Paper Money

New series awaits appointment of new U.S. treasurer

Federal Reserve notes will continue to be printed with the signatures of Trump administration officials until a new treasurer of the United States assumes office in the Biden administration.

Images courtesy of Heritage Auctions.

A number of readers lately have all asked the same question: With a new administration in Washington and new leadership at the Treasury Department, we should be due for a new series of paper money with new signatures  ̶̶  where is it?

Janet Yellen provided her signature as secretary of the Treasury for the Bureau of Engraving and Printing’s engravers not long after assuming office. The problem is the other signature. That one is for the treasurer of the United States.

The Biden administration has not yet named a new one, and for that matter, when Trump appointee Jovita Carranza left the Treasury Department to become the administrator of the Small Business Administration in January 2020, the Trump administration never bothered to appoint a new one either. As a result, notes continue to be printed with the facsimile signatures of Carranza and Secretary Steven A. Mnuchin.

The Bureau of Engraving and Printing has confirmed to Coin World that it is maintaining this practice. There will be no changes in signatures or a new series date until the next treasurer is appointed by the president. In coinage, this would be akin to a “frozen date,” albeit temporary.

The Treasury Department describes the treasurer’s job as direct oversight over the U.S. Mint, the Bureau of Engraving and Printing and Fort Knox Bullion Depository, as well as being a key liaison with the Federal Reserve. The treasurer serves as a senior adviser to the Secretary in the areas of community development and public engagement.

In recent times, the post has traditionally gone to women.

The post of treasurer of the United States is older than the Treasury Department itself. The first joint treasurers, Michael Hillegas and George Clymer, were appointed by the Continental Congress on July 29, 1775. Their major task was raising money to finance the Revolutionary War. They did not sign any of the Continental Currency.

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