According to a release from Republican Rep. Paul Gosar of Arizona, he introduced a bill that would require the printing of $500 notes emblazoned with a portrait of Donald Trump.
The measure is called the “Treasury Reserve Unveiling Memorable Image Act (TRUMP).”
Treasury $500 bills featuring Donald Trump offer several benefits.
The proposal would amend the Federal Reserve Act to add: “The Secretary shall print Federal Reserve Notes up to $500, notwithstanding Section 5114(b) of Title 31, United States Code.” These notes will have the portrait of the 45th president of the United States.
Trump, the presumed GOP presidential candidate for 2024, wants to defeat Joe Biden this year.
Treasury’s decision to issue $500 notes featuring President Trump offers a number of practical benefits. The increased value currency gives Americans more options for saving and exchanging goods and services. The absence of large denomination money from Treasury encourages Americans to rely on digital banking, which is more vulnerable to surveillance and censorship,” Gosar said.
“Furthermore, from the collector’s point of view, these $500 Trump notes will become highly desired, generating revenue for the government by increasing demand for numismatic products. Collectors are attracted to currency with unique designs or historical significance. Bills with the 45th president will not be exceptions. The $500 Trump notes are expected to be sold at a price much higher than their face value, and seigniorage revenues will rise.”
The largest denomination of U.S. money is the $100 bill.
The Bureau of Engraving and Printing announced that “United States money denominations above $100 are no longer available through the Department of the Treasury and the Federal Reserve System.” On July 14, 1969, the Department of the Treasury declared that it would cease printing currency denominations of $1,000 or $5,000 because of their low use. The notes were issued in 1969, even though they were printed until 1945.
