Any nation’s money says something about that nation. For one, a nation’s currency is broadly linked with its economic policy. As an example, the Polish government redenominated its currency to tame inflation in 1995 by eliminating four zeros, meaning that 10,000 zloty became one zloty overnight. Considering that the central bank of most countries would stash money to take it out of circulation, one might describe the Polish approach as deflation by brute force.
As for money’s physical characteristics, many currencies depict an individual’s portrait. Some countries select living people, others choose deceased historical figures. Presumably, countries seek representatives of the nation embodying admirable traits of its people. The United Kingdom (a wealthy and influential global player, yet one with a colonizing past) has members of the royal family on its notes. Recently, the Bank of England released notes adorned by the reigning king, Charles, to eventually replace those featuring Queen Elizabeth.
U.S. law prohibits living people from appearing on government securities. We opt for former presidents and founding fathers on our notes. Though, over time, the faces on our currency have diversified somewhat. For instance, a Sacajawea dollar was introduced in 2000. The event marked the only time that U.S. money has featured a Native American. Incidentally, Sacajawea’s baby, Jean Baptiste, is the youngest person to appear on U.S. currency.
But bear in mind that Sacagawea was on a dollar coin, meaning that she did not replace Washington on the more frequently used $1 bill. Production of the Sacagawea dollar declined from 2001 until the coin was discontinued in 2008. Was Sacagawea a figurative token on a literal token?
In 2030, Harriet Tubman will replace Andrew Jackson on the front of the $20 bill and Jackson will move to the back. Tubman will be the only slave, first African American and the second woman to grace a U.S. bill. (Martha Washington was the first, in 1886, when she was featured on a $1 silver certificate.)
Perhaps those with decision-making power are giving a nod to the roughly 12% of our population with African heritage. Or perhaps they are acknowledging the 51% of our population identifying as women. But Tubman does much more than check boxes on a diversity, equity and inclusion agenda. Arguably, Harriet Tubman made the most in terms of progress when she was afforded the least in terms of opportunity.
What does our money say about us? Maybe that the U.S. was shaped by visionaries willing to risk their safety and more for the sake of our young nation. If so, then Tubman supremely fits the bill. A suitable placement might not be the $20, but rather the $100 – a bill whose redesign is currently underway.
The $100 is the most widely circulated bill. Evidencing demand, approximately 26% of the Federal Reserve’s most recent annual order for newly printed currency was for $100 bills, compared with a mere 10% for $20 bills.
Plus, the $100 bill has unparalleled cultural significance. It has nicknames, like a “hundie” or a “Benjamin,” referring to its current resident, Benjamin Franklin. Besides that, it feels good to be in possession of a $100 bill. Research shows that college students will save a $100 bill, whereas they will spend five $20 bills. The fact that the $100 is the largest bill regularly printed in the U.S. may account for its perceived value outweighing its stated value.
While saying something with our money, we might articulate a statement of richer substance by avoiding a token. The $100 bill is well-represented in our economy (like African Americans and women in U.S. society) and special (like Tubman).
We can fulfill our legal requirement to use a historical figure and, more eloquently, evidence lessons learned from our history by putting Harriet Tubman on our most valuable bill.
Lacey Donley is an assistant professor of accounting at Fort Lewis College and CPA.
