History of the One Dollar Bill

The one dollar bill has remained basically unchanged since 1963: with the likeness of George Washington on the front, and the Great Seal of the United States on the back. The former is based on a portrait by Gilbert Stuart. The Great Seal, originally adopted in 1792, features on the reverse a pyramid whose capstone is a glowing eye. Inscriptions in Latin above and below the pyramid, respectively, read Annuit Coeptis (He has favored our undertakings) and Novus Ordum Seclorum (A new order for the ages).
The obverse has a bald eagle, the national bird of the United States, clutching an olive branch in one claw, and a cluster of arrows in the opposite claw. The eagle's midsection is covered by a shield featuring the stars and stripes.
The first president, however, was the second American to grace the one dollar bill. That honor was bestowed upon Salmon P. Chase, Treasury Secretary under Abraham Lincoln, when the note debuted in 1862. Washington did not appear on the one until seven years later. Chase also was featured on the front of the $10,000 bill, which was issued in 1918, 1928 and 1934. Treasury notes, first issued in 1890 to pay for purchases of silver bullion by the government, had portraits of various individuals. Edwin M. Stanton, Lincoln's Secretary of War, is depicted on the 1890 and 1891 one dollar treasury note.
Oddly enough, the one dollar bill was the last note to be issued; even fractional currency denominations preceded it. The one dollar bill does hold the record for two notable firsts, though: in 1957, it was the first note with the motto "In God We Trust," and the first, with the appearance of the one dollar silver certificate in 1878, to feature a historical woman on the front: Martha Washington. Martha also appeared on the reverse of the 1886 and 1891 silver certificates. Discontinued in 1965, silver certificates could at one time be exchanged for actual silver coin or bullion. Today they can still be redeemed for face value, but are also sought after by collectors.
Between 1863 and 1877, National Bank Notes were issued by private banks. These bills had different designs and lettering, depending upon which of the banks issued them, and were larger than the bills currently in circulation. In 1877, the government began issuing Federal Reserve Notes, essentially overseeing the printing process. One of 12 letters, A through L, appears in the seal to the left of the portrait on United States bills, and indicates at which of the 12 Federal Reserve Banks the bill was printed.
Production of the nation's currency is regulated by the Bureau of Engraving and Printing (BEP), which has facilities in Washington, D.C. and Fort Worth, Texas. At one time the Bureau of Engraving and Printing (BEP) also printed postage stamps, and revenue stamps for boxes of cigars and similar products. The one dollar bill accounts for 45 percent of the currency annually printed by the BEP.

© March 19, 2013 by Allan M. Heller

Photo: One dollar bill 1928
            By United States government. Public domain.
            http://commons.wikimedia.org/wiki/File:One_dollar_1928.jpg