“Dead fucking presidents to represent me.”
Nas
Who they are and who should replace Andrew Jackson on the $20
Our past presidents adorn the fronts of the $1, $2, $5, $10, $20 and $50 bills; and another founding father who never became Commander in Chief is on the $100. Yet, as successful as they may have been in office and their professional careers, they were far from tactful personal finance strategists. Most actually faced mounting personal debts as our nation’s public debt took off around the same time. Meanwhile, a brilliant abolitionist and national hero waits in the wing to join these men on a bill: Harriet Tubman.
George Washington (1732-1799) | America’s first president and on the $1 bill
The Father of His Country, President Washington faced a harsh reality after the American Revolutionary War. He was paid in Continental currency for his leadership and had his estate raided by the British. This left him with few options than to accept the highest job in the land largely for the paycheck.
Thomas Jefferson (1743-1826) | America’s third president and on the $2 bill
This founding father had no grip on his free cash flow (or his urges) and “lived perpetually beyond his means, spending large amounts of money on building projects, furnishings [and] wine.” He renovated Monticello constantly, bought on credit, loaned money to delinquents and was paid back at times in worthless Continental currency. The financial panic of 1819 “added a substantial burden onto his already-substantial debt” and many point to Jefferson’s decision to sell his private library to the Library of Congress and his books, rather than donate them, as a means to pay down debt. When he died, Jefferson owed more than $100,000 – about $2 Million in today’s dollars.
Abraham Lincoln (1809 – 1865) | America’s 16th president and on the $5 bill
Honest Abe and the Lincoln Memorial have collectively adorned the front and back of the $5 bill since 1929. Born into meager conditions, Lincoln was always industrious and held many different jobs, including as a storeowner, then lawyer prior to his election in 1861. While in office, Lincoln introduced the country to paper money via the Legal Tender Act (used to pay soldiers and war expenses during the Civil War). This money was printed with green ink on the back, hence, “greenbacks.” Lincoln was said to have struggled with his wife, Mary Todd, and her overspending on everything from White House decor to her highly curated and expensive wardrobe. Still, he managed his personal finances with frugality and foresight. He invested and saved most of the $25,000 annual presidential salary at the time and amassed a nice little cash cushion of approximately $85,000 by the time he was assassinated (around $1.3 Million in today’s dollars).
Alexander Hamilton (1755 – 1804) | Founding father, the first secretary of the treasury and on the $10 bill
In 1778, two years post-independence, President George Washington Alexander Hamilton (father to 8 children) the first secretary of the treasury. Today, the role of the treasury is to operate and maintain the nation’s financial infrastructure, such as the production of coin and currency. 250 years ago, “Little Hammy” was building the department from the ground up. First, he sought to “establish credit at home and abroad and to strengthen the national government at the expense of the states.” Hamilton demonstrated remarkable financial acuity in the public sector. Despite founding his own bank, Hamilton still made unfortunate personal finance errors. Above all, he “spent the bulk of his career as a public servant, which then, as now, paid less than the private sector.” Hamilton did not save. How could he feed a wife plus 8 kids on $73,000 per year in today’s dollar? He also counted on a return to the field of law as a means to support his family after his government career. He would never realize that plan. His life was cut short by Aaron Burr’s bullet in a duel in 1804. Hamilton’s portrait has been featured on the obverse of the $10 bill since 1928 in honor of his dedication to the nation and its firm financial foundation.
Andrew Jackson (1767 – 1845) | America’s 7th president and on the $20 bill
Jackson went from poverty to wealth because he personally embraced the institution of slavery. He owned slaves.
Jackson is infamous for being the only president to eliminate “the national debt.” The problem? Jackson’s aversion to debt and subsequent actions “precipitated one of the worst financial crises in American history.” Carrying debt or using leverage to enhance your personal finance goals can be a good thing: 44% of homeowners have a mortgage (one of the axes of the “American dream”) which enabled them to move into their home in the first place. Managing debt can be a good thing for people and countries. Instead, “Old Hickory” shut down national infrastructure projects, sold federal land, and rendered the country cash poor just in time for the Panic of 1837 that sunk the economy. After that, the government immediately started borrowing again and the national debt ballooned ever since.
Jackson was staunchly opposed to paper money, believing it would allow land speculators to purchase swaths of land and drive up prices for Americans. He forced land to be purchased by gold or silver only. He called it the Specie Circular. It led to further destruction of the economy during President Martin Van Buren’s term in office. To feature Andrew Jackson on the front of the $20 bill is irony at its finest. Even he would hate to see himself on paper money. How did he end up there? By the time he was placed on the $20 in 1928, Jackson had been popularly featured on a stamp and history had re-written his legacy into a “champion of the common man.” His placement on the bill was hardly scrutinized… until 2016 when the Treasury announced that Harriet Tubman would replace Andrew Jackson on the $20. So, let’s talk about Harriet Tubman.
Harriet Tubman (1822 – 1913) | American hero and will be on the $20 bill
Born into slavery in Maryland, Tubman escaped in her 20’s and set about the rest of her life liberating the enslaved and underserved. She risked her life on the Underground Railroad to free entire families of enslaved people (including her own) and earned the nickname “Moses” for her ability to lead slaves to the promised land. She joined the Union army to fight in the Civil War and became the first woman to lead an armed assault in the Civil War. Tubman led a cadre of boats that attacked the Confederate army on the Combahee River, ultimately rescuing 750 slaves, as well as seizing money and goods.
Following the war, she fought for the cause of women’s suffrage. She fell victim to a gold scam attack (the conmen knocked her out with chloroform and left with all of her cash). The government paid her less than $20 per month (about $600 in today’s dollars) in war veteran pension and widow support after her husband died. When she passed, Harriet Tubman was penniless. No timetable has been set for the Tubman Twenty, but the Biden administration and Treasury Secretary Yellen have decided to fast track the release of the bill, which was delayed by the Trump administration due to prioritization of security features added to paper currency.
Ulysses S. Grant (1822 – 1885) | America’s 18th president and on the $50 bill
As Commanding General of the Union army, Grant was a national hero who defeated the Confederacy in the American Civil War. “As president, Grant was an effective civil rights executive” who created the Justice Department and worked to protect African Americans with the support of abolitionists like Frederick Douglass.
Late in life, Grant fell into poverty due to a pyramid scheme that bankrupted his company and erased his life savings. Grant then turned to his friend and renown author, Mark Twain, to write his memoir. The Personal Memoirs of Ulysses S. Grant was a great success and earned him $12 million in today’s USD in royalties. Grant would not see any of the money. He died just a week after completing the book. He was able to posthumously provide for his wife and family, however.
The $50 note has been around since 1861 and Grant was placed on the front in 1914. In 2010, a southern congressman attempted to replace Grant with Ronald Reagan. It failed.
Benjamin Franklin (1706 – 1790) | Founding father, scientist, inventor, statesman, philosopher and author, father of 17 children and on the $100 bill
While Hamilton staked a massive position in pop zeitgeist, Ben Franklin is the only founding father with a Billboard charting top-2 song dedicated to him by Sean Combs aka “P. Diddy” pka “Puff Daddy.” The Sean Combs of his time, Franklin was the consummate renaissance man who transformed the historical, scientific and financial landscape of the United States. Although he never served in office, Franklin was placed on the $100 bill (currently the largest denomination of US currency) in 1914. As a Founding Father, Franklin was a critical figure in America’s independence, while also inventing the lightning rod (that famous kite, key, thunderstorm experiment), coining the phrase “nothing is certain except death and taxes” and authoring seminal almanacs and books on personal finance, including The Way to Wealth. Published in 1752, this brief handbook serves as the greatest hits of his Poor Richard almanacs which were published around the same time. Simple and succinct, The Way to Wealth offers valuable personal finance advice that still stands today:
- “Plough deep, while sluggards sleep, and you shall have corn to sell and to keep” – Get up early, work hard, sell your goods and services, and save for yourself and your family.
- “Think what you do when you run in debt; you give to another power over your liberty.” – Debt removes your freedom and burdens you to the will of others, whether that’s your bank or a friend.
- “Industry and frugality as the means of procuring wealth and thereby securing virtue.” – Hard work and living within your means will always remain a bedrock of sustained personal wealth.
- “An investment in knowledge always pays the best interest.” – Your human capital is the means by which you can claim and create value, cannot be taken from you, and will open doors for new money generating opportunities, whether they be entrepreneurial or with an established firm.
