Four Chances For Someone Different (or Dead) on U.S. Money

hi I'm Dan and welcome to Polar currency in video number 13 and my second of the sub series what if as a history wonk I think a good what if scenario is who could have been on U.S currency if you've been watching my channel I may have mentioned once or twice that the faces on U.S currency have not changed since the summer of 29 when the new small size notes were released into circulation this video will explore the what if someone else became part of U.S paper currency history first off a little back story I know you're all shocked but you also might need a whiteboard when the new reduced series 1928 small size notes came out the U.S treasury decided to basically keep the same faces of the previous large size notes but with a game of denominational musical chairs Andrew Jackson had the most indirect path Jackson was on the series 1907 five dollar legal tender note that was last issued between October 1927 and May 1928. at the same time his portrait was also on the 10 series 1914 Federal Reserve note that could have been issued as late as May of 1928 but Jackson got a promotion moving up to the series 1928 20 Federal Reserve Note and gold certificate Jackson's promotion bumped Grover Cleveland off the series 1914 20 Federal Reserve Note giving Cleveland a big raise to the series 1928 one thousand dollar Federal Reserve Note and gold certificates Cleveland's promotion was Alexander Hamilton's demotion tumbling him off the series 1918 one thousand dollar Federal Reserve Note to the series 1928 10 Federal Reserve Note and gold certificates vacated by Jackson Ulysses S Grant and Benjamin Franklin kept their places on the 19 2850 and 100 Federal Reserve Note and gold certificates although Franklin bumped Thomas Hart Benton off the series 1922 100 gold certificate and you know what not one person at the time noticed or cared in the middle of it all William McKinley was quietly promoted from the series 1902 10 National banknote to the series 1928 500 Federal Reserve Note and gold certificates kicking former supreme court Chief Justice John Marshall off the 1918 500 Federal Reserve Note James Madison kept his place on the five thousand dollar Federal Reserve Note and gold certificate Sam and P Chase maintained his position on the ten thousand dollar Federal Reserve Note but bumped Jackson Off the series Nineteen Hundred ten thousand dollar gold certificate to appear on the new small size series 1928 gold certificate okay has everyone got that I told you you might need a whiteboard you should be asking Dan what is your point my point is there was a lot of transition with faces when the currency was reduced in size with the series 1928 and this was nothing new since the beginning of the U.S treasury issuing paper currency in 1861 there has almost been 50 named individuals that have appeared on the front and or backs of U.S banknotes we learned in my video phase of currency that there is only the 1866 legislation that regulates who is on U.S currency and that you have to be dead there only appears to be guidelines that the person must be historically important popular and very recognizable by the public but as you should know by now the ultimate decision is up to the Secretary of the Treasury it also happens to help that if a person dies at the right time meaning close to a currency design change there have been four times in almost the last century when there has been the death of a popular person and a currency design change providing the opportunity to play someone new on U.S currency but the characters were cast for The Series in 1928 and no I'm still not over the fact that Theodore Roosevelt didn't make the cut I'll never get over it so I'm just gonna move on the first chance for change could have been with the series 1934 Silver certificates and Federal Reserve notes which did have a fairly significant design change over the series 1928 the 30th President of the United States Calvin Coolidge just happened to die in early 1933 at least according to this very respectful headline from the Minneapolis Journal so the timing would have worked for the Bureau of Engraving and printing Coolidge may not have been well known today and ranks in the bottom half of U.S presidents but when he left the White House in 1929 he was very popular Coolidge was elected vice president 1920 and became President when Warren G Harding died in 1923. Coolidge was elected in his own right in 1924 and served as president through the prosperous Roaring 20s with a conservative limited government ideology most likely his popularity would have led him to a second full term in 1928. Coolidge jotted out of running again remarking that 10 years as president would be longer than any other man has had it too long certainly a nod to George Washington's two-term limit precedent you do have to give the man some foresight credit because that whole you know Wall Street crash in 1929 followed by the Great Depression yeah he pretty much just let Herbert Hoover take the beating with coolidge's passing whose spot on currency would he have taken in my opinion the choice could have been Ulysses S Grant the 18th President of the United States the memory of Grant as the hero for the union during the Civil War was fading after five decades removed from a questionable presidency maybe not his fault but questionable nonetheless at the time the main Workhorse for U.S currency larger than five dollars were the Federal Reserve banknotes so my guess would have been the 50 Federal Reserve Note two portraits could have been used Coolidge looking left surrounded by the traditional oval border but this was 1934 when the hundred thousand dollar gold certificate was issued with a borderless Woodrow Wilson portrait so maybe the portrait looking right I happen to think it's coolidge's better side and I do care about these things the next opportunity for a portrait change could have been when all nodes got a design update with the series 1950 in 1953 there were a lot of changes between the last series 1934-35 Federal Reserve notes and silver certificates along with the 1928 legal tender notes the most Visible Changes was that the Treasury seal and Alpha denomination were reduced in size the series here is only displayed once now the serial number font changed and Washington DC was moved above the Treasury seal the legal tender note Treasury seal moved from left to right the silver certificate numeric 5 went from Blue ink to Black Ink and the Federal Reserve notes Federal Reserve seal was redesigned and reduced in size and the legal obligation was changed there were a lot of changes so why not change a portrait my two cents you knew I'd throw this cliche in at some point is that the two dollar legal tender could have been open to a change Jefferson had the nickel who'd replace him though well what very famous recognizable and popular person died within recent memory Franklin Delano Roosevelt the 32nd president of the United States who died in April of 1945. yeah he's on the dime but why does Jefferson as a president get to be on a coin in a banknote along with Franklin Washington and Lincoln I admit Jefferson made a great real estate deal but what else did he do as president FDR is the only President elected to a third and fourth term only 30 percent of all presidents have been elected to a second term not an easy thing to do and he also got re-elected during the Great Depression and a World War there is a very interesting footnote related to FDR are on paper currency in 1948 legislation house resolution 6512 was introduced in Congress by representative Arthur G Klein of New York to authorize an issuance of a three dollar silver certificate bearing the portrait of Franklin D Roosevelt but no action was taken by the treasury Department the resolution was referred to the house committee on Banking and currency and was never heard from again but it shows there was more than conversation about putting FDR on some circulating currency I don't think anyone especially the treasury thought it would be in the form of a three dollar bill FDR wasn't completely left off banknotes and securities the 200 U.S savings bond does bear his portrait thanks and credit go to Lee Loftus for his 2014 article on the Society of paper money collector's Journal the next possibility for a change could have been the series 1966 100 legal tender note I'm completely dreaming here that the treasury would allow a commemorative banknote I know the entire commemorative thing is only for coins but work with me here people from the start the series 1966 100 legal tender note was intended to be a very specific Short Run Stop Gap series to replace all the two and five dollar legal tender notes and removing them from circulation circumventing and 1878 law so why not make the specific banknote a commemorative by placing John F Kennedy on it you could leave Benjamin Franklin on the Federal Reserve Note because the series 1966 legal tender notes weren't printed to be circulated the outpouring of emotions of the country were still very strong for JFK especially with the recently completed Warren Commission at the time and conspiracy theorists let's just let that one go for more information on the full story of the series 1966 100 legal tenor note check out my video legal tender Mysteries with the link below in the description but JFK did get the half dollar coin replacing Benjamin Franklin on the 50 cent piece 10 years early due to guess what special Congressional legislation although this was probably the one time it did make sense the last real opportunity for a portrait change came in 2004. the short run monochrome series were being replaced with the new colorized banknotes well again someone very recognizable and arguably popular recently died in 2004. the 40th President of the United States Ronald Reagan and as it happens there was actual legislation proposing that Reagan B placed on the 10 Bill house resolution 4528 was introduced in June of 2004 by U.S representative J.D Hayworth of Arizona but never received a vote there was also a little bit of talk about putting Reagan on the dime but that was quickly snuffed out by former first lady Nancy Reagan not wanting to displace FDR the idea of Reagan being placed on any currency isn't that much of a reach at that time Alexander Hamilton's Star had faded and few people at the time could even tell you what he did and many thought he was just another dead president this of course was before the award-winning play Hamilton which brought the former founding fathers popularity back there was also conversations at the time to place Martin Luther King on the 10 note certainly a person deserving of such an honor which leads us to today and the question as to when Harriet Tubman may or may not replace Andrew Jackson on the 20 bill this would be the first portrait change in a century remember it was in 2015 when treasury officials originally announced that Alexander Hamilton was to be replaced by a woman on the 10 denomination then in the same year the Broadway play Hamilton just happened to debut and Alexander Hamilton's popularity soared wreaking havoc on the treasury's plan for the 10 Bill causing officials to Pivot to the twenty dollar bill and that's where we stand today wrapping up video number 13 what if who I appreciate your time and if you like what you see please hit that thumbs up button and feel free to leave a comment we'll see in two weeks and thanks for checking in

Channel: Polar Currency

Views: 247

Keywords: Currency, Money, Numismatic, Numismatist, History, Dollar, Bank note, Hobby, Gold, Silver, Unites States, Bureau of Engraving & Printing, U.S.Treasury, Paper Currency, Intaglio Print, Gold Certificate, Silver Certificate, Legal Tender Note, United States Note, Federal Reserve Note, Federal Reserve Bank Note, National Bank Note, Secretary of the Treasury, Currency Collecting, Franklin Delano Roosevelt, Ronald Reagan, Calvin Coolidge, John F. Kennedy, U.S. Presidents, Alexander Hamilton

Id: Qkg06upWTC4

Length: 12min 47sec (767 seconds)

Published: Fri Jun 16 2023