An Arizona lawmaker’s proposal has recently stirred controversy and debate. Rep. Paul Gosar introduced the Treasury Reserve Unveiling Memorable Portrait (TRUMP) Act, featuring former President Donald Trump ’s face on a $500 bill. The timing of this proposal is specifically striking, coming just days after his guilty verdict in the New York hush criminal trial.
The act would break a long-standing tradition, a 150-year-old federal law that prohibits living persons from being featured on U.S. currency. The Federal Reserve Bank of San Francisco emphasizes, “To avoid the appearance of a monarchy, it was a long-standing tradition to only feature portraits of deceased individuals on currency and coin. That tradition became law with an 1866 Act of Congress.”
Even President George Washington declined to have his portrait on the silver dollar while he was alive. The Atlanta Journal-Constitution explained, “Our Founding Fathers believed it was unpatriotic for living people’s likenesses to be placed on money in circulation.”
However, there have been exceptions, such as when President Calvin Coolidge appeared on a commemorative half-dollar minted for the 150th anniversary of American independence. As per Fox News , Goasar argued, “As Bidenflation continues to devalue our currency, the issuance of $500 bills featuring President Trump by the Treasury offers several practical advantages. First, larger-value currency will empower Americans with the freedom of more tangible options to save and exchange goods and services.
Additionally, the absence of large-denomination currency issued by the Treasury encourages Americans to rely on digital banking, which faces greater vulnerability to surveillance and censorship.”
Paul Gosar is a world class fool. His latest idea is illegal as there is a law preventing it and incredibly stupid. Just who is going to have use for a $500 bill to begin with? Let alone one with Trumps mugshot on it. https://t.co/NkYsSr3Kyk
— Gene J 💔 (@genej101) June 7, 2024
He added, “Furthermore, from a collector’s perspective, these $500 Trump bills will become highly sought after, generating revenue for the government through increased demand for numismatic items. Collectors often covet currency with unique designs and historical significance and bills featuring the very popular 45th President will attract considerable attention from collectors. This will no doubt create a market for the $500 Trump bills far beyond their face value and increase the seigniorage earnings of the government, thus increasing overall revenues,” HuffPost reported.
#ItsACult https://t.co/ncQFZsRTUg
— Kara B (@BrociousKara) June 7, 2024
The U.S. government discontinued printing large bills— $500, $1,000, $5,000, and $10,000 notes— in 1945 and officially discontinued them in 1969. Reintroducing such a bill would not only require legislative approval but also a prominent shift in federal policy. Gosar’s bill is unlikely to gain traction in Congress . It appears to be another attempt by Gosar to curry favor with Trump, who he has staunchly defended. While Trump has yet to comment on the bill, it has drawn criticism and ridicule from various quarters.
Arizona Republic columnist, EJ Montini, remarked, “I’m not sure that such a thing offers ‘several practical advantages.’ But it does afford us one. It provides irrefutable proof that for some individuals — Gosar among them — Donald Trump is a cult.”