Editors’ words: In Banana Coin (2023), artist Li Kuei-Pi takes inspiration from a wartime currency briefly circulated during the Pacific War, whose ten-dollar notes featured a banana image that rapidly depreciated alongside the empire’s eventual downfall. Using this symbolic and production chain of colonial cash crops, Banana Coin aims to connect scattered points in history to reflect on today’s economy.

 

As part of the Sea of Islands: Networked Art Communities in Our Time (2024) in the Commoning program at the Taipei Fine Arts Museum, Li collaborates with independent curator Chia-Lin Angie Lee to ask, “Could banana currency circulate across the sea of islands?” This question opens a discussion on its instrumental (ingestible) value versus exchange value, exploring how artistic mediation can forge unique systems of care and encourage comparative analyses of global colonial histories. Li contributes to the presentation with infographics that map the evolving concepts behind Banana Coin, enriching the dialogue with a visual exploration of these themes.

 

Building on these discussions, A Concise Lexicon of Banana serves as a growing archive of keywords that spans time and place drawn from the Banana Coin series. As the series continues to unfold, this lexicon remains open-ended, inviting ongoing expansion and deeper inquiry.

 

Li Kuei-Pi, Isoamyl Acetate, video still, 10 min 40 sec, 2023. Image courtesy of the artist.

 

0. Fruit Over Grain

 

Eastward to Duen Mountain, a journey of ten miles,
The Bian Creek meanders, its waters stretching far.
In recent years, fruit prices surpass grain,
Near and far, families all grow bananas.

 

––Tzi-tsai Chang, Revisiting Tou Bian Pit with Shao Ying, from Chronicles of the Oak Poetry Society, 1921

 

During the Early Showa Period (1926–1945), Taiwanese banana farmers earned 267.19 yen per hectare, surpassing rice farmers who earned 218.57 yen.

 

Along the scorching roads, wrapped in ambition and greed, the path leads to the golden fruit of dreams—sweet, soft, and tempting.

 

Taiwan Art News, September 1935. Courtesy of National Taiwan Library Collection.

 

1. The Science of Banana Flavor

 

Isoamyl acetate (C₇H₁₄O₂) is a chemical compound with applications across the food, industrial, and textile sectors. In food production, it is commonly used to mimic banana flavor and serves as a key ingredient for beverages, ice cream, syrups, and similar products. Industrially, isoamyl acetate functions as a solvent for paints and resins and is also utilized in the formulation of detergents and in textile dyeing processes. It is poorly soluble in water, highly flammable, and requires storage in a cool, well-ventilated area.

 

2. Banana Peel Jam

Cut banana peels into small pieces, add an equal amount of water in a pot, and cook until soft. Strain through a sieve, then add sugar and salt to taste, stirring until well combined. Store while hot in a glass jar for later use. Spread on toast, or use as a topping for dough balls made from flour to create a tasty snack.

 

––Page on Home Cooking, Taiwan Arts News, September 1935

 

Tempura made with banana peels from a vendor in front of Jiji Station, Nantou, 2016. Image courtesy of the Taipei Navi editorial team.

 

3. The Queen’s Etiquette: Eating a Banana

 

Instead of using the fork, we hold it in place and cut off one end, then we cut off the other end and then we turn the knife on its side and go into the skin like so and then prizing it and then cut a little bit off and eat it so.

 

––William Hanson, director of The English Manner

 

4. Bananas and Warfare

 

In 1898, as the Spanish-American War unfolded, some of the Boston Fruit Company’s ships found themselves drafted into military service, signaling the beginning of what would later be known as the “Banana Wars.” Between 1898 and 1934, the United States repeatedly intervened in the Caribbean and Central America—a campaign of dominance that author Lester D. Langley explores in Banana Wars: An Inner History of the American Empire, 1900–1934. Langley describes how, through strategic mediation and manipulation of local politics, the U.S. operated like a military force, establishing a firm hold on tropical trade across much of the Western Hemisphere. By 1940, the U.S. Marine Corps had formalized its three decades of interventionist experience in the Caribbean and Central America with the publication Small Wars Manual, a handbook that codified the art of wielding power on foreign shores.

 

The Italian-built cargo-passenger ship Giuseppe Verdi, constructed in 1915, weighed 96,562 tons, measured 147.2 meters in length and 18 meters in width, with a maximum speed of 17.2 knots and a capacity of 951 passengers. In 1928, it was purchased by the Japanese-owned Kinkai Mail Steamship Company, renamed Yamato Maru, and deployed on the Taiwan-Japan route, primarily to transport bananas from Keelung Port to Japan. During World War II, the ship was sunk by a U.S. torpedo.

 

5. Colonial Banks

 

Colonial banks were financial institutions set up and operated by colonial powers within their colonies to stimulate economic activity in the region. These banks primarily provided loans, currency exchange, and deposit services to facilitate both local and international trade. By establishing these banks, the metropole strengthened its economic ties with the colony while maintaining control over its financial resources, thereby reinforcing its economic dominance.

 

Granted charters, colonial banks had the authority to issue currency and provide credit, though their operations frequently involved exploitation of the local economy and inequitable financial practices. With the emergence of independence movements, many of these banks were nationalized or restructured to foster economic autonomy and support development in the newly independent nations.

 

A 1927 map of British Empire trade routes and dominions. Courtesy of Library and Archives Canada.

 

6. Colonial Cash Crops

 

Colonial cash crops are agricultural products introduced and extensively cultivated by colonizers, mainly for export to satisfy the economic needs of the colonial powers. Examples include cotton, coffee, tea, sugarcane, rubber, and bananas. Their cultivation often required large-scale land seizure and forced labor. The economic emphasis on single-crop plantations led to a monocultural structure, making colonial economies highly dependent on volatile international market prices. This model also inhibited diverse local economic growth, heightening economic vulnerability. Despite the end of colonial rule, many former colonies remain challenged by this lasting dependency.

 

7. Banana Coupons

 

Mathilde Damoisel’s When Banana Ruled (2018) examines how United Fruit Company transformed much of Central America into banana plantations, managed by white executives from elite schools and Southern U.S. overseers familiar with slave practices. The workforce, primarily people of color, received food vouchers instead of wages, sustaining the plantations’ efficiency.

 

Workers toiled over eight hours a day without overtime pay and lived in company dormitories near railways, often lacking mosquito protection, which left them exposed to malaria. These banana coupons could only be exchanged at specific police and medical facilities for food, leading to the Atlantic Banana Strike of 1934.

 

T.E.S. Veragua, part of the United Fruit Company’s Great White Fleet, 1896. Courtesy of Thomas Crane Public Library.

8. United Fruit Company

 

Founded in 1899, the American multinational United Fruit Company specialized in the banana trade, among other tropical fruits, cultivating Latin American plantations to supply the U.S. and Europe. The company controlled vast land and infrastructure across Central America and the Caribbean, establishing a powerful economic and political influence that frequently shaped local government decisions. Its history is filled with controversy, including allegations of labor exploitation, environmental damage, and political interference—factors that led to the coinage of the term “banana republic.”

 

9. Chiquita

 

In 1970, the United Fruit Company merged with Standard Fruit Company to form Chiquita Brands International. The Chiquita logo features Miss Chiquita, a cartoon woman with a fruit hat, inspired by Brazilian actress Carmen Miranda’s iconic look in the 1944 film The Gang’s All Here. Chiquita operates extensive banana plantations globally, especially in Latin American countries like Costa Rica, Honduras, and Guatemala, where it also produces other tropical fruits, including pineapples and mangoes.

 

Promotional stickers of Chiquita Bananas featuring characters from the Minions movie franchise, 2015.

10. Banana Republic

 

The term was coined by American writer O. Henry in Cabbages and Kings (1904) inspired by his six-month stay in Honduras. In the story, a fictional small island nation relies entirely on fruit as its economic foundation. Banana republic has since come to describe Central American countries dependent on a single cash crop and heavily influenced by foreign capital and corporations. Banana republic underscores the significant impact of colonial cash crops on local economies and societies, highlighting the inequalities embedded in the complex dynamics of globalization and colonialism.

 

11. Banana Plantations

 

Along the northeastern and eastern coast of the island of Jamaica, extensive tracts of land are cultivated by the natives, on which are raised the yellow Jamaica banana. The Boston Fruit Company own about 10,000 acres of this land, and under the supervision of Capt. Baker, who resides there, bananas are raised for the Company's use. Since the cultivation of Jamaica fruit has been taken into the hands of Boston parties, the quality has improved steadily, and this year handlers of this fruit claim that the quality is the best that ever came from there, and they attribute this to the careful handling of the bananas all along the line, as well as their careful cultivation.

 

––The Planters’ Monthly Vol. 7, 1888

 

The plantations of the United Fruit Company are located near the railroad lines running to Guapiles, Banana River, and Zent River, thus saving labor and expense for transportation and too much handling of the fruit. The lands chosen for the production of the banana are those that contain extensive alluvial deposits, and rich in decomposed vegetable matter but the best lands are those on the margins of the rivers, or river bottom lands which have been formed from the rich silt brought down by the floods. The plantations are inundated two or three times a year from the overflow of the rivers, which deposit five or six inches of new silt, and the earth is therefore continually fertilized. These lands have a cravel foundation, and are thus well drained and acceptable for the cultivation of the banana.

 

––The Golden Caribbean, 1900

 

At Chiquita, our farms are the heart of our business––our Employees at the Centre program runs initiatives to ensure our employees have the right training and support, and are healthy, safe and motivated in their work. This sets the basis for our Farm Rejuvenation and Reengineering program, one of our top priorities, which intends to improve efficiency, increase yield, and drive down our environmental impact substantially while also ensuring the best possible banana quality.

 

––“Chiquita bananas on the farm,” blog post on the Chiquita website, May 26, 2021

 

An inner page from The Golden Caribbean (Boston: Lee and Shepard, 1900). Courtesy of the Library of Congress.

12. Bank of Taiwan

 

Founded in 1899, the Bank of Taiwan was one of the island’s first banks, established by the Japanese colonial government. It operated as a colonial bank, primarily serving the financial needs of the colonial administration, especially during wartime. In the later years of World War II, the bank issued currency in Japanese-occupied Southeast Asia to unify the region’s economy under Japanese control. These “banana note,” a form of military scrip, circulated in occupied territories such as Malaya, Singapore, and North Borneo. After Japan’s defeat in 1945, the Bank of Taiwan was taken over by the Republic of China government and became a state-owned bank.

 

Bank of Taiwan. Courtesy of the Archives of the Institute of Taiwan History, Academia Sinica. Licensed under CC BY-NC 3.0 TW.

13. Panama disease

 

Also known as TR4 (Tropical Race 4), Panama disease is a fungal pathogen responsible for causing Fusarium wilt in bananas. First identified in Southeast Asia, this pathogen has now spread to many banana-growing regions worldwide. Panama disease has a devastating effect on Cavendish bananas, causing symptoms such as leaf yellowing, wilting, and eventual plant death. It spreads primarily through soil and water, where the pathogen can survive for extended periods, making it extremely difficult to eradicate. Currently, there is no effective treatment to fully eliminate the disease. Since modern banana cultivation relies on asexual reproduction, the genetic uniformity within plantations prevents the development of TR4-resistant varieties, posing a significant threat to the global banana industry.

 

Bananas affected by Panama disease, 2006. Photo by Liberato JR, Gasparotto L, Henderson J, Smith LJ, Daly AM, and Shivas R. Licensed under CC BY 3.0.

 

14. Cavendish Banana

 

The Cavendish banana is currently the primary variety in the global banana market. Its commercial success began in the mid-20th century when it replaced the Gros Michel banana, which had been devastated by Panama disease. The popular 1923 song “Yes! We Have No Bananas” humorously references the shortages caused by this crisis, inspired by a conversation between the songwriter and a fruit vendor. However, due to large-scale monoculture practices, the Cavendish banana now faces significant threats, especially from the TR4 fungal pathogen.

 

15. Banana Note

 

Nicknamed “banana note” (duit pisang), this military currency was issued by Japan for its occupied territories during World War II and circulated from 1941 to 1945 in regions such as Malaya, Singapore, and North Borneo. Printed by the Central Bank of Taiwan, the notes earned their nickname because the 10-yen bill featured an image of a banana tree. With no reserve backing, the rampant printing of these notes in the later stages of the war led to severe inflation. Local Chinese communities referred to them as “worthless currency” due to their declining value.

 

A ten-dollar note issued by the Japanese Government during its 1942 occupation of Malaya, North Borneo, Sarawak, and Brunei. Wikimedia Commons.

16. Inflation

 

Inflation is the sustained increase in general price levels, leading to a decline in currency purchasing power. It is typically caused by factors such as demand-pull effects, cost-push pressures, and an excessive money supply. High inflation can have adverse economic effects, including eroding consumer purchasing power, increasing business costs, and causing economic instability.

 

17. The Banana Analogy in Cryptocurrency

 

In a now-famous comparison, tech billionaire Mark Cuban stated in a Wired interview that he would “rather own bananas than Bitcoin,” pointing out that bananas offer tangible, intrinsic value as a food source, whereas Bitcoin’s value is driven solely by speculation. Cuban’s “banana analogy” emphasizes the contrast between cryptocurrencies’ perceived market value and their practical utility, fueling the ongoing debate over whether digital assets can offer real-world benefits comparable to basic, essential commodities like food. Yet, the decentralized nature of cryptocurrency has made it appealing in countries suffering from the "banana republic" cycle of unstable currencies and high inflation, such as Argentina and El Salvador.

 

A Bitcoin sign with El Salvador’s logo, marking its 2021 adoption as legal tender. Courtesy of Blockzeit CH. Licensed under CC BY 2.0.

 

18. Banana Industry in Taiwan

 

 

19. Trade Associations

 

In 1914, the Taiwan Governor-General’s Office enacted the Taiwan Major Products Trade Association Law to establish a legal framework for trade associations. The following year, banana exporters in central Taiwan formed the Central Taiwan Fruit Export Trade Association to create unified industry standards. In 1921, it was renamed the Taiwan Fruit Trade Association. The colonial government’s increasing influence in banana exports became apparent in 1919, when the Taichung prefectural governor was appointed as the head of the association.

 

In addition to export-focused trade associations, banana farmers in central Taiwan attempted to bypass middlemen by forming a Producers’ Sales Cooperative, though their attempts to secure markets in Japan were unsuccessful. In 1925, Fruit Trade Associations were established in Taichung, Tainan, and Kaohsiung, which then signed an monopolized sales contract with the Japan-backed Taiwan Fruit Company. Banana farmers delivered their produce to the trade association, which in turn relied on the Fruit Company for distribution to Japan, where pricing and market channels were tightly controlled by the company.

 

Banana market of Taichu, Taiwan, 1933. Michael Lewis Taiwan Postcard Collection. Courtesy of Lafayette Digital Repository.

20. Taiwan Fruit Company

 

Founded in 1924 through an agreement between Taiwanese banana producers and Japanese wholesalers, the Taiwan Fruit Company oversaw the export of bananas to designated wholesalers in Korea, Dalian, Tianjin, Shanghai, and Fuzhou. In Japan, it managed distribution across ten cities, including Tokyo, Yokohama, Nagoya, Kyoto, Osaka, Kobe, Shimonoseki, Moji, Hakodate, and Sapporo, where bananas were received, packaged, and sold. The Taiwan Governor-General’s Office required all banana sales and transport to be conducted through the Taiwan Fruit Company, effectively granting it a monopoly over the banana trade.

 

Packaging bananas at the Taiwan Fruit Company. Japanese Geography Series, Vol 11: Taiwan (Tokyo: Yamamoto Sansei, 1930). Courtesy of the National Taiwan University Library.

 

21. Inspection Stations

 

Following the establishment of the Taiwan Fruit Company in 1924, several direct-sales organizations in the fruit and vegetable industry, such as the Central Taiwan Fruit Export Association and the Fruit Export Guild, set up inspection stations in Taichung, Tainan, and Kaohsiung. These stations were responsible for grading, labeling, and packaging bananas, which were sorted into five categories. The number and placement of inspection stations were closely aligned with banana production levels in each area. Sellers typically received payment within two weeks of the bananas arriving at the inspection stations.

 

Former site of the Taichu Prefecture Inrin County Fruit Association Inspection Office, featured in Isoamyl Acetate. Image courtesy of the artist.

22. Keelung Port

 

… packed in baskets, leaving behind the foothills of Alishan,

The train rattles on, arriving at Keelung Port.

From Keelung Port, the ship sets sail, crossing golden and silver waves…

 

––Banana Hawking (banana no tatakiuri), 1900s

 

Keelung Port was Taiwan’s primary banana export hub. Beginning in 1896, Osaka Shosen operated a route linking Taiwan to mainland Japan, connecting Keelung with Kobe and Moji Port on the Seto Inland Sea. Green bananas, harvested while still unripe, were loaded at Keelung Port, with some developing dark spots by the time they reached Moji Port, necessitating rapid sales. This led to the distinctive “banana hawking” street culture, where sellers used chant-like calls to promote their goods.

 

The modernization of Keelung Port began with Taiwan’s first Governor-General, Kabayama Sukenori, who proposed the construction of a modern port. Between 1899 and 1944, five phases of development transformed the port, including reef clearance, large-scale shipyards, military and fishing port facilities, and a comprehensive dock-to-rail transport system. Overseen by the Japanese military, Keelung was designated a strategic naval port, eventually targeted by U.S. bombing during World War II.

 

Banana auction scenes at Moji Port during the Showa period. Courtesy of the Moji Ward Hall.

 

23. Banana Kingdom: Taiwan

 

During the Japanese colonial period, bananas became Taiwan’s third-largest export to Japan, after rice and sugar. Building on this colonial industry, Taiwan rose to prominence as the “Banana Kingdom” in the 1950s and 1960s, becoming the world’s fourth-largest banana exporter. This thriving trade brought substantial foreign exchange to Taiwan and was actively supported by the Agricultural Recovery Council.

 

In 1969, Ngoo Tsin-sui, then head of the Kaohsiung Fruit and Vegetable Marketing Cooperative, was indicted on charges of exploiting banana farmers and bribing officials with lavish gifts. Known as the “Banana King” for his efforts to foster Taiwan-Japan trade relations and challenge monopolies, Ngoo’s imprisonment marked the beginning of Taiwan’s decline as the Banana Kingdom. The industry gradually shifted to plantations in the Philippines and other Southeast Asian countries. Ngoo’s story was later adapted into the historical novel Banana King Ngoo Tsin-sui (2020) by Lee Wang-tai.

 

Keelung Harbor scene featured in Isoamyl Acetate. Image courtesy of the artist.

24. Bananas from the Philippines

 

In the 1970s, the Philippine banana industry surged, overtaking Taiwan as Japan’s main supplier. During this period, Taiwan’s banana industry struggled with issues such as excessive pesticide use, Panama disease, and a lack of generational continuity among banana farmers.

 

Today, the Philippines ranks as the world’s second-largest banana exporter, with much of its supply chain controlled by multinational corporations and intertwined with the country’s colonial legacy. More than 80% of Philippine bananas are cultivated on Mindanao Island, where local farmers have organized cooperatives to push back against multinational influence. The Philippine banana supply chain faces significant environmental and social challenges, including deforestation, soil degradation, biodiversity loss, climate change impacts, illegal land acquisition, and forced labor.

 

Stock certificate of the Taiwan Provincial Kaohsiung Fruit Marketing Cooperative. Licensed under CC BY-NC 3.0. Courtesy of Wang Sheng-Chien and Pingtung County Cultural Affairs Bureau.

 

25. The Banana Index

 

As one of the world’s most widely traded tropical fruits, banana prices are influenced by climate change, pest and disease outbreaks, supply chain disruptions, and international trade policies. The Banana Index tracks global price fluctuations by analyzing market data from key exporting and importing countries, providing insights into global supply-demand trends and price dynamics. In addition, due to the banana’s worldwide prevalence and moderate climate impact compared to other foods, The Economist introduced the Banana Index in 2023 as a benchmark for evaluating carbon emissions in food production.