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Friday, 4 June 2010
All about the Benjamins

UPDATE 5/6: Stay tuned for a feature-length version of this post in an upcoming issue of Patriots of the American Revolution magazine.

Even if you’re not a student of the Founding Fathers, chances are they are always with you. From George Washington, to Thomas Jefferson and Alexander Hamilton, their faces are more than likely tucked away in your wallet, printed on our nation’s currency. Most American monies feature former presidents, but two dollar bills, the $10 and $100, depict non-presidents who made an equal impact the nation’s history.

The one-hundred-dollar bill features the country’s most treasured statesman Benjamin Franklin. Perhaps no other American’s portrait is more deserving of this honor as the immense list of contributions that he left us with would fill a small library (another one of his ideas). Franklin’s was the first bill to feature a non-commander-and-chief and it is commonly referred to in slang as a “Benjamin.” According to the Bureau of Engraving and Printing at the U.S. Department of the Treasury, the average life of a $100 bill in circulation is 89 months before it is replaced due to wear. Approximately 7% of all notes produced today are $100 bills.

The irony is that Ben Franklin himself was one of the original proponents and printers of paper currency and in 1729 he wrote, “There is a certain proportionate Quantity of Money requisite to carry on the Trade of a Country freely and currently; More than which would be of no Advantage in Trade, and Less, if much less, exceedingly detrimental to it.” It is also peculiar that his likeness adorns the highest denomination of commonly circulated bills when compared to the lesser-valued ones featuring his presidential counterparts.

The very first $100 denomination, issued in 1862, did not feature any portrait in favor of a bald eagle. In 1869 a new version was issued with Abraham Lincoln’s likeness. In 1914 the first $100 Federal Reserve Note was issued with a portrait of Benjamin Franklin of which we are familiar with today. Under the series of new printings in 1928, all U.S. currency was changed to its current size and began to carry a standardized design. From then on, all variations of the $100 bill would carry the same portrait of Benjamin Franklin. Since Series 1928, the $100 note has also featured an engraving of Independence Hall in Philadelphia on the reverse-side. The former State House of Pennsylvania, Independence Hall is often called the birthplace of our Nation and has strong ties to Franklin’s legacy.

In the 1990’s, new-age anti-counterfeiting measures were implemented with microscopic printing added around Franklin’s portrait and a metallic security strip on the left side of the bill. A completely redesigned, state-of-the-art Series 2009 $100 bill was unveiled on April 21, 2010 and will be issued to the public on February 10, 2011. Like the country that honors him, Franklin’s bill has gone through several evolutions and he has also been featured on special limited edition gold coins and bank notes.

From top, down: 1914 Series, 1966 Series, 2003 Series, 2010 Series.


Posted by ny5/pinstripepress at 9:50 AM EDT
Updated: Sunday, 6 June 2010 3:02 PM EDT
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