Republican Rep. Paul Gosar of Arizona has introduced a measure that would order the printing of $500 bills emblazoned with a portrait of former President Donald Trump, according to a press release.
The measure has been dubbed the “Treasury Reserve Unveiling Memorable Portrait (TRUMP) Act.”
‘As Bidenflation continues to devalue our currency, the issuance of $500 bills featuring President Trump by the Treasury offers several practical advantages.’
The proposal would amend the Federal Reserve Act by adding, “The Secretary of the Treasury shall print Federal reserve notes in the denomination of $500 and, notwithstanding section 5114(b) of title 31, United States Code, such notes shall feature a portrait of the 45th President of the United States.”
Trump, the presumptive 2024 GOP presidential nominee, is seeking to defeat President Joe Biden during the election later this year.
“As Bidenflation continues to devalue our currency, the issuance of $500 bills featuring President Trump by the Treasury offers several practical advantages. First, larger-value currency will empower Americans with the freedom of more tangible options to save and exchange goods and services. Additionally, the absence of large-denomination currency issued by the Treasury encourages Americans to rely on digital banking, which faces greater vulnerability to surveillance and censorship,” Gosar said in a statement.
“Furthermore, from a collector’s perspective, these $500 Trump bills will become highly sought after, generating revenue for the government through increased demand for numismatic items. Collectors often covet currency with unique designs and historical significance and bills featuring the very popular 45th President will attract considerable attention from collectors. This will no doubt create a market for the $500 Trump bills far beyond their face value and increase the seigniorage earnings of the government, thus increasing overall revenues,” he added.
Currently, $100 bills are the largest denomination being issued in the U.S.
“United States currency denominations above $100 are not available from the Department of the Treasury, the Federal Reserve System, or the Bureau of Engraving and Printing,” according to the Bureau of Engraving and Printing. “On July 14, 1969, the Department of the Treasury and the Federal Reserve System announced that currency notes in denominations of $500, $1,000, $5,000, and $10,000 would be discontinued immediately due to lack of use. Although they were issued until 1969, they were last printed in 1945.”
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