THE faces on the dollar bills have been a staple for decades - but who exactly is on each one? United States currency has a history that goes back centuries and each bill has a story to tell. In this article, we will explore the history and significance of the $5 bill, including the faces that have graced it over the years.
The $5 bill was first introduced in 1861, during the Civil War, as a way to help fund the war efforts. The original design featured Alexander Hamilton, the first Secretary of the Treasury, on the front and a vignette of a farmer plowing on the back. This design was short-lived, however, as the bill was redesigned in 1869 with a new face on the front: President Abraham Lincoln.
Lincoln's image remained on the $5 bill for over a century, until 2008 when a new design was introduced. The new bill features President Lincoln on the front, as well as the Lincoln Memorial on the back. The updated design also includes several new security features, such as a watermark and color-shifting ink, to prevent counterfeiting.
One interesting fact about the $5 bill is that it is the only U.S. currency denomination that has never featured a woman. This is set to change, however, with the introduction of a new design in 2020. The new bill will feature the image of abolitionist and former slave Harriet Tubman on the front, making her the first woman to ever appear on U.S. currency.
While the $5 bill has undergone several changes over the years, one thing that has remained constant is its role in the economy. The bill has been used to purchase goods and services, pay bills, and even donate to charity. In fact, in 2017, the Federal Reserve estimated that there were over 1.4 billion $5 bills in circulation.
Despite its ubiquity, there are some $5 bills that are considered rare or valuable to collectors. For example, a $5 bill issued by the First National Bank of Fort Myers nearly 100 years ago recently sold at auction for over $23,000. There are also several discontinued or rare denominations, such as the $500, $1,000, $5,000, and $10,000 bills, that are highly sought after by collectors.
In addition to its role in the economy and in collectors' hands, the $5 bill has also been the subject of controversy over the years. In 2016, the U.S. Treasury announced that it would be redesigning the bill to feature Harriet Tubman, a decision that was met with both praise and criticism. Some argued that the change was long overdue and celebrated the recognition of an important historical figure, while others objected to the removal of President Andrew Jackson, who has been on the bill since 1928.
The controversy over the $5 bill is just one example of the ways in which currency can be a reflection of broader political and social issues. From debates over who should be featured on bills to discussions about the role of the federal government in regulating currency, the history of the $5 bill is intertwined with the history of the United States itself.
In conclusion, the $5 bill may be a small denomination, but it has a rich history and a significant role in American society. From its origins as a means of funding the Civil War to its upcoming redesign featuring Harriet Tubman, the $5 bill reflects the changing values and priorities of the United States over time. Whether you're spending it at a local store or collecting rare bills, the $5 note is a fascinating piece of American history.
