To call Abe Lincoln a humble man would be a massive understatement. He was beyond self-effacing. Though ascending to the presidency, Abe referred to himself as “ungainly” and “plain-looking.” Once captured by the new-ish medium of photography, Lincoln remarked to the photographer, “That picture gives a very fair representation of my homely face.”
In 1862, during Lincoln’s term in office, fresh paper currency was nationally introduced to the United States. This new form of banknote replaced those previously issued by private banks. Many of those banks had gone out-of-business making their very official looking currency worthless and leaving customers holding the bag. Hence the need for reliable government-backed currency....
Contrary to Lincoln’s modesty, one of those first banknotes featured his portrait in the upper left corner. Its inclusion was invariably the work of a zealous supporter – not Lincoln himself. Abe’s portrait was soon removed from the paper money and replaced with allegorical images of Lady Liberty and/or other previous government luminaries.
The public response to showing any living person on currency was swift, strong and negative. The final straw came after Treasury officer Spencer Clark included his own portrait on a note. The outcry forced Congress to enact an 1866 law prohibiting any living person from appearing on US currency.
Since then, we’ve enjoyed over a century and a half of banknotes showcasing founding fathers George Washington, Thomas Jefferson, Alexander Hamilton, Ben Franklin and James Madison. Mixed in are notes depicting Ulysses Grant, William McKinley, Woodrow Wilson, Salmon Chase, Grover Cleveland and, of course, Abe on the familiar five spot.
Fast forward to today – 2025. Multiple eyebrows were recently raised when, despite the 1866 law, two US congressmen submitted separate bills to the House (I swear, I’m not making this up) proposing President Donald Trump’s image appear on current, circulating US paper money.
First, Congressman Brandon Gill (R-Texas) has proposed the image of Ben Franklin be replaced on our $100 bill with that of Donald Trump. Despite the fact that such a bill is legislatively illegal, Gill cites Trump’s accomplishments including international trade relations, securing the southern border and the creation of energy independence.
Concurrently, fellow Congressman Joe Wilson (R-South Carolina) has gone that one better. He is tipping his hat and that of President Trump to our pending 250th anniversary. In honor of the looming 2026 semiquincentennial of the founding of the United States, Rep. Wilson has proposed a brand new US $250 denomination note featuring the color portrait of Donald Trump.
While overtones of April’s Fools might seem to loom, neither of these bills are jokes. Wilson has been quoted as saying, "Bidenflation has destroyed the economy forcing American families to carry more cash. (A) most valuable bill for a most valuable President!"
I have a long-standing rule to never take political sides in this column. I would go so far as to classify myself as a died-in-the-wool, unwavering independent. That being said, especially considering the laws on the books, I’m amazed.
There’s also a little matter of understanding how slowly wheels turn in Washington. While it may be possible to rush a new postage stamp through the process, it just doesn’t happen with currency. Case in point, our $20 bill. For close to a decade, it has been proposed Andrew Jackson be replaced with an image of Harriet Tubman. We’re waiting. To date, it’s still only talk.
As for our 250th anniversary, I’ll concede this is a big one. Seriously. Still, imagine if, in 1976, legislators got together to override the currency image law and had put Gerald Ford’s portrait (president at the time) on our paper money. Even with the bi-centennial craziness, whether Republican or Democrat, I can’t envision anyone embracing that.
For several decades, companies have tried to lure collectors with both coins and currency that have had images replaced with everyone from Elvis to Neil Armstrong. So too with Mr. Trump. Those bills are legal because, technically, they aren’t defacing currency. Rather, they are merely applying a sticker atop legal tender. Such items are colorful and amusing. However, none have ever increased in value over their original cost or face value.
Any proposals to replace our current $100 note or issue a new $250 bill are, while interesting, so remote that no collector should anticipate anything of the sort. Truth be told, everyone, no matter their political affiliation, should take a tip from Ben Franklin – still prominent on our $100 bill. Ben said, “Money never made a man happy yet, nor will it.” Sage advice from 250 years ago.
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