The US is preparing to issue new dollars – should you hand in your old ones?
The US Treasury Department has announced that President Donald Trump’s signature will appear on future paper banknotes alongside that of the Treasury Secretary. This will mark the first time a sitting president has signed US currency.
According to Reuters, the first $100 notes bearing the signatures of Donald Trump and Treasury Secretary Scott Bessent are scheduled to be printed in June, and it may take several weeks for the new notes to enter circulation via banks.
Reason for the changes
The Treasury Department noted that the changes are timed to coincide with the 250th anniversary of US independence. According to Scott Bessent, this is a way to mark the country’s and the president’s historic achievements. Treasurer Brandon Beach also supported the initiative, calling it appropriate in the context of this anniversary.
At the same time, the new design does not feature the US Treasury Secretary’s signature. This breaks a tradition dating back to 1861, when the Treasury Secretary’s signature first appeared on federal currency.
There are no plans to change the overall appearance of the banknotes, apart from replacing the signature. US legislation continues to require the preservation of key elements, notably the inscription ‘In God We Trust’, and permits the use of portraits of deceased individuals only.
The Treasury Department continues to issue banknotes bearing the signatures of previous officials, including Treasury Secretary Janet Yellen and Treasurer Lynn Maher. Maher will be the last in an unbroken line of Treasurers whose signatures have appeared on US banknotes for over 160 years.
Against the backdrop of this initiative, the issue of a commemorative coin featuring Trump has also attracted additional attention. The Federal Art Commission, whose members were appointed by Trump, has approved the design of a commemorative gold coin bearing his image. However, efforts to issue a $1 coin featuring Trump were thwarted by laws prohibiting the depiction of living persons on US coins.
Banknote design update
In parallel, a major redesign of US dollar banknotes with enhanced anti-counterfeiting features is underway in the US. This was reported by the US Bureau of Engraving and Printing. The redesign of the various denominations will take place in stages from 2026 to 2034.
The 10-dollar note is scheduled for 2026, the 50-dollar note for 2028, the 20-dollar note for 2030, the 5-dollar note for 2032, and the 100-dollar note for 2034. There are currently no plans to update the 1- and 2-dollar notes.
Key innovations include enhanced security and inclusivity. Plans include the use of the latest technologies, which are more difficult to copy using modern printers, and special raised markings to help visually impaired people distinguish denominations by touch, as well as design changes.
However, the US does not require existing banknotes to be handed in or exchanged immediately. All banknotes issued since 1914 remain legal tender and have no expiry date.
