Donald Trump just made an unprecedented change to US currency

The US Treasury Department has announced plans to feature President Donald Trump’s signature on all new US paper currency, a move that marks a significant departure from established tradition. Historically, US banknotes have carried the signatures of the Treasury Secretary and the Treasurer, not the incumbent president.

This decision is the latest in a series of instances where Donald Trump has sought to imprint his name and likeness on American cultural institutions. Previous examples include the renaming of the US Institute of Peace, the Kennedy Center performing arts venue, and a new class of battleships, among other such honours.

The currency plans coincide with an ongoing effort to place Donald Trump’s image on a coin, despite federal law forbidding the depiction of a living president on US currency. Earlier this month, a federal arts commission, whose members support the Republican president and were appointed by him, unanimously approved the final design for a 24-karat gold commemorative coin bearing his image, intended to celebrate America’s 250th birthday on 4 July.

The Treasury states that including Donald Trump's signature on new banknotes is meant to honour the nation's 250th birthday, with Treasury Secretary Scott Bessent’s signature also appearing. Bessent remarked in a statement that "there is no more powerful way to recognize the historic achievements of our great country" than with US dollar bills bearing Donald Trump’s name.

Michael Bordo, director of the Center for Monetary and Financial History at Rutgers, anticipates political backlash but noted, "I do not know if he has crossed any legal red lines" given the Treasury Secretary’s potential authority to decide who signs the currency. Congress first authorised the Treasury Secretary to design and print paper currency, known as "greenbacks," in 1862 to fund the Civil War. The US Bureau of Engraving and Printing produces all banknotes, while the US Mint manufactures coins, with over \$2 trillion in Federal Reserve notes currently circulating.

Democrats have criticised the timing of the announcement, particularly as Americans face rising costs at the supermarket and the petrol pump. The conflict in Iran, which began on 28 February, has caused oil and gas prices to soar, exacerbating affordability concerns. Rep. Shontel Brown, D-OH, posted on X on Thursday evening that the Treasury plan is "gross and un-American. But at least it will remind us who to thank when we pay more for gas, goods, and groceries."

Conversely, US Treasurer Brandon Beach stated that printing Donald Trump’s signature on the American currency "is not only appropriate, but also well deserved." Bordo added, "It also means that many years from now those bills will be collectors’ items."