A portrait of former President Donald Trump could soon appear on $500 bills if new legislation introduced by a House Republican becomes law. On Wednesday, Rep. Paul Gosar (R-AZ) announced the Treasury Reserve Unveiling Memorable Portrait (TRUMP) Act, which mandates the Treasury secretary to print $500 Federal Reserve notes featuring Trump’s face. Gosar argued that this proposal offers several practical advantages, especially as “Bidenflation continues to devalue our currency,” taking a swipe at President Joe Biden’s economic policies.
“First, larger-value currency will empower Americans with the freedom of more tangible options to save and exchange goods and services,” Gosar explained. “Additionally, the absence of large-denomination currency issued by the Treasury encourages Americans to rely on digital banking, which faces greater vulnerability to surveillance and censorship.”
Currently, the federal government does not produce U.S. currency denominations above $100. Larger denominations, such as $500 bills, were last printed in 1945 and issued until 1969, according to the Bureau of Engraving and Printing. Historically, past $500 notes featured notable figures like John Marshall and President William McKinley. The largest-ever note printed was the $100,000 Gold Certificate.
Gosar also highlighted the potential financial benefits of the $500 Trump bills, suggesting they would become “highly sought after” by collectors, thus generating revenue for the government through increased demand for numismatic items. “Collectors often covet currency with unique designs and historical significance, and bills featuring the very popular 45th President will attract considerable attention from collectors,” he noted.
Despite the proposal’s potential benefits, it faces significant challenges. While Republicans control the House and are largely aligned with Trump, the Senate and the White House are under Democratic control. Nonetheless, Gosar emphasized that his proposal could provide a valuable source of federal income at a time when the national debt is nearing $35 trillion with no signs of slowing down.
“This will no doubt create a market for the $500 Trump bills far beyond their face value and increase the seigniorage earnings of the government, thus increasing overall revenues,” Gosar concluded.
