A Short
History Of
The
U.S.
One Dollar Bill
In its present design the one dollar bill came off the presses for the first time,
32 bills at a time, during the year 1957.
The dollar bill
pictured above will only buy a dollar's worth of
peanuts -- and in the year of 2014, significantly fewer peanuts can be
bought with it every month or so -- as our government forces inflation to skid to new heights. In just
the last four months the one dollar
bill has lost one third of its peanut
purchasing powers.
In stark
contrast, the dollar bill shown below is a
genuine "SILVER CERTIFICATE". Until Congress vetoed its original purchasing power, If
you found one of these gems it
would have bought an ounce of silver just as easy as walking into any bank in the world and saying, "GIMMEE!"
That's a whole
lot of peanuts!
If we had used 34
of these
silver certificate dollars -- and
bought
a single ounce of gold, then right this minute, we would have $1873.00 to jingle.
The very first version of the one
dollar bill appeared on the American
scene way back in the year of 1862
CE.. It was issued as a Legal
Tender Note
(a
United States Note)
with a portrait of Salmon P. Chase,
who was the brilliant and ambitious
Secretary of the Treasury under
President Abraham Lincoln.
Under his hand, the
first U.S. federal currency that came
to be known as the greenback demand
note, was printed in 1861–1862.
These greenbacks formed the basis for
all of today's paper currency. It was
Chase's responsibility to design the
notes. Perhaps in an effort to help
people recognize him in order to
further his political career, it was
Salmon's face that appeared on a
variety of U.S. paper currency.
Before Franklin Delano Roosevelt introduced the 1935
series, our one dollar bills really
were worth money because they were
backed up three ways: by gold, by
silver and by copper. Today our one
dollar bills are backed up only by
accident.
As you study this history of the
waylaid bill You will see the halls of
history peel away to reveal the dreams
of our nation, tottering towards
extinction, on one side, then soaring
with the eagles on the other.
Back in the old days, when
real money was scarce,
trading WAS accomplished
by a system called
"barter". For
example, a pound of
tobacco was worth a penny
just about anywhere in
America for many decades,
while a hog could be
bought with 50 chickens
one month but cost 75
chickens in the following
month.
"Barter"
has been a medium of
exchange for at least 6
millennium. Shrewd
businessmen would strike
their finest offer, then
say something similar to,
-- "if you throw the
rooster in for boot."
It usually clinched the
sale, but not always.
In the barter system,
"shrewd" people always
held the upper edge.
"Legal Tender" levels the
playing field. "You
said the price was $1 and
that's all you're agunna
git outta me!"
The fascinating tomes
of numismatic history
records that the first
woman to appear on U.S.
currency was none other
than
Martha Washington,
wife of the Nation's first
president, George
Washington. In 1886
Martha was featured on the
obverse side of the
one dollar bill.
(obverse is
the opposite of reverse,
therefore, obverse means
FRONT when we look at or
talk about money).
Martha was not stuck on
one of the cheap imitation
bills like you see today,
either! Her home in
history was on the obverse
side of a genuine
"Silver Certificate"
and therefore it was just
as valuable as real money.
The reverse side of the
note featured a rich,
ornate design which
decorated the entire
scene, if you don't count
the borders.
In 1869
the $1 United States Note was
redesigned with a portrait of
George Washington in the
center and a vignette of
Christopher Columbus sighting
land just to the left of
George. The obverse of the
note featured green and blue
tinting. Although this note is
technically a United States
Note, since the term of "TREASURY
NOTE" appeared on it
instead of UNITED STATES NOTE.
The
reverse was completely
redesigned. This note was also
issued as Series of 1875 and
1878. When the year
of 1880
rolled in the red floral
design around the words ONE
DOLLAR and WASHINGTON D.C. on
the United States Note was
removed and replaced with a
large red seal. Later versions
also had blue serial numbers
and a small seal moved to the
left side of the note.
More changes appeared in the
one dollar bill in the year of
1891. The reverse of the
Series of 1890 Treasury Note
was redesigned because the
treasury felt that it was too
"busy" claiming this would
make it too easy to
counterfeit. If this
idea seems far fetched just
remember that $1 was worth a
whole lot of money back then.
Consequently, more open space
was incorporated into the new
design. However, the
obverse was left pretty much
the way it had been.
The year of
1896 bid
welcome to the famous
"Educational Series" -- a
Silver Certificate. The entire
obverse was covered with
artwork of allegorical figures
representing "history
instructing youth"
In front
of Washington D.C..
The
reverse featured portraits of
George and Martha
Washington surrounded by an
ornate design that covered
almost the entire note.
During this period of U.S.
history, children
on the farm could work an
entire month for $1 back then,
but usually didn't get to keep
it -- as their parents usually
needed it to help feed the
family. So for three
years, the educational bills
did little educating.
And thus
it came to pass that in 1899
the $1 Silver Certificate was
again redesigned. The obverse
featured a vignette of the
United States Capitol nestling
behind a Bald Eagle that was
perched on an American flag.
Below the flag, appeared the
small portraits of Abraham
Lincoln (on the left) and
Ulysses S. Grant on the right.
This bill lasted all the way
up to 1917.
Now we
need to pause again to
remember that in the year of
1913 the United States
reinvented the Personal Income
Tax, and it invented the
Federal Reserve Bank.
Significant changes were thus
destined to be made in U.S.
currency
Now, on
to the year of 1917 again,
when the first glimmerings of
change were being made
manifest. The obverse of
the one dollar United States
Note was changed slightly with
the removal of those
ornamental frames which had
surrounded the serial numbers.
Pretty small changes, huh?
Just wait until you see the
one dollar bill that sprouted
in 1918!
At this
point, the only overblown,
large-sized, Federal
Reserve Note-like $1 bill
was issued as a Federal
Reserve Bank Note (Now,
these are not to be confused
with Federal Reserve Notes.
They came later). Each
note was an obligation of the
issuing Federal Reserve Bank
and could only be redeemed
at that corresponding bank.
The obverse of the note
featured a borderless portrait
of George Washington to the
left -- and wording in the
entire center. The reverse
side of the bill featured a
Bald Eagle in flight. It
was clutching an American
Flag.
In 1923
both the one-dollar United
States Note and the
Silver Certificate were
redesigned. Both notes
featured the same reverse and
an almost identical obverse
with the same border design
and a portrait of George
Washington.
The only
difference between the two
notes was the color of ink
used for the numeral 1 crossed
by the word DOLLAR, treasury
seal, and serial numbers along
with the wording of the
obligations.
These
dollar bills were the first
and only large-size notes with
a standardized design for
different types of notes of
the same denomination; this
same concept would later be
used on small-size notes.
In 1929,
all U.S. currency was changed
to match its current
dimensions. The first
one-dollar bills were issued
as Silver Certificates under
Series of 1928.
The
treasury seal and serial
numbers were dark blue. The
obverse was nearly identical
to the Series of 1923 $1
Silver Certificate, however --
the treasury seal featured
spikes around it and a large
gray ONE replaced the blue "1
DOLLAR".
The
reverse, too, had the same
border design as the Series of
1923 $1 bill, however, the
center featured a large ornate
ONE superimposed by ONE
DOLLAR. These were
appropriately named "Funnybacks"
due to that rather odd-looking
"ONE" on the reverse.
These $1
Silver Certificates were
issued until 1934. In
1933 the Series of 1928 $1
United States Notes were
issued to supplement the
supply of $1 Silver
Certificates.
Its
treasury seal and serial
numbers were red and there was
different wording on the
obverse of the note.
Strangely enough, just one
short month after their
production, it was realized
that there would be no real
need for these notes -- and
production was immediately
halted. Only a small
number of these $1 bills ever
entered official circulation
in the continental United
States -- and the rest were
kept in treasury vaults until
1949 when it is claimed the
rest of them were issued to
U.S. citizens in Puerto Rico.
In 1934,
the design of the $1 Silver
Certificate was changed to
reflect the Silver Purchase
Act of 1934. Under
Washington's portrait, ONE
SILVER DOLLAR was changed to
ONE DOLLAR. The treasury seal
was moved to the right and
superimposed over ONE, and a
blue numeral 1 was added to
the left. The reverse remained
the same.
A year later, in 1935, the
design of the one-dollar bill
was changed again. On the
obverse, the blue numeral 1
was changed to gray and made
smaller, the gray ONE to the
right was removed, the
treasury seal was made smaller
and superimposed by WASHINGTON
D.C., and a stylized ONE
DOLLAR was added over the
treasury seal. The reverse was
also changed to its current
design, except for the absence
of IN GOD WE TRUST.
Special
issue $1 Silver Certificates were produced for the Allied
troops in North Africa
World War II brought about
special issues of one-dollar
bills in 1942. Special $1
Silver Certificates were
issued for the islands of
Hawaii, just in case a
Japanese invasion succeeded.
HAWAII was printed vertically
on the left and right side of
the obverse and also
horizontally across the
reverse. The seal and serial
numbers were changed to brown.
Special
Silver Certificates were also
issued as payment for Allied
troops in North Africa about
to begin their assault into
Europe. The only difference on
these one-dollar bills was a
yellow instead of blue seal.
Both of these types of notes
could be declared worthless if
they fell into enemy hands.
The next
change came in 1957 when the
$1 bill became the first piece
of paper U.S. currency to bear
the motto IN GOD WE TRUST;
it was added over the word ONE
on the reverse. Initially the
BEP began printing the motto
on notes which were printed
with the new 32 note press
that printed 32 dollar bills
at a clip. but soon Series of
1935G bills printed on a 16
note press also featured the motto.
The final
production of $1 Silver
Certificates occurred in late
1963. In 1964 the redemption
of Silver Certificates for
silver coin was declared at an
end and in 1968 the redemption
of Silver Certificates for
silver bullion ended
completely.
Production of one-dollar
Federal Reserve Notes was
undertaken in late 1963 to
replace the soon-to-be
obsolete $1 Silver
Certificate. The design on the
reverse remained the same, but
the border design on the
obverse underwent considerable
modification, as the mostly
abstract filigrees were
replaced with designs that
were mostly botanical
in nature.
In
addition, the word "one",
which had appeared eight times
around the border, in small
type, was eliminated. The
serial numbers and treasury
seal were printed in green
ink. This was the first time
the one-dollar bill was
printed as a Federal
Reserve Note.
Though
bill denominations of $5 and
higher have been redesigned
twice since 1995 as part of
ongoing anti-counterfeiting
efforts, however the $1 bill
is no longer worth the effort
to be counterfeited and
therefore,
there are currently no plans
to redesign
it.
Directly beneath the seal is the signature of the Secretary of the
United States Treasury. Just to the left of his (or her) signature
is the series year -- 2001, 1957, etc.
On the left hand side of the bill,
on the bottom, is the signature of the Treasurer of the United
States, who oversees the U.S. Mint and Bureau of Engraving and Printing.
George Washington, Father of His
Country, has his picture in the center of the previous
dollar bill. He
was the First President of our
Republic.
First in War, and First in
Peace, so isn't it only
fitting that he should have
his picture decorating the One
Dollar Bill as if a mere copy
of his picture could protect the value of the dollar?
There are two big 1s in both upper corners. There
are two smaller 1s in both lower corners. The two big numbers
on top are enclosed in different settings. The two smaller numbers
on bottom are enclosed in the same setting.
Directly below the big number 1 on the upper top of the one
dollar bill is a large letter, and a small number. The letter
indicates which row the bill you are looking at was taken from.
The number beside the letter indicates the position of the bill
on that row.
Just above the small one on the right hand side of the one dollar
bill is a very small number and letter combination which tells exactly
which specific plate was used to print this particular bill.
Now we reintroduce the Seal so that you can go directly across
George's picture to the Bank seal on the left hand side in the same
position. You will notice it has a LARGE letter in the center
of the seal. These letters identify the bank that issued the
bill.
- The letter K, for example, indicates that the Federal
Reserve Bank in DALLAS Texas issued the bill.
- The Letter
J identifies the Federal Reserve Bank in Kansas City Missouri.
- If the letter B is there the bill was issued in New York.
- The letter D indicates the Federal Reserve Bank in Cleveland Ohio.
- The letter H indicates the Federal Reserve Bank in St. Louis Missouri.
- E indicates the Federal Reserve Bank in Richmond Virginia, etc..
Now we are ready to look at the SERIAL NUMBERS. There is
one in the lower left hand portion of the one dollar bill, and a
matching number in the upper right hand portion. The letter
which precedes the numbers must be the same number that you saw
identifying the Federal Reserve Bank. J for J. B for
B, and D for D.
The letter which trails after
the numerals in serial number reveals how many times the exact
same serial number has run. The letter A identifies it as
the first run, and the letter Z identifies it as the 26th run
with 32 bills printed on each run. Consequently, there can
only be 832 bills printed with the same numbers.
Interestingly enough, if you read off the serial number and give
a DIFFERENT first letter than the one actually on the bill, the
Treasury Department can tell instantly that you have made a mistake,
or that you have a counterfeit bill in your hands. In the upper left
hand corner -- beside the ROW identifier I mentioned previously,
you will find a NUMBER.
It is rather inconspicuous unless
you are looking for it. This number is yet another identifier
of the issuing bank. The number "2" (for
example) must match the letter
B in the issuing bank's seal. The same number will be found
similarly in close proximity to each of the number 1s in each of
the four corners of the one dollar bill.
When you turn the bill over, you will first
notice that the Supreme Court
has not forced the removal of "IN GOD WE TRUST"
from this currency yet.
Then you will notice two large circles,
one on each side with the word ONE
in the center. Together, both circles comprise an image of both
halves of the Great Seal of
the United States.
The First Continental Congress requested
that Benjamin Franklin and a group of men (including Thomas
Jefferson and John Adams) come up with a Seal. It took four
years and two more committees to accomplish this task and
yet another two years to get it approved.
It wasn't until June 13, 1782 that Charles Thompson, Secretary of Congress, made the final submission. He incorporated elements from all three committees.
If you look at the left-hand circle of the Great Seal,
you will
see a pyramid. This pyramid was not a part of the proposals
for the Great Seal until the third committee, and it was NOT
suggested by either Jefferson, Franklin, or Adams. Charles
Thompson said the pyramid represented "Strength and Duration." Furthermore, Francis Hopkinson,
a literary man of letters, is credited with being the first to use the pyramid on American
money.
Notice the face is lighted, and the western side is dark.
Although there is no "official" explanation for the shading, some have chosen to interpret this as a reflection that our country was just beginning.
We had not even begun to explore the West. Indeed, only a scant few years before this, Virginia's official state boundaries had extended from the Atlantic ocean all the way to the Pacific ocean. Nor had America decided what it could do for Western Civilization once Wampum had been replaced with real money.
On The Front
A special blend of ink is used in the printing,
the contents of which are known only to our enemies. Next, the
one dollar bills are overprinted with symbols. After the final
printing they are
starched to make them water resistant and pressed to give them that
snappy, crisp look we all love.
If you look on the front of the bill, on
the right hand side, pasted below the superimposed word "ONE" you will
see the United States Treasury Seal. At the top in the center you will
see the scales -- the symbol for a national desire for a
balanced budget and for justice. Just below the scales
there is a chevron with thirteen stars. Underneath the chevron, and still inside the Seal, is
a key, symbol of the authority of the United States and its Treasury.
20 dollars would buy an ounce of gold.
By the end of the Civil War it took 40 --
And you had to walk a long ways to find a bank
that would honor your patriotic request. Today you'll need
$1837.97 to buy an ounce. Of course, one ounce could cover an acre of prime real estate -- if
you pound it thin enough.
As
a revolutionary American creation, the Great Seal is supposed to be a unique
combination
of natural elements (eagle, olive branch, stars, cloud, light rays,
eye)
and universal symbols (pyramid, arrows, shield).
Actually, symbols are fairly wishy-washy substances.
The Masons Are Coming!
Why were there so many Masons involved in the
Revolutionary War?
Because one of the most important premises of Masonry was
FREEDOM. You talk freedom and people that favor freedom might well be
tempted to join. Those with greater intelligence (in any free organization)
will rise to the top – provided they espouse the aspirations of the
organization.
Masons,
at least during the beginning of our country, were
for generating more freedom, more intelligence, and more stability within
the community. It is only natural that both Franklin and Washington would be
attracted to an organization that offered opportunities to discuss these
principles in safety.
Being a Mason back then held great doors of
opportunity open for discussion of scientific advancement. When
Franklin laid his kite down he had only to write to some of his Mason
friends in France and England to have his findings discussed among Masonic
Lodge members, many of whom were influential in scientific spheres. Before
long, Franklin was famous.
When Franklin was sent to France as part of
the Diplomatic Corps of the evil and illegal American Rebellion that
insisted kings could be defied, he did not land in Paris, but much to the
south. Franklin knew that if one would be seen as great then one must be
properly announced. Franklin wanted to insure he would be favorably
announced in Paris, rather than to receive ACCIDENTAL press reviews by
uninformed reporters and rumor mongers.
Therefore, he began sending missives directly
to his Masonic friends only incidentally influential in the French Court
circles. This gave the Court time to formulate a welcome for this American
Ambassador that would be separate from his official persona and therefore
would not break the French King's treaty with Britain and
thus start a war.
As part of the Colonial Ambassador Corps of
illegal revolutionaries Franklin was no more effective than the other
members had been and continued to be. But, with a scientific reputation
jazzed up and built up for him in the circle of influential Court Circle
members, DOCTOR Franklin was able to move through massive oak doors and talk
freely behind those closed doors with important figures.
Secret shipments of
Money, cannon, rifles and ammunition were soon being routed through secret
routes to the American shoreline where competent, professional smugglers
could assimilate these precious commodities into use by the Colonial Cause.
Therefore, Yes. BECAUSE Americans who were
Masons used that affiliation to further the cause of freedom, Masons were
there in the building of America, in force.
Are some of these hidden symbols on the one
dollar bill really (gasp) Mason symbols? The real answer to that question is NO.
But, rephrase the question SLIGHTLY
and the real answer will be YES!
George Washington was a Mason. Benjamin Franklin was also a Mason.
The Pyramid is un-capped, This is supposed to signify that we were not even close to being finished in the building of our Republic.
Inside the capstone you have the all-seeing eye, said to be an ancient symbol for divinity. It was Ben Franklin's belief that one man couldn't do it alone, but a group of men, with the help of God, could do anything. His committee wanted the seal to include some symbol of divine providence and he discussed a variety of themes -- including the Children of Israel in the Wilderness. Then again, wise old Ben is also credited with wanting the wild turkey (unique to America) to be the overall symbol of the United States, not the eagle.
Of course, wise old Ben is also credited with starting the rumor that he was only joking, and that does make more sense.
Charles Thomson, the Secretary of the Continental Congress wanted a symbol that soared. The American Bald Eagle was selected as a symbol with the power to bridge heaven and earth in victory: The eagle is not afraid of a storm; he is strong, and he is smart enough to soar above it. The real question is, what does he want to see, from up there above the storm?
The stars are far beyond his reach.
Everything an eagle might want to notice
is down there, below the storm.
The Latin above the pyramid,
ANNUIT COEPTIS,
is supposed to mean: "God has favored our undertaking."
The Latin below the pyramid,
NOVUS ORDO
SECLORUM, means, "a new order for the ages."
Franklin D. Roosevelt wanted to change the meaning slightly to
"a new order has begun," wanting to connect that
inscription with the building of a "New
Deal".
At the base of the pyramid is the Roman Numerals symbol for 1776.
If you look at the right-hand circle, and check it carefully,
you will notice that it is reproduced on every National Cemetery in the United
States. It is also on the Parade of Flags Walkway at the Bushnell,
Florida National Cemetery, and it is the centerpiece of most monuments
for the heroes of our nation.
Only slightly modified, it is recognizable as the seal of the President of the
United States, and it is always visible whenever s/he speaks.
Also, notice the
shield is unsupported.
This United States has
fought the war for
Independence and has
now earned the right
to print its own money. At the top of that shield you have a white bar
signifying the acts of Congress.
The United States is
still the only country
that ever was formed
for the express
purpose of
guaranteeing the right
to promote his own
business to every
citizen. By giving man
the right tools to
build up his own
business Congress was
the benefactor of
every citizen. In the Eagle's beak is a ribbon on which you will read
the words: "E
PLURIBUS UNUM", meaning, "Out of many, one".
Above the Eagle, you have thirteen stars, representing the thirteen
original colonies that
struggled for
Independence and the
right to human
dignity. The
stars can be seen
because any clouds of misunderstanding
were rolling away.
These symbols are
taken from the
American flag where, officially, the red represents
hardiness and valor, the white represents purity and innocence,
and the blue, vigilance, perseverance, and justice.
It is important to notice what the Eagle holds in his talons.
In one he holds an olive
branch and the other holds arrows. The olive branch has consistently remained a symbol for offering peace ever since a man named Noah discovered how to make his boat float. The arrows have been symbols for war for almost as long.
Slap these two symbols together and it was meant to suggest we might want peace, but we will never be
afraid to fight in order to preserve peace
for ourselves and our
trading partners. Consequently, the Eagle always wants to face
the olive branch, but in time of war, his gaze is riveted toward the
arrows.
"Legal Tender" is anything which -- when offered in payment --
extinguishes the debt it is being applied to. Therefore, personal checks, credit
cards, debit cards, and similar non-cash methods of payment are not usually
considered to be "legal tender". The law does not relieve the debt obligation until payment is accepted. Certain coins and
banknotes are usually defined by law as "legal tender" while anything else,
including eggs and chickens, may be legally refused by the receiving party.
Occasionally, not even extra clams will take the place of legal tender in purchasing the meal.
The
Federal Reserve claims the
average life of a $1 bill in
circulation is 5.9 years
before it must be replaced
because of wear.
Approximately 42% of all U.S.
currency produced in 2009 were
one-dollar bills.
The
inclusion of the motto, "In
God We Trust," on all currency
was required by law in 1955,
and first appeared on paper
money in 1957.
Until recently our American dollar bills
were known as PAPER MONEY.
Have you ever sent your money wandering through the washing
machine on an accident and noticed it did
not come to pieces like you
would expect paper to do?
Almost any kind of paper you can buy gets wet and soggy in a sudden storm. Dollar bills
may get wet too, but they don't get soggy,
nor do they stick together
easily. That's because dollar
bills are manufactured from a cotton and linen blend
material, with minute silk fibers of red,
white and blue weaved through it.
Consequently, ironing will
straighten them right out.
If you sprinkle on some starch
your greenbacks will snap back as
crisp as a brand new dollar
bill.
We have
been taught to call our money
GREENBACKS because of the
slight tint on the back side.
But, maybe we should
begin calling our dollar bills
"Canvas Backs!" That
would be especially appropriate since
-- like wild ducks -- they leave
our hands so quickly and fly away.
The Lucky Symbol 13
There is almost a worldwide belief that the number 13 is an unlucky number. This symbol is so hearty you will seldom see a room numbered 13, or any hotels or motels with a 13th floor. But think about the thirteens we have associated with our country's origins:
- 13 original colonies,
- 13 signers of the Declaration of Independence,
- 13 stripes on our flag,
- The final version of the Great Seal was submitted on the thirteenth of June
- There are 13 steps on the Pyramid,
- 13 letters in the Latin above,
- 13 letters in "E Pluribus Unum",
- 13 stars above the Eagle,
- 13 bars on that shield,
- 13 leaves on the olive branch,
- 13 fruits, and if you look closely, 13 arrows.
- And, for minorities: the 13th Amendment.
- Okay this is stretching things a little bit, but, there are 13 steps up to the gallows where justice is promptly served.
Naturally, you will now want to investigate some of The Great Quotations America has bequeathed to the world.
