Alexander Hamilton, the first United States Secretary of the Treasury, remains a pivotal figure in American history, long after his tenure began in 1789. While the Broadway hit Hamilton: An American Musical has sparked renewed interest in his life, his enduring impact is also vividly illustrated through his presence on United States currency. As experts in monetary history at money-central.com, we delve into Hamilton’s crucial role in shaping the nation’s financial foundations and his continued representation on US banknotes.
Bronze medal featuring a portrait of Alexander Hamilton, commemorating his role as Secretary of the Treasury.
Hamilton’s Vision for American Finances
Appointed by President George Washington in 1789, Alexander Hamilton served as Secretary of the Treasury until 1795. During this critical period, he was instrumental in establishing America’s financial system. Hamilton championed a robust central government and advocated for policies that would solidify the nation’s economic standing. This vision, however, faced opposition from figures like Thomas Jefferson and James Madison, who favored greater state autonomy.
Undeterred, Hamilton urged Congress to create both a national bank and the U.S. Mint. Drawing inspiration from the Bank of England and European economic models, his policies laid the groundwork for the principles of modern United States economics. Even after leaving his official post, Hamilton remained politically influential until his untimely death in 1804, following a duel with Aaron Burr.
The Coinage Act and Early US Currency
While deeply involved in establishing the U.S. Mint and pushing the Coinage Act of 1792 through Congress, Hamilton’s era predated the widespread use of paper money in the United States. The federal government didn’t begin issuing paper currency until 1861, long after his death. These initial banknotes, known as “greenbacks,” were introduced to finance the Civil War and marked the first time Alexander Hamilton’s image appeared on national currency.
US Demand Note from 1861 featuring a portrait of Alexander Hamilton and the statue of Freedom.
This inaugural appearance was on the $5 Demand Note of 1861. Alongside Thomas Crawford’s statue of Freedom, a portrait of Hamilton was featured on the bottom right of the bill. These Demand Notes, issued in denominations of $5, $10, and $20, gained their “greenbacks” nickname from the distinctive green ink used on their reverse side.
Hamilton’s Enduring Presence on US Banknotes
Alexander Hamilton’s image continued to grace various denominations, designs, and series of US currency. Remarkably, he remains featured on the $10 bill to this day. Despite variations in portrait styles over the years, Hamilton has been depicted on a wider range of denominations than any other historical figure since 1861.
Currently, among circulating US banknotes, Hamilton is one of only two non-presidents honored with a portrait. (The other, as you might know, is Benjamin Franklin).
The following banknotes showcase the diverse appearances of Hamilton on US currency, demonstrating variations in size, design, color, and denomination. While these notes share common elements such as a portrait, serial numbers, and Treasury official signatures, it wasn’t until the Series of 1928 that US federal currency became standardized in size and design.
US Legal Tender Note from 1862 with a profile portrait of Alexander Hamilton on the left side.
This $2 Legal Tender note from 1862 is another example featuring a profile portrait of Hamilton.
US Legal Tender Note from 1862 with a profile portrait of Alexander Hamilton on the left side.
A $20 Legal Tender note from 1878 presents Hamilton on the left, juxtaposed with Victory, holding her shield and sword, on the right.
US ,000 Gold Certificate from 1882 featuring Alexander Hamilton and distinct orange backing.
This $1,000 Gold Certificate from 1882, with Hamilton on the right side, is distinguished by its orange back. This color signified that the note could be redeemed for gold coin. Unlike greenbacks, gold certificates offered this direct link to gold reserves.
US ,000 Gold Certificate from 1882 featuring Alexander Hamilton and distinct orange backing.
A $1,000 Federal Reserve Note issued in 1918. Federal Reserve Notes were authorized by the Federal Reserve Act of 1913 and remain the standard banknotes used in the United States today.
The Series of 1928 banknotes, introduced in 1929, brought uniformity to US currency. All notes became the same size and adopted similar design elements. Since then, the $10 note has consistently featured Alexander Hamilton as its sole portrait.
Hamilton’s Place Secured on the $10 Bill
In 2015, a proposal by Secretary of the Treasury Jacob Lew to redesign the $10 note, potentially replacing Alexander Hamilton with a historic American woman, sparked considerable public debate. This announcement ignited passionate responses, particularly from Hamilton enthusiasts who advocated for maintaining his presence on the banknote.
Following extensive public feedback, Secretary Lew announced that Hamilton would remain on the $10 bill, securing his prominent place on US currency. The Treasury then pursued alternative avenues for honoring a woman on US paper money.
This decision ensures that Hamilton’s narrative will continue to be told through US currency for generations to come, reminding us of his foundational contributions to the nation’s financial system. And in case you were still wondering, the other non-president currently on US currency is indeed Benjamin Franklin.
