Pre-conceived notions of US founding fathers suggest they were rich, old, slave-owning white men wearing wigs. Much of that may be due to deep-rooted representations and formal portraits such as those on our currency. Reality could be a bit different.
Yes, they were white. Given the 1776 demographic US profile, that makes sense. In formal settings, some did wear wigs like their British forebears.
As for slave-owning, though slavery was the global norm in the 1700s, the vast majority of founders did not own slaves and most were opposed to the institution. Very few were pro-slavery. Conversely, hundreds of their ascribed writings were anti-slavery....
Yes, some founders, such as George Washington and Thomas Jefferson were quite wealthy – from inheritance or marriage. (George married very well.) Others were born or died poor. Ben Franklin was the 15th child of 17, born to a lowly soap and candle maker. He barely attended school. It was his drive and ingenuity that made him a celebrated writer, printer and inventor catapulting him to wealth. Others were lawyers, landowners, tobacco farmers or merchants.
As for their ages, brace yourself. Most of those “old” guys were actually youngsters. Of founders James Monroe (18), John Marshall (20), Aaron Burr (20), only Alexander Hamilton (21) would be the of legal drinking age today. (Hamilton also died destitute and heavily in debt.) Thomas Jefferson, principal author of our Declaration of Independence, was a mere 33. Today, break out the wheelchairs. The average age in Congress is 58. In the Senate it’s 64.
Again, our most pronounced reference to the early Americans is our paper money. Most prominent would be Washington on the one-dollar bill. Then, probably Hamilton on the ten. Jackson on the twenty was really post-Colonial and Lincoln on the five and Grant on the fifty were both presidential luminaries of the Civil War.
Perhaps most prominent is Ben Franklin. He’s long been on our $100. That bill, by the way, is the most populous and circulated of any US banknote including the one-dollar bill. It’s estimated that 12 billion one-hundred-dollar bills now exist – 80 percent of which are outside the US. That’s due to vast international criminal activity (they covet our “C” notes) and because the U.S. dollar has supplanted local currencies in some unstable economic regions.
Because of all the security measures now incorporated into new $100 bills, each of those notes cost more to produce (8.6-cents) than a one-dollar bill (2.8-cents). We also used to have circulating $500, $1,000, $5,000 and $10,000 notes. They were officially discontinued in 1969.
It’s safe to say there’s a change coming to our currency. As I’ve written, Harriett Tubman is on tap to replace Andrew Jackson on the $20 bill – probably by 2030. I’ll go on record wagering that change will open the floodgates. Maybe not full blast at first. But eventually. Major currency redesigns have happened in other countries. Even here, US paper money has undergone massive design changes since the first ornate “greenback” was introduced in 1862. (It featured a vignette portrait of Salmon Chase. Shortly thereafter a portrait of Martha Washington graced our dollars.)
Just what is to come waits to be seen. Even so, collectors have long focused on what has been. Vintage bills from the 1800s can now, depending on condition, sell for hundreds or even tens of thousands of dollars to collect. In coming years, the currency we have today will also be considered “collectible.”
The Bureau of Engraving and Printing (BEP) currently has a variety of US paper money available to collectors including a few bills that are no longer printed. Many come in special sets. Also of interest are full, uncut sheets of $1, $2, $5, $10, $20, $50 and even $100 bills. The BEP does charge a premium for these. Maybe so, but one of those framed sheets hanging on the wall is an impressive conversation piece.
Some years ago, I had a friend who carried a folded sheet of $5 banknotes with him when he went out to eat. After paying the check, when it came time for the tip, he would pull out a sheet of the $5 bills and cut off some as a tip for the waiter. Needless to say, he was the talk of the restaurant staff.
It’s always interesting to see what bills the BEP has for sale before they become obsolete. To see what’s currently available, log onto the BEP website at: www.BEP.gov.
For more collecting information and advice, log on to: http://prexford.com/.