The current person featured on the $10 bill is Alexander Hamilton. Hamilton was one of America’s founding fathers and the first Secretary of the Treasury. He established the First Bank of the United States and is considered the father of the US financial system. Hamilton was chosen to be on the $10 bill because of his influential role in setting up America’s financial structures.
When was Hamilton first featured on the $10 bill?
Alexander Hamilton first appeared on the $10 bill in 1928. Prior to 1928, many different historical figures were featured on the $10 bill, including Abraham Lincoln, Daniel Webster, and Michael Hillegas. However, in 1928, as part of an effort to standardize US currency, Hamilton’s portrait was placed on the $10 bill. This was done because of Hamilton’s instrumental role in developing America’s financial system as the first Secretary of the Treasury.
Why is Hamilton on the $10 bill instead of a different denomination?
There are a few key reasons why Alexander Hamilton is featured on the $10 bill rather than a different denomination:
– As the first Secretary of the Treasury, he established the First Bank of the United States and the US Mint and Dollar. This makes him closely associated with the nation’s financial history and monetary system.
– The $10 bill was seen as an appropriate symbolic representation of Hamilton’s seminal contributions to the country’s economic development.
– The $10 bill was a middle denomination bill, appropriate for Hamilton’s stature as an important but not singular founding father. High denomination bills were reserved for presidents.
– Low denomination bills like $1 and $5 were already in circulation featuring former presidents, while the $2 bill was discontinued in 1966.
So the $10 bill stood out as the logical denomination to honor Hamilton’s profound financial legacy.
What are some of Hamilton’s major accomplishments?
Alexander Hamilton had many significant accomplishments that made him a crucial founding father and still influence America today:
– Authored over 50 of the 85 Federalist Papers, which helped ratify the Constitution
– As first Treasury Secretary under Washington, established a national bank, tax system, customs service, and the US Mint
– Launched the New York Post newspaper as a Federalist voice
– Created the Coast Guard and promoted manufacturing
– Kept nascent America financially solvent by having the federal government absorb all state debts
– Established America’s financial credibility by paying back debts at face value
– Laid the foundations of the American economic system based on federal power, capitalism, modern finance, and trade
Hamilton’s far-reaching accomplishments as a political philosopher, constitutional lawyer, administrator, economist, and policy maker had a lasting impact on the early republic and the country’s institutions.
What are some interesting facts about Hamilton?
Here are some intriguing facts and details about Alexander Hamilton’s life and career:
– Orphaned as a child in the Caribbean, he was born out of wedlock and faced many challenges early in life
– Was George Washington’s aide-de-camp during the American Revolution and later married into the wealthy Schuyler family
– At just 32, was the youngest delegate to the Constitutional Convention in 1787
– Established the Bank of New York, one of the oldest still-operating banks in America
– Pushed for the Jay Treaty in 1795 to avoid another war and normalize trade relations with Britain
– Faced intense political rivalries with Thomas Jefferson, James Madison, Aaron Burr and other Democratic-Republicans
– Died at only 47 or 49 in the famous duel with Aaron Burr in 1804
– Considered the father of American liberal conservatism advocating capitalism, federal power, modernization, and moral improvement
– Appears on the $10 bill, while his rival Jefferson appears on the $2 bill (temporarily discontinued)
– Inspired the hit Broadway musical Hamilton, which brought his life story to a mainstream audience
So while one of the preeminent founders, Hamilton led a relatively short but trailblazing public life filled with intrigue.
Why Has Hamilton Stayed on the $10 Bill?
Alexander Hamilton has remained the face of the $10 bill from 1928 up to today. There are several important reasons why Hamilton’s position has been so enduring on the $10 note over decades:
His seminal role establishing America’s financial system
As America’s first Treasury Secretary, Hamilton organized the country’s nascent financial system almost from scratch. He instituted a federal Mint, the dollar currency, excise taxes, customs duties, accounting methods, and the first national bank. This makes Hamilton inextricably linked as the father of American finance.
His distinguished place among Founding Fathers
While not on the level of Washington, Jefferson, Franklin and Madison, Hamilton is still considered one of the most influential founders due to his essential contributions to passing the Constitution, writing the Federalist Papers, setting up America’s institutions, and mapping out its economic future. His important role has solidified his status.
Increased interest after the musical Hamilton
The acclaimed musical Hamilton sparked renewed public fascination with Alexander Hamilton starting in 2015. The smash hit Broadway show introduced Hamilton to a huge mainstream audience and has sustained interest in keeping him on the $10 bill.
Difficulty of replacing him
Given his paramount position in America’s economic history and identity, Alexander Hamilton became entrenched on the $10 bill. It has proven difficult to replace him with another historical figure who represents finance or the Treasury as aptly.
His immigrant backstory
Hamilton’s tale of being an immigrant from humble origins in the Caribbean who rises through hard work to positions of power resonates with many Americans. His immigrant background makes him relatable today.
So Hamilton remains a fixed presence on the $10 bill given his unique credentials and the practical challenges of finding another pioneer of finance to replace him. He seems destined to stay on the denomination for the foreseeable future.
Modern Efforts to Redesign the $10 Bill
Recently there have been efforts to redesign and update the look of the $10 bill, although Hamilton remains the featured historical figure.
Calls to feature women on paper currency
For many years there were calls to place the image of an iconic American woman on a bill since all paper denominations featured men. The $10 bill was the earliest to come up for redesign, making it the natural choice.
Original plans to replace Hamilton
In 2015 the Treasury Department announced plans to replace Hamilton on the $10 bill with a woman starting in 2020. Ironically this sparked renewed interest in Hamilton due to the musical. A nonprofit was formed to save Hamilton on the $10 bill.
Compromise decision to keep Hamilton
Given the pushback around Hamilton, Treasury Secretary Jack Lew announced in 2016 that Hamilton would remain on the front of the $10, while suffragette leaders would be added to the back along with other enhanced anti-counterfeiting features.
Delays due to technical issues
The planned 2020 rollout of the redesigned $10 bill was postponed. There were delays engraving the complex new security features. The reworked $10 bill is now expected to enter circulation starting in 2026.
Final design still pending
The Treasury has not revealed the final design and which suffragettes will appear on the back of the new $10 note. Eleanor Roosevelt and Lucretia Mott are considered top contenders. Hamilton will remain on the front along with modern security devices.
Despite delays, the days of Hamilton dominating the $10 bill alone will likely come to an end as historical female activists join him to reflect a more inclusive history. But Hamilton retains his singular prominence on the front.
Controversies Around Hamilton on the $10 Bill
There have been some controversies surrounding Alexander Hamilton’s presence on the $10 bill over the years:
Perceived glorification of his life story
Hamilton’s dramatic life story has at times been viewed uncritically and his flaws and moral ambiguities ignored. Some believe celebrating Hamilton glosses over his ties to slavery, advocacy of elitism, and military repression of dissent early on.
Currency diversity concerns
Since Hamilton first appeared in the 1920s, all denominations except the $2 bill have featured dead white men. This lack of diversity became controversial over time. Putting women or minorities on some bills has been seen as making currency more representative.
ANDREW JACKSON, HERO OF NEW ORLEANS, SHOULD BE ON $20 BILL
Many believe that Jackson’s military victories and populist stances make him more deserving than Hamilton to appear on a bill. Jackson did appear on the $20 bill starting in 1928. Some felt the $10 should go to a better-known Founding Father or president.
Resentment over musical Hamilton’s popularity
When the acclaimed musical Hamilton became a phenomenon, it sparked a kind of Hamilton fatigue and irritation that he was not being critically examined. This fed into resentment over his privileged spot on the $10 bill.
Debates over redesign and removal
The recent push to redesign the $10 bill brought vocal debate pro and con over Hamilton’s appropriateness. During the ‘Bank Wars’ of the 1820s and 30s, Jackson demurred over the Second Bank of the U.S. that Hamilton fathered. Some saw irony or poetic justice in Jackson potentially replacing his rival on the $20 bill. Others called this historical revisionism. Replacing Founding Father figures on bills remains controversial.
So while Hamilton seems fixed on the $10 bill, he continues to provoke debate over how we memorialize complex historical figures on America’s currency.
Could Hamilton be Removed from the $10 Bill?
Despite the controversies, removing Alexander Hamilton from the $10 bill completely would face some major obstacles:
No obvious replacement candidate
Coming up with an equally fitting statesman or woman tied to America’s financial history and the Treasury Department represents an imposing challenge. Hamilton spearheaded the entire fiscal infrastructure. Identifying a replacement with such credentials is difficult.
Inertia of tradition
For nearly a century, Americans have closely associated Hamilton with the $10 bill. Tradition and inertia are strong forces. A radical change risks unpredictable reactions or unintended consequences. Many see retaining tradition on widely circulated bills as prudent.
Hamilton fans would protest
Thanks to the Broadway musical and Ron Chernow biography, Alexander Hamilton now has a vocal legion of fans and devotees. They would vehemently oppose any Hamilton removal effort, as they did in 2015-16. Their voices must be considered.
Potential politicization
Replacing Hamilton could get politicized along partisan lines, with conservatives favoring the Founding Father and liberals wanting diversity. Politicizing currency design is seen by many as detrimental. Avoiding politics suggests leaving Hamilton be.
Hamilton’s link to the Treasury
With Hamilton’s pivotal role launching the Treasury Department and financial system, his association with the $10 bill has extra resonance. Removing him completely undermines that logical link between American currency and Hamilton’s legacy.
Given these constraints, Hamilton’s complete removal from the $10 bill appears highly improbable barring unforeseen events. Redesigning the bill to add diversity while keeping Hamilton seems the prudent path forward.
Conclusion
Alexander Hamilton’s distinguished tenure as the first Secretary of the Treasury and father of the American financial system clearly make him exceptionally suited to be featured on the $10 bill. Despite periodic controversies, Hamilton has remained steadfastly on the $10 note since 1928, where he has become an iconic fixture.
While plans to redesign the $10 bill may finally introduce women and update security features, Hamilton’s foundational legacy ensures he will continue leading the front of the bill. Finding another American statesman or woman equally qualified to represent finance and the Treasury Department poses a steep challenge. For these reasons, Alexander Hamilton seems destined to maintain his esteemed position on the $10 bill for the foreseeable future.
