Below is an article inspired by a famous, but retired, Financial Planner, Ric Edelman. It was interesting enough that I wanted to make it available to you on our blog. Without further ado, let’s take a moment to delve into the fascinating history of the American dollar bill. If you have one handy—and I understand if you don’t, as cash is becoming less common—take a close look at it. But if you’re driving, save this exploration for later.
Did you know the dollar bill was last redesigned in 1957? Despite being referred to as “paper money,” it’s actually composed of a blend of cotton and linen. Upon close inspection, you’ll notice red and blue fibers embedded in the bill, which are made of silk. On the front, to the right of George Washington, you’ll find the seal of the United States Treasury. This seal features balanced scales—not to symbolize a balanced budget, as we might wish—but as a symbol of justice. Below the scales are 13 stars, representing the original 13 colonies. The key at the bottom signifies official authority, and the chevron in the center with its 13 stars echoes the same colonial heritage.
Turning to the back of the bill, you’ll see two sides of the Great Seal of the United States. This seal’s design was a collaborative effort by several committees, including notable figures like Benjamin Franklin, John Adams, and Thomas Jefferson. It took four years to complete, with final approval coming two years later from the First Continental Congress. The left side of the seal features a pyramid with its face lit and its western side dark, signifying that in the 1780s, America had yet to explore the West. The pyramid’s unfinished state indicates the ongoing project of nation-building. Charles Thomson, Secretary of Congress in 1782, explained that the pyramid symbolizes strength and duration. Atop the pyramid is an eye, an ancient symbol for divinity, used by the Masons, among whom Benjamin Franklin was a member. Above this eye is the Latin phrase “Annuit Cœptis,” meaning “God has favored our undertaking,” and below, “Novus Ordo Seclorum,” meaning “a new order for the ages.” At the pyramid’s base, the Roman numerals denote the year 1776.
On the right side of the seal, used in national cemeteries and forming the basis of the Presidential Seal, is the bald eagle, a symbol chosen for its association with victory. Interestingly, Benjamin Franklin preferred the wild turkey for this role. The bald eagle, known for its strength and intelligence, faces no storm it can’t surmount. The eagle’s lack of a crown was significant in the aftermath of the war of independence from King George of England. The shield on its chest represents Congress, with red and white stripes topped by a blue bar, reflecting the colors of the American flag. Red symbolizes hardiness and valor, white purity and innocence, and blue vigilance, perseverance, and justice. The eagle’s beak holds a ribbon with “E Pluribus Unum,” meaning “Out of many, one.” Its talons grasp both an olive branch, symbolizing peace, and arrows, representing war, signifying America’s readiness to defend peace. Originally, the eagle faced the arrows, but President Harry Truman ordered it to turn towards the olive branch.
The number 13 recurs throughout the bill: 13 stripes on the flag, 13 steps on the pyramid, 13 letters in “Annuit Cœptis,” 13 letters in “E Pluribus Unum,” 13 stars above the eagle, 13 feathers on each wing, 13 bars on the shield, 13 leaves and fruits on the olive branch, and 13 arrows. This theme honors the original American colonies.
The phrase “In God We Trust” wasn’t added until 1957, and it appears in English rather than Latin, reflecting the fact that few Americans in 1957 were fluent in Latin. Our money is green simply because green ink was more durable and widely available than other colors, a practical decision fitting much of American history.
At Total Wealth Planning, we value such rich histories and practical decisions. Our firm, based in Cincinnati (Blue Ash), Ohio, offers fee-only fiduciary financial planning. As a partner and chief operating officer at Total Wealth Planning, Rob Siegmann often shares his expertise in industry publications like The Cincinnati Business Courier, Wall Street Journal, Yahoo Finance, Financial Planning Magazine, and the Cincinnati Enquirer. Our team of CERTIFIED FINANCIAL PLANNER™ practitioners is dedicated to helping clients make well-informed and prudent financial decisions to live their greatest lives. For more information, visit Total Wealth Planning or contact Rob at rsiegmann@twpteam.com.
