If you’re at work today, you should be ashamed. Today is a hallowed day and we should celebrate it as… oh I’m just kidding. Technically the holiday exists to celebrate George Washington’s birthday, but thanks to some douche-bag politicians and American advertising, we now celebrate “President’s Day”.

I thought this would be a good time to look back on the honored presidents, and talk the currencies they adorn.

$1 Bill:

George Washington was America’s first president, and we honor his service by stamping his face on the $1 bill and the quarter. 41% of all printed bills are $1, and they last on average 21 months before they need to be replaced. The $1 bill was first issued in 1862, but it wasn’t until seven years later that Washington was added to it.

Though the quarter dollar has been in circulation for over 200 years now, the Washington Quarter was not introduced until 1932.

$5 Bill:

The next step up the currency ladder is the $5 bill, which has the mug shot of Abraham Lincoln on it. 9% of currency printing is dedicated to the $5 bill, and it lives for about 19 months in our economy before we wear it down. Alexander Hamilton and Andrew Jackson have previously called the $5 home, but Lincoln took over that role in 1923 Lincoln is also on the penny, which I’m not sure is an honor or an insult.

$10 Bill:

The first on our list to not actually be a president, Alexander Hamilton was a founding father and the nation’s first Secretary of the Treasury. Credit him for saving America’s economy, by assuming the debt of the states after the war, America’s first bailout. The $10 bill was started as a demand note (as was the $5 and $20), which was the government’s first attempt to use a currency backed by gold. Skeptical citizens soon figured out it was as good as gold and started to use it as such.

$20 Bill:

The ATM’s almost exclusive bill of choice rocks the narrow face of Andrew Jackson, our nation’s 7^th president. Jackson deserves this spot for helping Americans get involved in politics. Jackson can be considered the father of the modern democratic party. 22% of currency production is allocated to the $20, as it is the second most common bill in circulation after the $1. It has featured a number of different people in the past, including George Washington. If there is a bill that will get a new face in the near future, my money is on this one.

$50 Bill:

This bill started as a three-year loan. You bought the $50 and it paid one penny in interest every day for three years. Ulysses S. Grant, civil war hero and case study on how NOT to handle a depression graces the paper so few of us ever see. The $50 was used liberally during the Great Depression to pump money into the economy.

$100 Bill:

Hip-hop’s favorite bill is the Benjamin. As Puff-Daddy once said, “It’s all about the Benjamins”. I can only disagree on the basis of preferring to have all of my Benjamins in a bank account, but the desire to accumulate money is noted. The $100 bill first moved around as a government loan, the way a Treasury Note might be auctioned today. The first rate of return on them was 7.3%, a rate many of us would be glad to have today. Appropriately, one of the bill’s nicknames is “C-note,” though I doubt the originator of the nickname was aware of the bill’s history.

So we’ve covered the basics, and since it is a vacation day for us bank employees, we’ll leave it at basics. I will depart with some other interesting facts about our nation’s currency:

• There is a $2 bill, it features Thomas Jefferson. It is currently in production, but represents less than 1% of it. Many people think they are rare, and hold them thinking they’re worth more than $2. They are not rare, nor worth more than $2.
• Bills also exist in $500, $1,000, $5,000, $10,000, and $100,000 denominations. If you can find one of these they are still technically legal tender. Their rarity makes them worth more than face value though. They were last produced in the 1940s, and used primarily in large bank transactions. E-commerce has made this unnecessary today. Nixon used an executive order to make sure they would no longer be made, an effort to fight organized crime.

• The term “buck” is assumed to have come from colonial fur trade.
• The term “greenback” was applied to the demand notes mentioned above the back was in fact, very green. The name now applies to American currency in general.
• The origin of the $ is unknown. Best guesses point to early days of trading from British North America and Mexico.
• The US Mint has pushed coins (remember the gold $1 coin?) because they have a longer life of circulation, making their expense much cheaper than paper money.
• The paper used for dollar bills is not actually paper. It’s 75% cotton.
• Martha Washington is the only woman to ever be on paper currency in the US. No pressure Michelle.
• The ultimate decision of whom should grace the currency lies on the Secretary of the Treasury, unless otherwise specified by an act of Congress.

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By The Weakonomist

The Weakonomist is the founder of Weakonomics. Clicking the picture of the puppy will tell you more about him. If you like what you're reading consider subscribing to the blog, following him on Twitter, and checking out the related posts below. Please consider a donation if you really enjoy Weakonomics. Also keep in mind that nothing I say can be construed as financial advice.

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