Trump Administration Wants to Put President's Face on $250 Bill
The Trump administration is floating the idea of a $250 bill featuring the face of the president. However, the plan is likely to face a roadblock in Congress. Read on for the details of the proposed currency.
Treasury Department Confirms Plan to Roll Out $250 Bill With Trump's Face
The Treasury Department confirmed that it is preparing mock-up designs for a proposed new $250 bill featuring the face of President Donald Trump. Should the plan come to fruition, it would be the first time in over 150 years that a living person is featured on a piece of currency.
GOP Rep. Joe Wilson is sponsoring the bill that would direct the Treasury to generate $250 bills featuring a portrait of Trump in order to celebrate the 250th anniversary of the country's founding on July 4. But the proposed currency will likely face a significant hurdle in Congress.
U.S. Treasurer Brandon Beach recently gave the Bureau of Engraving and Printing (BEP) mock-up designs for the bill. The printed mock-ups raised alarm at the bureau, as it generally takes many years to generate new pieces of currency. In addition to the actual production process, there are several legal and procedural thresholds that must be met to produce new currency.
The mock-up includes Trump's signature to the left of his portrait, designed by British painter Iain Alexander. The signature of Treasury Secretary Scott Bessent is located to the right. A leaked image shows a stern portrait of Trump along the colors of the American flag, and the “250” logo. The Washington Post reported that the president has approved the design.
While the Trump administration is lobbying for the passage of the currency, it is likely to be met with pushback in Congress. Federal law requires that only deceased individuals can appear on U.S. currency and securities. This law goes back to 1866 when an official with the Treasury attempted to put himself on notes.
Bessent is defending the decision to move forward with the mock-ups. When asked by reporters, Bessent said that the department is preparing in advance for the legislation to pass Congress. He also said that he did not think there was anything inappropriate about putting the president's portrait on the bill, noting that it was a commemorative piece of currency. The agency said that no tax dollars have been used in the design process.
However, critics of the proposal say that Wilson's bill would supersede the 1866 ban on using images of the living on currency. The bill has been in the House Committee on Financial Services for over a year, signaling that it does not have the support needed to pass. At least 60 senators would need to vote for the bill in order to prevent a likely Democratic filibuster.
The BEP said that it will not release the final artwork for the new $250 bill until the legislation makes it off Capitol Hill. In addition, the BEP's own website suggests that the bill would not be produced in time for the nation's birthday, even if it did pass Congress.
The website details that the process of developing a new banknote requires "extensive testing which can take years to successfully complete." The agency also notes that this process is "typically made public six to eight months ahead of time for global public education and cash handler education purposes."
Other Trump Currency in the Works
The proposed $250 bill is not alone in the category of Trump currency. Earlier in the year, the Treasury Department announced that it is going to print Trump's face on a $1 coin in honor of the 250th anniversary of the Declaration of Independence. The agency is also making plans to put Trump's image on a small batch of 24k gold commemorative coins for the 250th anniversary.
The $1 coin includes a side portrait of Trump. Similarly, the commemorative gold coin features a picture snapped by a White House photographer of the president leaning over the Resolute Desk in the Oval Office. Both of these coins were approved by the Commission of Fine Arts, a board made up of Trump allies.
Several Democrats in Congress criticized both coins, alleging that it is in violation of the 1866 law. Supporters of the president say that coins that are simply commemorative are exempt from the ban. The president said that he is allowed to direct the Treasury to make the coins due to a 2020 law that gave a green light for the pressing of 250th anniversary pieces.
The Treasury Department also recently announced plans to print the president's signature on all future paper currency. This will start in June with $100 bills. It will be the first time that the signature of a sitting president will appear on U.S. banknotes. Like the other pieces of currency, Bessent said that the change is in conjunction with the nation's 250th birthday.
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