After having a commemorative coin struck in his honor, renaming numerous buildings after himself (including the Palm Beach airport in Florida), the American president is taking a new step in what appears to be the establishment of a cult of personality. Donald Trump will now affix his signature to American banknotes.
This decision, endorsed by the Treasury on Thursday, March 26, disrupts the iconic tradition of the dollar, the world’s most powerful currency. This is an unprecedented act. Until now, no signature of an American leader has ever appeared on the green bills.
Since 1861, the only signature printed on paper dollars was that of the Secretary of the Treasury (equivalent to the Minister of Finance). An administrative mark to indicate that the bill was issued by the federal government. This signature also entails the personal responsibility of the American Treasury representative, who promises that the bill is worth its face value.
Distinguish from monarchies
The Trump signature will mark a symbolic break. “There is no more powerful way to recognize the historic accomplishments of our great country and President Donald Trump than with dollar bills bearing his name,” justified Finance Minister Scott Bessent.
No living president has dared to put his mark on this national symbol. When the dollar became the national currency following the Declaration of Independence (1776), the United States, a young republic, did not want to feature a living president on coins or bills. This was to distinguish themselves from European monarchies, which minted their currency with the effigies of kings and queens.
Initially, American bills, issued in several private banks, had diverse appearances. They mainly showed allegorical figures (liberty, justice), national symbols (eagle, shield), and sometimes historical or agricultural scenes.
During the Civil War, faced with a major financial crisis, the federal government began issuing a uniform national currency, called “greenbacks” for their green color, to finance the war effort and unify the monetary system. Some bills featured real people for the first time, like Salmon P. Chase, Secretary of the Treasury. This case remains unique, as it is the only example of a sitting man choosing to feature his effigy on currency. However, Salmon P. Chase was not president, and his face on the bills could have had the same function as the current Treasury Secretary’s signature.
Historical figures honored posthumously
In 1869, Abraham Lincoln became the first president (1861-1865) to be featured posthumously on American bills. He was chosen for his heroic role in preserving the Union. Others would follow.
The official gallery of national heroes worthy of appearing on currency was established in 1929, as part of a large reform to unify the currency. A unique design was set for each bill: George Washington on the $1 bills, Abraham Lincoln on the $5 bills, Benjamin Franklin on the $100 bills, and so on. The chosen personalities were carefully selected because they were widely recognized by the public and represented key moments in American history.
Conclusion
The appearance of American banknotes had not undergone major changes since then. Ten years ago, a petition with 600,000 signatures proposed introducing Harriet Tubman, an African-American heroine in the fight against slavery, on the $20 bills. The project, approved under Obama, was halted by Donald Trump in his first term.
As for the current White House occupant’s signature, it will appear on the $100 bills printed from June onwards. The Treasury indicated that it will then be extended to other denominations.
