This paper traces the history of the U.S. one dollar bill from its origins in 1862 through its current design, finalized in 1969. It examines the bill's iconic imagery, including the controversial all-seeing eye and pyramid motif, and considers various interpretations of these symbols. The paper also evaluates past and present challenges to the dollar bill's existence, including the Sacajawea dollar coin and the broader international trend of replacing low-denomination bills with coins. Ultimately, the paper argues that, absent a compelling reason for change, the dollar bill should remain in circulation as long as the American public prefers it.
The United States is one of the last countries in the world to maintain a bill of as little value as a single dollar. The euro, pound, Canadian dollar, and Australian dollar are all available only in coin form, yet the U.S. dollar bill remains — an enduring icon. The U.S. one dollar bill has a long history, dating to 1862. It was not an original part of the U.S. monetary system, which launched with $5, $10, and $20 denominations in 1861, partly to finance the Civil War. The $1 bill came the following year. The portrait on the original $1 bill was of Salmon P. Chase, who served as Treasury Secretary at the time under President Abraham Lincoln (OneDollarBill.org, 2007). A year later, the national banking system was established, under which the U.S. government would back the notes. These bills circulated as one monetary system, while another system — National Bank notes — also existed at the time (Ibid).
While the U.S. one dollar bill has long been known as a "greenback," the current design of the bill dates to 1963. The size of the note dates to 1929, however, as do many of its design elements. George Washington first appeared on the one dollar bill in 1934. By 1969, the design of the bill was finalized, so that most one dollar bills in circulation today bear the same design (Ibid).
There are controversial design elements on the bill as well. In particular, the all-seeing eye motif combined with the pyramid is interpreted by some as representing things that seem out of place on a national currency. The pyramid and eye could refer to the Egyptian god Horus, whose eye never sleeps, or the eye in the pyramid could reflect the Illuminati — a subject that conspiracy theorists find compelling, given how many Freemasons were involved in the founding of the country (Tolles, n.d.). The eye in the pyramid design, however, is also quite Christian in nature, found in many Catholic churches in Italy and Germany, where it represents God's watchful eye. There are therefore many different interpretations of the meaning of this motif.
"Coin alternatives and counterfeiting concerns"
"Public preference and democratic argument for retention"
You’re 50% through this paper. Sign up to read the remaining 2 sections.
Sign Up Now — Instant Access Already a member? Log inAlways verify citation format against your institution’s current style guide requirements.