We’ve been teased for the better half of the past year about changes coming to our currency. First we were told a woman would be replacing Alexander Hamilton on the $10 bill – only to then find out she’d only be on the back of the bill. Many liberals complained that whatever woman did eventually make it onto the $10 would be getting the “back of the bus” treatment.Some suggested that a woman on the $20 would be more appropriate. Andrew Jackson was, after all, opposed to a central bank (which we have today in the form of the Federal Reserve System).
It looks like the Treasury ran with that idea. As the New York Times just reported, the Treasury has axed their original plan, and it’s now the $20 getting a facelift.
The Treasury Department will announce on Wednesday afternoon that Harriet Tubman, an African-American who ferried thousands of slaves to freedom, will replace the slaveholding Andrew Jackson on the center of a new $20 note, according to a Treasury official, while newly popular Alexander Hamilton will remain on the face of the $10 bill.
It’s not just an abolitionist replacing a slaveholder – it’s a pro-gun, Republican, abolitionist, replacing a Democrat slaveholder.
Other depictions of women and civil rights leaders will also be part of new currency designs.
The new designs, from the Bureau of Engraving and Printing, would be made public in 2020 in time for the centennial of woman’s suffrage and the 19th Amendment to the Constitution. None of the bills, including a new $5 note, would reach circulation until the next decade.
To any liberals who champion the wage gap myth: worry not, the $20 bill isn’t going to be worth 77% as much with a woman replacing Jackson.
[Note: This post was authored by The Analytical Economist]