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Legislation Proposes Trump on $500 Bill

Mockup of Trump $500 Federal Reserve Note. Image: CoinWeek.
Image: CoinWeek.

By CoinWeek News Staff ….
 

On June 5, 2024, Representative Paul Gosar (R-AZ9) introduced H.R.8620, an amendment to the Federal Reserve Act to allow the portrait of former president and now convicted felon Donald J. Trump on the $500 bill. The proposal is the latest in a series of partisan political performances by GOP members of the House of Representatives in the lead up to the fall 2024 general election.

United States currency denominations of amounts higher than $100 have not been printed since 1945, and have been out of general circulation since 1969, according to information posted on the Bureau of Engraving and Printing’s (BEP) website.

While a case could be made in support of the reissue of high denomination currency notes, lawmakers and the United States Treasury Department have demonstrated an increasing hostility towards untraceable financial transactions and have initiated a series of reporting requirements to combat money laundering, organized crime, terrorism, and underreporting of personal income. The counterfeiting of high denomination notes also poses a significant risk to the American financial system.

Referred to the House Committee on Financial Services the same day as its introduction, no further action has been taken on the bill in the weeks since. It is unlikely that Trump will appear on a new $500 note or any other denomination.

Meanwhile, work on the Harriet Tubman $20 Federal Reserve Note, as far as is known, has not resumed after the announced redesign was canceled in the opening months of the Trump Administration. President Joe Biden had committed to its resumption early in his Administration.

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CoinWeek
CoinWeek
Coinweek is the top independent online media source for rare coin and currency news, with analysis and information contributed by leading experts across the numismatic spectrum.

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1 COMMENT

  1. If Donald Duck is put on a 500 dollar bill I will stop collecting coins & notes! I have 43 years in this great hobby, a life member of the ANA. He should not be allowed to even run for President. I can’t say what I want to on paper about this piece of —- I think you get the idea. I have never writen in to you about anything in the pass, but when I saw this I nearly got sick.

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