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Another Scottish bank, the Clydesdale, has issued banknotes with prominent women figures before: in 1997 a £10 note featured the missionary Mary Slessor.
Goldman's research note, featured Wednesday on Barron's Online, points out that negotiations could take several years and will likely result in a lower bill than the headline amount.
The GDR's 10-mark note featured the image of Clara Zetkin, the German feminist who started International Women's Day.
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The Jersey pound note features the Queen.
Each note features a different quote from Austen's novels.
The Churchill fiver will replace the current £5 note featuring prison reformer Elizabeth Fry.
A new plastic £5 note, featuring Sir Winston Churchill, will start appearing on the high street this week.
This follows the news that the new £5 note featuring Winston Churchill, and the £10 note featuring Jane Austen, will also be polymer when they are phased in over the next couple of years.
His tenner joins a new £5 and £21 note featuring Charles Babbage (inventor of the computer) and novelist Mary Wesley.
After Wednesday only the £50 note featuring Matthew Boulton and James Watt, which was introduced in November 2011, will hold legal tender status.
A new polymer £10 note featuring Jane Austen is set to follow around a year later, the Bank said.
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