The banknotes we use daily are more than just pieces of paper; they are a canvas displaying significant figures from American history. Currently circulating U.S. bills showcase the portraits of five revered presidents alongside two influential founding fathers. These figures, all men, represent pivotal moments and ideals in the nation’s narrative:
- George Washington
- Thomas Jefferson
- Abraham Lincoln
- Alexander Hamilton
- Andrew Jackson
- Ulysses S. Grant
- Benjamin Franklin
Historically, even larger denominations, now discontinued – such as the $500, $1,000, $5,000, $10,000, and the colossal $100,000 bills – also featured men who held the highest office of President or served as Secretary of the U.S. Department of the Treasury.
The printing of these larger notes ceased in 1945. While most remained in circulation, by 1969, the Federal Reserve began systematically removing them from circulation as they were deposited by banks. Today, a scant few of these high-denomination bills still exist and are legally spendable, but their rarity elevates their value far beyond their face value, making them prized collectibles.
Let’s delve deeper into the stories behind the presidents and other historical figures who grace our money, exploring the selection process and intriguing facts surrounding these choices.
Who Gets to Decide Which Faces Appear on U.S. Bills?
Ultimately, the Secretary of the Treasury holds the power to decide whose likeness is immortalized on U.S. currency. Federal law dictates that no living person can be featured on American money. Beyond this, the precise criteria for selection remain somewhat ambiguous. The Treasury Department broadly states that it considers “persons whose places in history the American people know well.”
For the most part, the figures currently on our U.S. bills align with this criterion. However, one individual, Salmon P. Chase, might seem less familiar to many. His relative obscurity, perhaps, is fitting given his appearance on the $10,000 bill, a denomination rarely seen in everyday transactions and now out of print. Nevertheless, Chase’s inclusion is historically significant as he was the inaugural figure responsible for the design of the nation’s paper currency, a crucial role in shaping American finance.
The Planned Redesign of U.S. Currency and the Push for Representation
Recognizing the historical gender imbalance in representation on American currency, the federal agency responsible for printing banknotes initiated plans to introduce a woman’s portrait onto a U.S. bill for the first time in over a century.
In a landmark announcement in 2016, the U.S. Department of the Treasury revealed its intention to move Andrew Jackson to the back of the $20 bill. The front of the redesigned bill was slated to feature the inspiring face of Harriet Tubman. This change was initially intended to coincide with the 100th anniversary of the 19th Amendment to the Constitution in 2020, which granted women the right to vote. Harriet Tubman’s presence on the $20 bill would have marked a historic moment, making her the first woman to be featured on the face of paper currency since Martha Washington, the First Lady, appeared on the $1 silver certificate in the late 1800s.
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Then-Treasury Secretary Jacob J. Lew, in his 2016 announcement, highlighted the public’s role in this decision:
“The decision to put Harriet Tubman on the new $20 was driven by thousands of responses we received from Americans young and old. I have been particularly struck by the many comments and reactions from children for whom Harriet Tubman is not just a historical figure, but a role model for leadership and participation in our democracy.”
The inclusion of Tubman was part of a broader redesign initiative encompassing the $5, $10, and $20 bills. This redesign aimed to celebrate the women’s suffrage and civil rights movements, recognizing their profound impact on American society.
While Abraham Lincoln and Alexander Hamilton were to remain on the front of the $5 and $10 bills, respectively, the backs were planned to feature iconic figures from these movements. The redesigned $5 bill would depict Marian Anderson and Martin Luther King Jr., while the $10 bill would honor Lucretia Mott, Sojourner Truth, Susan B. Anthony, Elizabeth Cady Stanton, and Alice Paul – all champions of equality and justice.
However, the election of Donald Trump in November 2016 brought these redesign plans to a halt. The new administration did not endorse the idea of replacing Andrew Jackson with Harriet Tubman.
Steven Mnuchin, the subsequent Secretary of the Treasury, confirmed in May 2019 that the redesigned $20 bill with Tubman would not be ready by 2020 or within the subsequent decade. In response, Senator Chuck Schumer of New York called for an independent investigation into potential White House influence on this decision. The situation shifted again in 2021 when the Biden administration revived the efforts to place Harriet Tubman on the $20 bill, signaling a renewed commitment to this significant change.
Let’s take a closer look at the U.S. presidents and historical figures, both past and present, who have been featured on American money, including currency no longer actively circulating. These portraits offer a visual journey through American history and reflect the values and figures the nation chooses to honor.
