The Mona Lisa, a masterpiece of the Italian Renaissance painted by Leonardo da Vinci in the early 16th century, is undoubtedly the most famous portrait in the history of art today. The mysterious smile, restrained gaze, and almost hypnotic presence have made this painting a global symbol of high culture and artistic perfection. Although it is believed to depict Lisa del Giocondo, the identity of the woman in the portrait was a subject of debate for centuries, which further enhanced the myth and popularity of the painting. Exactly for this reason, her alleged appearance on the banknote of a Central American country represents one of the most unusual and interesting stories in the world of paper money.
Between 1931 and 1936, the Banco Internacional de Costa Rica issued a 2-colones banknote, today known by the catalog designation P#167. The obverse of this banknote features a female portrait that bears a striking resemblance to the Mona Lisa. Although there is no official confirmation that this is a direct depiction of the famous painting, the likeness is so compelling that the banknote has been known in the numismatic world by that very name for decades – the „Mona Lisa Note“.
Source: Heritage Auctionswww.ha.com].
What is additionally fascinating is the fact that the exact reason for choosing this motif is not known, nor is there any clear historical, cultural, or symbolic connection between the Mona Lisa and Costa Rica. There are no preserved documents to explain why a Central American state bank decided to put a portrait reminiscent of one of the greatest works of European art on its banknote. It is precisely this unknown that gives this banknote an almost legendary status.
Source: Heritage Auctionswww.ha.com].
The 2 colones banknote was issued in a large number of dated variants, which include issues with dates from December 1931 all the way to October 1936. Various dates from December 10, 1931, up to October 31, 1936, among others, have been recorded. It is precisely this diversity that makes this banknote particularly interesting to collectors who focus on variants by dates, signatures, and series.
Technically speaking, it is a standard circulating banknote printed on paper, measuring 185 × 77 mm. Printing was entrusted to the renowned London printing firm Waterlow & Sons Limited, known for the top-tier craftsmanship of security documents and banknotes. The obverse is rendered in dark brown with a blue and red background, featuring a centrally placed portrait of a woman resembling the Mona Lisa. The bank's name is located above, while the signatures of responsible parties and the text guaranteeing the bank's payment of two colones in gold coin are at the bottom. The reverse of the banknote, in dark blue, depicts a man leading an ox cart—a powerful symbol of traditional Costa Rican agriculture and the country's rural identity.
Why precisely this portrait was chosen remains an open question. One theory assumes that the motif was chosen for its aesthetic value and prestige, perhaps even from a catalogue of pre-existing engravings that the printing press offered to banks worldwide. Another theory connects the choice to the resurgence of the Mona Lisa's popularity in the 1930s, following the famous theft of the painting from the Louvre and its subsequent return, as well as films made on the subject. Regardless of the real reason, the fact remains that this is the only known banknote in the world that features a portrait resembling the Mona Lisa.
On today's numismatic market, this banknote enjoys an exceptional status. Even specimens that have been in circulation, in F or VF grades, regularly fetch prices between 1,500 and 1,800 euros, as confirmed by auction results from 2025. Specimens in better condition, such as aUNC, are significantly rarer and command manifold higher prices, while original uncirculated specimens are considered nearly unobtainable.
The 2 colones banknote of the Banco Internacional de Costa Rica from the 1931–1936 period is considered today one of the most famous banknotes in Latin America. The combination of art, mystery, and rarity has made it an enduring object of fascination. Precisely this inexplicable presence of a Mona Lisa-like figure, far from Europe and its historical context, gives this banknote a special place in world numismatic heritage.
Edited: Zlatko Viščević
Photos: Wikipedia [hr.wikipedia.org], Heritage Auctionswww.ha.com].
