Did any Living US President Have Their Face on Paper Bill Currency?

The question of a living US President's face appearing on US paper currency is an intriguing one. Historically, there have been no cases where a living president has had their face on a US currency bill or coin. The most recent President to have their face on paper currency was Ulysses S. Grant, who is featured on the $50 bill. As for regular coinage, it was President John F. Kennedy who appeared on the half dollar. In recent years, special one dollar coins were minted with portraits of former US presidents, but none can be produced while the president is still alive.

A Brief History of US Presidents on Currency

Three notable US presidents are prominent on US dollar bills: George Washington, Abraham Lincoln, and Thomas Jefferson. Washington is on the one dollar bill, Lincoln on the five dollar bill, and Jefferson on the two dollar bill. These same presidents, along with Theodore Roosevelt, appear on US coins, albeit on different denominations: Washington on the quarter, Jefferson on the nickel, and Roosevelt on the dime.

Interestingly, Theodore Roosevelt, a prominent figure featured on Mount Rushmore, is not on any US bills or coins. This absence highlights the unique role of Mount Rushmore as a tribute to national leaders rather than currency representation.

The Greenbacks of the Civil War

During the Civil War, the United States faced the critical need for borrowing money to fund the war efforts. However, gold and silver coins were the primary medium of exchange at the time, forcing the US to approach banks for loans. The interest rates were steep, ranging from 12% to 36%, depending on the amount borrowed.

Americans had previously become wary of paper currency due to its misuse during the American War of Independence, where the Continental dollar quickly depreciated because of fraudulent printing and lack of trust. To circumvent this issue, the US government began issuing so-called "greenbacks," named after their green color on the back side, which were redeemable for par value with gold. Initially, one million dollars in these new greenbacks were printed.

However, many places were skeptical about accepting the greenbacks, and those that did often discounted them. The war was incredibly costly, and additional greenbacks were printed, with the value of these notes fluctuating wildly, dependent largely on the progress of the war. At the worst point, one hundred dollars in greenbacks was worth only 152 dollars in gold. A notable period of relative stability occurred after the victories at Gettysburg and Vicksburg, with greenbacks becoming worth 131 dollars in gold.

The lowest point in the value of greenbacks was during the spring of 1864, when General Grant was facing difficult battles in Richmond, and the value of greenbacks hit 258 dollars per hundred dollars in gold. After Lee's surrendered, the greenback recovered, initially to around 150 dollars per hundred dollars in gold, eventually reaching par value with gold by 1878.

This period of greenbacks represents an interesting chapter in US monetary history, where paper currency was a key tool in financing the Civil War and a necessary currency during a time when gold and silver coins were in short supply.

Conclusion

This unique chapter of US history shows how currency was used during the Civil War to finance the conflict, and how it evolved from unstable greenbacks to par value with gold. It serves as a reminder of the challenges faced during wartime and the importance of trust in financial systems.