Silver Coins

Although the silver half-dime, dime, quarter, half-dollar, and dollar pieces all surfaced by the mid-1790s, the U.S. Mint rarely churned out the first three in the early years of the 19th century, and the dollar was temporarily discontinued in 1804. Nevertheless, silver endured as an important component of the economy, with the full figure of the "Seated Liberty," accompanied by a shield and pole with a cap, adorning most coinage in the 19th century. 

A clear outlier of the bunch was the 3-cent "trime" that was minted between 1851 and 1873, the smallest of all coins at just 14 millimeters in diameter and the first silver piece to not display an eagle on the reverse. Although the federal government attempted to make gold the sole monetary standard in 1873, the Bland-Allison Act of 1878 reintroduced silver into circulation, with the "Morgan Dollar," and its large profile of Liberty's face, emerging as a popular coin.

Copper Coins

Although gold and silver dominated U.S. currency in the antebellum period, the first coins to enter circulation following the Coinage Act were the large cent and half-cent in 1793. The large cent, which was roughly the size of a modern half-dollar, displayed either the "Matron Head" or "Braided Hair" profile of Liberty for most of its 19th-century run, while the half-cent featured similar designs across its quarter-sized dimension. 

Both denominations underwent major changes in 1857; the cent was shrunk to its current size, while the half-cent was discontinued altogether. Another notable copper coin from the era was the short-lived 2-cent piece, which displayed a shield instead of Liberty, and became the first coin to feature the motto "In God We Trust" when it appeared in 1864.

"Greenbacks"

As part of efforts to fund the Civil War, the Union issued a temporary series of Demand Notes in 1861, before switching over to United States Notes in 1862. Both became known as "greenbacks" for the distinct green ink used as an anti-counterfeiting measure. As the earliest widespread form of U.S. paper currency, these notes resembled current legal tender in some ways, including the green color, but with some noticeable design differences. 

The initial versions of the $1 and $10 notes respectively featured Treasury Secretary Salmon P. Chase and President Abraham Lincoln on the front, while the reverse sides of various bills included extensive wording or patterns such as the crisscross sawhorse design. Additionally, greenbacks and other early paper currency were printed in the larger dimensions of 7 3/8 inches by 3 1/8 inches, until shrinking to 6 1/8 inches by 2 5/8 inches in 1929.

Confederate Notes

Of course, the Confederacy also needed to fund its own economy and war efforts, resulting in paper currency that predated the Union version by a few months. Printed in denominations ranging from 10 cents to $1,000, these notes featured Southern figures such as Confederate President Jefferson Davis and South Carolina First Lady Lucy Holcombe Pickens, as well as allegorical symbols of industry, commerce, and the South defeating the North. 

However, there was a lack of uniform size and design across the printings, and many of these "greybacks," as they were known, went into circulation with nothing printed on the reverse side. What's more, these low-quality notes faced the double whammy of being easily counterfeited and lacking the backing of government reserves, rendering them virtually worthless by the end of the Civil War.

Silver Certificates

Along with reintroducing silver into circulation, the Bland-Allison Act of 1878 led to a form of paper currency that was redeemable in silver dollars on demand. These silver certificates resembled the greenbacks that were already in widespread distribution, although certain sets are highly coveted by collectors for their ornate designs. 

Chief among these are the 1896 "educational series," which notably featured the allegorical image of "History Instructing Youth" on the $1 certificate, and "Electricity as the Dominant Force in the World" on the $5 denomination. The $1 silver certificate, which debuted in 1886, is also celebrated for being the first and only U.S. paper currency to date to feature a woman on the front: Martha Washington.

Treasury Seal

Also on the front, the green imprint to the right of George Washington is the U.S. Treasury seal. Designed by Francis Hopkinson, a New Jersey delegate to the Continental Congress, the Treasury seal features a set of balanced scales, which represents justice. The inverted "V," known as a chevron, is lined by 13 stars, symbolic of the original 13 colonies. At the bottom of the seal, the depiction of a key stands for authority.

Bald Eagle

The reverse of the dollar bill features the two sides of the Great Seal of the United States, created in 1782 by Secretary of Congress Charles Thomson from the recommendations of three committees. The front of the seal, to the right of the word “ONE” emblazoned across the middle, features the American bald eagle, wings spread as if in flight. The eagle grips 13 arrows in its left talon, emblematic of war, and an olive branch signifying peace in the right talon. The bird’s head is notably turned in the direction of the olive branch to exemplify the nation's preference for peace.

Famously, Benjamin Franklin objected to the choice of an eagle as the national symbol; the statesman wrote that he preferred the "more respectable" turkey. The bird's presentation on currency also proved a source of controversy on one occasion. The 1801 U.S. silver dollar inadvertently showcased the arrows, rather than the olive branch, in the eagle's right talon, apparently a signal to Europeans that the young nation was primed for war. This misunderstanding was corrected by 1807 when a reissued coin switched the positions of the bundles.

Shield

According to Thompson’s official explanation of the design, the shield, or escutcheon, stands in front of the eagle "without any other supporters to denote that the United States of America ought to rely on their own Virtue." The shield displays 13 vertical lines of alternating shades to represent the first states, which together prop up a horizontal band that stands for the unifying force of Congress. While the bill mostly features varying shades of green and white, the original seal provides even more significance when seen in full color. The vertical lines are alternately red, representing hardiness and valor, and white, for purity and innocence, while the blue horizontal band symbolizes vigilance, perseverance, and justice.  

Stars

Above the eagle's head, a conglomeration of 13 stars floats in the middle of a glory-like display of light and cloud. Again, the 13 stars represent the original 13 colonies, here emerging as a new nation among the world's sovereign entities as a new constellation would appear among the other stars in the sky.

Latin Inscriptions

The back of the bill also features several Latin inscriptions. The eagle clutches a scroll in its beak that reads E Pluribus Unum, which translates to "Out of Many, One." Possibly borrowed from the London-published Gentlemen's Magazine, which was well known among educated Americans in the late 18th century, the motto encapsulates the cause of the American states. Across the back of the bill, which features the reverse side of the Great Seal, the phrase Annuit Coeptis above the pyramid translates to "Providence Has Favored Our Undertakings." Below, the inscription Novus Ordo Seclorum, meaning "A New Order of the Ages," refers to the inception of the U.S. government.

It was in large part that last phrase that resulted in the Great Seal being featured on the dollar bill. While earlier printings had different designs, President Franklin D. Roosevelt believed that the phrase "A New Order of the Ages" would remind the public of his New Deal, resulting in the bill's reformatting in 1935.

Pyramid and Eye

Perhaps the most cryptic and controversial symbols to adorn the dollar bill are the pyramid with its detached capstone and embedded eye. The pyramid signifies "strength and duration," according to Thompson, though others suggest the structure's unfinished form represents America's status as an unfinished creation. The pyramid consists of 13 rows, with the year of the nation's founding printed in Roman numerals on the lowest level. Meanwhile, the giant floating eye, traditionally known as the Eye of Providence, was explained by the designer as another of the "signal interpositions of providence in favor of the American cause."

These particular symbols have been fodder for conspiracy theorists who believe U.S. currency is filled with references to shadowy organizations such as the Freemasons. However, the Eye of Providence had already been a well-known Christian symbol of God's benevolent watchfulness by the time the Great Seal of the United States was created in 1782. The incorporation of both the eye and the pyramid into the Great Seal predated their widespread use among the Freemasons.

Bonus: Owl/Spider

Depending on the eye of the beholder, a white speck perched on the top left border of the top right “1” on the front of the bill appears to be a spider or an owl when magnified. Again, this piques the interest of the conspiracy-minded who note that an owl is a symbol of the Illuminati. However, there is no mention of a deliberately created creature in that area among the founding documents, and other sharp-eyed observers have pointed out that this alleged symbol is more likely part of the dollar’s webbed background design.

Some $2 Bills Are Very Valuable

While its scarcity has spawned a perception of the $2 bill being a valuable keepsake, most existing $2s are worth that exact amount. Still, there are more valuable specimens to be found for those who seek to collect or turn a profit off such rarities. Older bills are of course more highly prized, with the earliest federally issued $2s worth more than $3,000 and uncirculated 1890 Treasury Notes valued at more than $4,500, according to U.S. Currency Auctions. Additionally, a distinct serial number, such as the “12345678” on aptly named “ladder notes,” can fetch a significant return even for newer notes. A 1976 bill with a serial number of “00000001,” for example, is said to be worth at least $20,000.

The $2 Bill Historically Has a Bad Reputation

The Tom’s limited availability in public settings may partly stem from its longstanding ties to the seedier sides of human nature. According to The Two Dollar Bill Documentary, the bill at various points has allegedly been favored for acts of election bribery, gambling, and prostitution. It’s also been linked to the devil, necessitating the tearing of a $2’s corners to ward off evil spirits. 

While all these associations are now attributed to urban legends, there also may have been practical reasons for the corner-tearing tradition. As more $1 bills were printed in the 1880s, people who grouped smaller bills together would shortchange themselves when a stray $2 ended up in a pile of $1s. As a result, it became a common practice to rip a corner of a $2 to help avoid that mistake and ward off the bad juju of miscounting money.

The $2 Bill Was the Only U.S. Bill Allowed in Mexico During World War II

In 1942, the government of Mexico announced it was restricting the import of U.S. currency, as part of efforts to prevent American money seized by Axis powers during World War II from being spent. People in possession of U.S. dollars were ordered to immediately turn them over to a bank, where they would be exchanged for pesos to those who could prove the cash was, according to The New York Times, “legitimately acquired and free from Axis taint.” Shortly afterward, the U.S. government followed suit by cracking down on U.S. money allowed in and out of the country. The lone exceptions were coins and $2 bills, the latter apparently not commonly found in the grasp of Axis hands. Unsurprisingly, demand for the $2 bill along the United States-Mexico border soared during the World War II years.

Fans of One College Football Team Make a Point of Using $2 Bills

In the late 1970s, after Georgia Tech elected to discontinue its longstanding annual football game with Clemson University in Atlanta, the executive secretary of Clemson's booster club sought to demonstrate how Atlanta merchants would miss the traveling contingent of Tigers fans. To do so, he enlisted the help of the $2 bill. 

“We want to make a big impact on Atlanta this weekend,” the secretary wrote prior to the final scheduled game between the two schools in September 1977. “I would like to ask that every Clemson fan take as many two-dollar bills as possible and use these rare bills for every expenditure.” While no data exists on just how the influx of these bills impacted the local economy, the idea launched a 40-plus-year tradition of Clemson fans bringing a collection of $2s, often stamped with a telltale orange paw print, to spend at big road games.

Jennie Jerome

Jennie Jerome, the daughter of American financier Leonard Jerome, became Lady Randolph Churchill when she married Lord Randolph Churchill in 1874. While the Churchills were initially resistant to the match, Jerome’s $250,000 dowry, worth more than $9 million today, convinced them to reconsider.

With her striking beauty and sharp wit, Jennie played an influential role in her husband’s political career. She was also involved in the founding of the Primrose League, a sociopolitical organization for men and women involved in the Conservative Party. Though she married two more times following Randolph’s death in 1895, Jennie had two sons from her first marriage — one of whom was Winston Churchill, the future British prime minister.

Mary Leiter

Mary Leiter’s 1895 marriage to George Curzon, who later served as the viceroy of India, underscores the influence of dollar princesses in international diplomacy. As the daughter of Chicago millionaire Levi Leiter and heiress to the Marshall Field fortune, Mary brought a substantial dowry that helped the Curzon family preserve their land holdings and social standing.

Mary’s obituary noted she was held in high esteem and her success in the role of diplomat’s wife was crucial to helping her husband advance in his political career. In 1898, Mary was given the highest official title that any American woman held in the British Empire: the vicereine of India.

Nancy Astor

Nancy Langhorne, the daughter of a railroad businessman, defied all expectations to become the first woman to sit in the British Parliament. After a brief, turbulent marriage that ended in divorce, Nancy moved to London, where the glamorous American heiress attracted the attention of eligible British bachelors. Among her potential suitors was American expatriate Waldorf Astor, the son of American-born Viscount William Waldorf Astor, a prominent hotelier and owner of The Independent newspaper. Nancy and Waldorf connected over their shared interests and American heritage and were married six months after their whirlwind courtship began.

With her sharp political instincts and charismatic personality, Nancy became a distinctive presence among British society. When her husband was elevated to the House of Lords, Nancy successfully ran for his vacant seat in the House of Commons as a Conservative Party candidate. Her tenure as an MP was defined by her advocacy for women’s rights and social reform.

Helena Zimmerman

Helena Zimmerman, the daughter and sole heir of Pittsburgh industrialist Eugene Zimmerman, married William Angus Drogo “Kim” Montagu, 9th Duke of Manchester, in 1900. Like many unions of the era, their marriage was more of a financial arrangement than a romantic union. Helena’s substantial dowry rescued the nearly bankrupt duke from financial ruin, allowing him to maintain his estates and lifestyle. However, the duke’s extravagant spending led to mounting debts, while his marital infidelities added a personal strain to their relationship.

Eugene Zimmerman ensured his daughter’s financial security by providing her with a fixed allowance, but stipulated that her husband would inherit nothing after his death in 1915. The couple’s tumultuous marriage ultimately ended in divorce in 1931. Helena remarried in 1937, becoming the wife of Arthur George Keith-Falconer, 10th Earl of Kintore, and they remained together until his death in 1966.

The Spanish Peso

The most widely accepted theory traces the dollar symbol’s origins to the Spanish peso, which all you pirates out there will know as “pieces of eight.” The Spanish peso was a dominant currency in the Americas during the colonial era, and was accepted as the basic unit of value in colonial America during the late 1700s. (The Mexican peso remained an official legal tender in both the U.S. and Canada until the mid-1800s.) 

We know from handwritten manuscripts that merchants and traders often abbreviated the peso as “PS.” As time went on, and as the abbreviation became more widespread, the “S” was often written over the “P,” producing an approximation of the “$” symbol. This is now widely regarded as the most likely origin of the dollar sign.

The “$” symbol first appeared in print around 1800. Printed by Binny & Ronaldson — the first permanent type foundry in the United States — the earliest known use of the symbol occurred in a pamphlet titled “Facts Respecting the Bank of North America.” From there, of course, the dollar symbol went from strength to strength, not only in the United States but also in many other  parts of the world. Today, it’s used as a currency symbol in more than 20 countries around the globe, including Australia, New Zealand, Canada, Chile, Colombia, Fiji, and Hong Kong. 

Fractional Currency

During the Civil War, widespread hoarding of gold and silver coins created a desperate shortage of small change. To rectify the situation, President Abraham Lincoln signed the Postage Currency Act on July 17, 1862, which introduced fractional currency in the form of “paper coins,” issued in 3-cent, 5-cent, 10-cent, 15-cent, 25-cent, and 50-cent denominations. The small notes were informally known as shinplasters, after the small, square patches of paper that soldiers used as plasters for treating sore legs. Fractional currency went through a number of different issues until production ceased in 1876, when the production and use of coins rebounded.

$500, $1,000, $5,000, and $10,000 Notes

It wasn’t all that long ago that bills far larger than the now-standard $100 were in use in the United States. Currency notes in denominations of $500, $1,000, $5,000, and $10,000 — all of which were last printed in 1945 — were in circulation up until July 14, 1969, when the Department of the Treasury officially discontinued them due to lack of use. And while these notes remain legal tender today, most of them are probably in the hands of private numismatic dealers and collectors. That’s no surprise, as these notes can fetch a pretty price, depending on their age, scarcity, and condition. In 2019, a collection of three of the rarest known U.S. paper bills in existence was estimated at a combined value of around $8 million. The most valuable in the set was a $1,000 bill from 1891 (one of only two known to exist), valued between $2 million and $3 million.

Gold Certificates

Gold certificates were first issued by the U.S. Treasury in 1865. The certificates, issued in denominations of $10, $20, $50, $100, $500, $1,000, and $10,000, proved ownership of a specific amount of gold — meaning you could deposit gold at the Treasury and receive gold certificates in exchange. They were primarily used for large transactions between banks and government institutions. There was even a $100,000 gold certificate, the highest denomination ever issued by the federal government. Printed in 1934, this hefty note was used as an accounting device between branches of the Federal Reserve and was never circulated publicly. (It was even illegal for a private individual to own a $100,000 certificate.) Then, on April 5, 1933, President Franklin Delano Roosevelt controversially ordered the seizure of the private gold holdings of the American people, and soon after transferred ownership of all monetary gold in the United States to the U.S. Treasury. This prohibition of private gold ownership effectively ended the circulation of gold certificates. 

Hawaii Overprint Notes

During World War II, special currency was printed for use in Hawaii following the attack on Pearl Harbor. With fears that an imminent invasion of Hawaii could follow, the island was placed under martial law and the majority of U.S. dollars were recalled to prevent substantial amounts of money from potentially falling into Japanese hands. The currency was replaced with the Hawaii overprint note, bills designed to be easily identified and declared invalid if the islands were captured by Japanese forces. The bills looked much the same as regular dollar notes, but were overprinted with large “HAWAII” lettering on one side and two smaller overprints on the obverse. After the war, these unique bills were quickly withdrawn from circulation. A recall was issued, but many of the overprint notes were stashed away as souvenirs by soldiers and residents. 

1870s

In 1785, the dollar was established as the official unit of currency of the newly formed United States, and the first coins were printed in 1794 when the Coinage Act established the U.S. Mint. (The first paper money came later, in 1861.) While the young country grappled with economic uniformity for decades, the U.S. dollar was well ingrained by the mid-19th century. 

By 1870, $20 could cover an entire month’s rent for a Lower East Side tenement apartment in New York City. Though the conditions in tenement buildings were often overcrowded, unsanitary, and unsafe, many working-class families and new immigrants called them home. Today, after centuries of both inflation and gentrification, the average rent in the same Manhattan neighborhood hovers around $5,000 a month. That $20 rent might sound like a great deal in comparison, but most laborers only earned about $50 a month — meaning 40% of their income often went to housing. Professionals such as doctors or lawyers were, of course, much better off, taking home a few hundred dollars a month. 

In rural areas, $20 was also sufficient means to buy a milking cow, providing a steady supply of milk, cheese, and butter for a household. A decent selection of clothing was also within reach with $20 to your name. Newspaper advertisements from San Francisco touted formal wear such as silk suits for $12.50, heavy woolen coats (known as ulsters) for $5, and twilled silk umbrellas for $1.50 each. Altogether, that was $19 worth of clothing. Today, $20 might only buy you a couple cups of coffee if you're living and working in a city; in rural areas, it might fuel a week’s worth of caffeine. Or if you’re shopping for clothes on a budget, 20 bucks could probably snag you a pair of jeans on sale.

1920s

In the economic boom of the Roaring ’20s, consumer goods became increasingly accessible to everyday Americans. For the men and women who dressed up to go out and dance the Charleston, $20 could easily cover a stylish suit, coat, or dress for the occasion. The popularity of household appliances was also on the rise. Electric stoves didn’t outnumber gas ranges for another decade or so, but a smaller electric oven for the kitchen countertop cost around $10, putting home innovation and upgrades within reach for some Americans. The average U.S. income averaged between $3,000 and $5,000 a year throughout the decade, so to many, $10 here or $20 there wasn't just pocket change; it represented a decent chunk of their monthly income of just a few hundred dollars. 

In the 1920s, the popularity of cars exploded in the U.S., but $20 wasn’t near enough to buy a popular Ford Model T — that would run you a whopping $260. If you did have a car, though, $20 could fill the 10-gallon gas tank about 10 times over, making a road trip on America’s rapidly improving roadways a must.

1950s

The average U.S. household income in 1950 was about $3,300, and $20 still had decent purchasing power for necessities and beyond. It was, for instance, possible to plan a full holiday meal for your family with much less than $20. In fact, according to the American Farm Bureau Federation, it cost just under $7 for a meal that included a 16-pound turkey, potatoes, stuffing, dinner rolls, cranberries, and pumpkin pie throughout the entirety of the 1950s. At that price, families could add some extra vegetables such as carrots, and maybe even a nice bottle of wine or champagne. 

As another example, $20 could buy 400 cans of Coca-Cola. Excessive, no doubt, but by the end of the 1950s, the U.S. indeed loved its canned sodas, and since Coke was still priced at just 5 cents a pop, just about anyone could enjoy one now and then. The cost of medical care was much lower in the 1950s as well — $20 could cover three or four checkups with your doctor, at about $5 to $6 a visit, or even a trip to the operating room for minor procedures.

1980s

Music lovers today know that many live shows are a luxury expense or even out of reach — an average concert ticket costs well over $100. But in 1980, $20 could snag you two tickets to see some of the top acts of the day, including Peter Gabriel, Bob Seger, or the Grateful Dead. Today, meanwhile,  it might be able to get you a drink at big arena shows. 

For kids (or collectors), brand-new Transformers toys at the peak of their popularity in the ’80s were typically priced at about $10; for a more deluxe figure, $20 was the norm. And while $20 doesn’t go very far in the fast-food realm today, in the 1980s, it bought a lot: A McDonald’s value meal deal cost a mere $2.59, meaning $20 could feed a family of seven — or a family of five with money left over for ice cream afterward.

So that is the quick answer: Reeded edges were designed to prevent clipping. But in the U.S. today, coins are no longer made of silver or gold. As a result of the Coinage Act of 1965, almost all coins have been minted from a blend of copper and zinc. Clipping is no longer a problem, because the metal isn’t valuable enough on its own to warrant trying to harvest it (not to mention the risk of stiff penalty for defacing circulating coins). So why do coins still have reeded edges? 

The answer to that has to do with how coins are made in the first place. The coins start as flat discs (referred to as “blanks”) cut from large sheets of metal. After undergoing a heat treatment to soften the metal, they are eventually loaded into a press room, where a die stamps the image onto the coin. The outer section of the die, called the collar, is what creates the reeding on the edge of the coin. When the composition of the coins changed after the Coinage Act of 1965, the U.S. Mint could either buy new master dies to eliminate reeding, or keep the equipment they already had. Since there was no detriment to continuing with reeded edges, there was no reason to take on the cost of replacing the equipment. While the master die was eventually replaced with today’s modern machinery, reeded edges remain as a sensory aid for those with visual impairments, as a way to distinguish between pennies versus dimes, and nickels versus quarters.