renounce any monarchical ambitions.
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Indonesia 1945 10 Rupeh — Sukarno
Sukarno was Indonesia's first president, serving from 1945 until his ousting in 1967. A leader of the independence movement, he played a central role in securing Indonesia’s independence from Dutch colonial rule. Sukarno’s leadership emphasized national unity and social justice, symbolized by his "Nasakom" ideology, which combined nationalism, religion and communism. His presidency, marked by political instability and economic challenges, saw tensions rise with the military and communist factions, culminating in a failed coup attempt in 1965. Sukarno was ultimately replaced by General Suharto, who led Indonesia for three decades thereafter.
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Egypt 1948-50 £100 — King Farouk
King Farouk I of Egypt, born in 1920, was the last monarch of Egypt. He ascended to the throne in 1936 at the age of 16 after the death of his father, King Fuad I. Farouk's reign was marked by his lavish lifestyle and increasing discontent with his rule due to corruption and political instability. Despite early popularity, his government struggled with economic and political issues. In 1952, a military coup led by General Mohamed Naguib and the Free Officers Movement forced Farouk to abdicate in favor of his young son, Fuad II. The monarchy was abolished the following year, and Egypt was declared a republic.
If these notes inspired you, check out our other Collection Inspiration columns for more collecting ideas. Also, be sure to follow PMG on Facebook, Instagram and Twitter for articles and interesting notes posted daily.
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