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 to the 17th century, and with it, a long tradition of featuring notable figures on its bills. The $100 bill, in particular, has a fascinating story behind it.
When you withdraw funds, the biggest bill you'll see is likely $100 — not one of these rare bills. This is because the $100 bill is the largest note currently produced by the U.S. Department of the Treasury. You're also likely aware of the fact that former U.S. President Benjamin Franklin adorns the front of the bill. But why was he chosen, and what does he represent?
Franklin was a polymath and one of America's Founding Fathers. He was a scientist, inventor, writer, and diplomat, among other things. He was also a signer of both the Declaration of Independence and the Constitution. Franklin's inclusion on the $100 bill is a nod to his many contributions to American society and his status as a founding figure of the nation.
But interestingly, the $100 bill starring Benjamin Franklin is one of only two bills not to picture a president. The other is the $10 bill, which features Alexander Hamilton. This is significant because all other U.S. currency denominations feature a former president. It's a testament to Franklin's influence and legacy that he was chosen to grace the $100 bill over any of America's past leaders.
An authentic $100 bill will not only show former U.S. President Benjamin Franklin's face, but also have a colored strip that indicates its denomination. The strip changes color from copper to green when the bill is tilted, which is one of the measures in place to prevent counterfeiting.
But the $100 bill's significance goes beyond its design and anti-counterfeiting measures. Lawrence H. Summers, the Charles W. Eliot university professor at Harvard, is a former treasury secretary and director of the National Economic Council. In 2016, he wrote an op-ed for The Washington Post arguing that the U.S. should consider retiring the $100 bill altogether.
Summers's reasoning was that the $100 bill is primarily used for illicit activities such as drug trafficking and money laundering. He cited research showing that the vast majority of $100 bills in circulation are held outside the U.S., which suggests that they are being used for criminal purposes. Ending the circulation of the $100 bill, Summers argued, would put far more political pressure on Putin over Ukraine than sanctions have.
The issue of the $100 bill's role in illicit activities is a complex one, and not everyone agrees with Summers's argument. Some experts point out that cash is still a vital tool in many parts of the world, particularly in developing nations. Others argue that retiring the $100 bill would not solve the problem of money laundering and could even lead to the creation of more sophisticated means of illicit transactions.
Regardless of where you stand on the issue, it's clear that the $100 bill has a significant role to play in the U.S. economy and beyond. Secretary Deb Haaland recently announced the allocation of $103 million for wildfire risk reduction efforts throughout the country, a reminder of the many ways in which U.S. currency is used to support vital programs and initiatives.
But as we move further into the digital age, the role of cash in our society is changing. Now may be a good time to start moving toward a cashless society by retiring the $100 bill — especially in the age of COVID. Whether or not this happens, the $100 bill will continue to be a symbol of American history, legacy, and influence.
