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    Benjamin Franklin on the $100 Bill: History, Design, and Significance

    Who is on the $100 US bill?

    Since the introduction of the $100 as a Federal Reserve note in 1914, its obverse has featured Founding Father Benjamin Franklin. Although Franklin’s legacy is manifest in the American story, it is still a bit curious that he is one of only two non-Presidents on circulated dollars. So, let’s discuss how the eminent inventor and statesman became the face of America’s most valuable currency note.

    Benjamin Franklin: The Face of the $100 Bill

    Benjamin Franklin was born in 1706 in Boston and quickly became one of the best-known minds in the American colonies. He made a fortune as a printmaker and made notable discoveries and contributions to the scientific community, including founding the American Philosophical Society in 1743.

    However, Franklin is best-known for his later-in-life statesmanship in the founding and support of the new United States of America. He was, in many ways, the “wise old man” among the Founding Fathers and provided much of the intellectual firepower in that turbulent time.

    Now, Franklin was not the first to appear on a bill worth $100 in the United States. Before the issuance of the familiar Federal Reserve note, the country made use of the $100 United States Note. First issued in 1862, its most common portrait in the early days of the note featured Abraham Lincoln, who adorned the $100 from 1869 until 1914.

    Evolution of the $100 Bill Design

    However, by 1914, Secretary of the Treasury William P. McAdoo moved to commemorate Franklin on this new currency. Franklin has adorned the obverse of the bill ever since.

    Of course, Franklin’s appearance hasn’t always been the same. The $100 has undergone many design changes over its lifespan, and there is enough variation between the series that most experienced collectors can identify the vintage of a bill on sight.

    Early designs (1862-1914)

    As mentioned above, the $100 United States Note first appeared in 1862. It was issued to aid the government in paying off its war debts. These bills looked significantly different from the current $100s, both in terms of their design and size.

    However, with the issuance of the Franklin-bearing $100 Federal Reserve Note in 1914 (along with other bills), the usefulness of the US Note began to decline. They were last printed in 1971, and at the time, they were virtually indistinguishable in terms of utility from their green brethren.

    Federal Reserve Note designs (1914-1990)

    Federal Reserve Note designs (1914-1990)

    The first $100 bills themselves were also designed in the large size format shared by the United States Notes. They featured Benjamin Franklin, but with a side-facing portrait, rather than the familiar front-facing portrait of later $100s.

    The reverse side of the bill features a rather obscure depiction of allegorical figures. There are personifications of America, labor, peace, plenty, and commerce in various activities.

    This design lasted until 1929. The US Treasury issued the Series of 1928 and standardized all US currency to the familiar size still in use today. The $100s themselves still featured Franklin, but had him facing the front for the first time. On the reverse of the bill, the allegorical figures were replaced by a simple image of Independence Hall.

    By and large, the $100 bill remained in this configuration for the next 61 years.

    1990 series redesign

    In 1990, the Federal Reserve introduced the first modern anti-counterfeiting technologies to the $100 bill as part of Series 1990. The bill now featured microscopic printing around Franklin’s portrait. The new bills also featured a metallic security strip on the left side of the bill. Both of these features made it much more difficult to replicate the bills – even if the counterfeiter had access to credible facsimiles of the ink and paper used to make $100s.

    1996 series updates

    Unfortunately, with the rise of computers, image copying, and better printers, the 1990 upgrades weren’t enough to push back against fakery effectively. So, in 1996, the Treasury debuted a new $100 bill that looked moderately different, but was significantly different than its predecessors.

    All of the old-school counterfeiting measures, like red/blue threads and UV-reactive strips, remained on the $100. However, the bill now featured the following changes:

    • A watermark of Franklin on the right side of the bill
    • Fine-line printing around the two portraits (Franklin and Independence Hall)
    • Ink that showed as different colors depending on the angle

    This new design remained the standard for the $100 until 2013, though we’d been expecting them four years earlier.

    2009 series redesign

    The next major design change technically debuted in 2013. However, this latest design change is termed the 2009 Series due to its announcement date in 2010, rather than the date of its actual printing. In fact, the delay was caused by printing problems that (apparently) took 3 years to fix.

    The bill looked quite different from previous versions. Franklin’s portrait expanded to its largest size yet, and was no longer contained by a frame. There was now a blue security stripe down the center of the bill, along with a large orange inkwell and quill with the Liberty Bell inscribed inside the inkwell. There is a partial inscription of the Declaration of Independence, and small yellow “100”s are printed in much of the negative space on both sides.

    Key Features of the Modern $100 Bill

    • Portrait of Benjamin Franklin
    • Independence Hall illustration
    • Security features
    • 3D Security Ribbon
    • Color-shifting ink
    • Watermarks
    • Security thread
    • Other design elements and symbols

    The Modern $100 Bill

    Key features of the modern $100 bill

    There are now more than 18.5 billion $100 bills in circulation. This massive number is the vast majority of US currency – at last estimate, $100s represented roughly 4 out of every 5 bills.

    In terms of its comparison with other bills worldwide, it is slightly less valuable than the equivalent amount of some of the major currencies. Specifically, the $100 exchanges for roughly 91% of the euro and 78% of the pound sterling.

    However, no other bill is more recognizable. With dollars involved in roughly 50% of trades worldwide, the $100 is the emblem of the world’s currency.

    Common Misconceptions

    The $100 is not without its confusions. Franklin’s inclusion on the bill has befuddled observers for years. Some wonder why George Washington, the first US President, would not adorn our most prominent piece of currency, rather than our smallest bill. Others likely wonder why titan Presidents like Lincoln and Jefferson would be similarly regulated to lower denomination bills.

    The truth of the matter is that the design and portrait of the $100, along with all the other bills in circulation, is a decision made by the United States Treasury and the Federal Reserve. The best explanation for why Benjamin Franklin is on the $100 is that Secretary of the Treasury McAdoo wanted him on it when the $100 Federal Reserve Note first printed, and he’s been on the bill.

    Cultural Impact of the $100 Bill

    However, others have embraced the portrayal of our elder statesman’s position on the $100. $100s are commonly referred to as “Benjamins,” “Bennies,” or “Franklins” due to his portrait. This shorthand entered pop culture when then-Puff Daddy released his 1997 single “All about the Benjamins,” a song detailing the importance of the $100 as the gateway to luxury and the finer things.

    Because the $100 remains the highest-denomination bill in circulation, its ascension in culture as a proxy for success and wealth is understandable. Movies commonly show stacks of neatly grouped $100s as a means for dealmaking. They are often revealed within the confines of a metal briefcase or other secure container, and can often become the McGuffin in a film’s storyline.

    The Future of the $100 Bill

    Future of the $100 bill

    The $100 is the king of the currency in the US right now. It is unlikely that its status will be challenged anytime soon.

    In terms of redesigns, the most likely time to look for a new bill is as technology catches up and produces more convincing counterfeits. The advent of 3D printing and, potentially, AI, certainly invigorates the possibility that a new bill might be in the offing sometime soon.

    There is also some discussion about whether the reintroduction of higher denomination bills might be appropriate due to inflationary concerns in the country. However, there are no plans to make $500s or $1000s a part of the culture at the moment.

    Even though many of our transactions are conducted electronically these days, there are still several reasons why paper money – specifically, the $100 – remains so popular. Some purchases are just easier in cash. Others are better kept without a paper trail.

    Regardless of the reason, cash is king, and Benjamin Franklin sits on its throne.

    All Market Updates are provided as a third party analysis and do not necessarily reflect the explicit views of JM Bullion Inc. and should not be construed as financial advice.