The new governor at the Bank of England (BoE) Mark Carney is looking into how women are represented on the UK's currency.
Former prime minister Sir Winston Churchill has recently been given a place on the five pound note, replacing Elizabeth Fry.
This leaves the Queen as the only female figure to feature on any of the bank's notes.
Mr Carney said he believed those chosen should represent the diversity of Great Britain's historical figures.
Mary Macleod, Conservative MP for Brentford and Isleworth and chairwoman of the All Party Parliamentary Group for Women in Parliament, has spoken of her disappointment about Elizabeth Fry's omission.
She told the new governor that the decision to have no female representation on banknotes was "completely unrepresentative of the role that women have played and continue to play in our country's history".
According to Mr Carney, discussions on the matter began on his first day in office on Monday (1 July).
By Claire Archer