Treasury Secretary Jack Lew will make an announcement today about several changes to U.S. currency. Contrary to a suggestion last year, Alexander Hamilton will apparently be staying on the $10 bill but women’s rights leaders will be added to the back of the bill. The big change will be to the $20 bill according to Politico:
Treasury will also announce that it plans to replace former President Andrew Jackson on the $20 bill with Harriet Tubman, the sources said. There will also be changes to the $5 bill to depict civil rights era leaders.
The Treasury Department announced last June that a woman would replace Hamilton on the $10 bill, though at the time Treasury was said to be seeking input about which woman would appear on the bill.
The suggestion to replace Hamilton met with backlash from people who a) thought Hamilton as the first Treasury Secretary should remain on the nation’s money, b) people who thought Andrew Jackson should be removed from the $20 instead, and c) people who worried a woman would wind up sharing space with Hamilton on the $10 instead of getting a bill of her own. It appears Treasury heard the critics.
CNN reports the changes to the $20 bill will take some time:
“The soonest that a new $20 note will be issued is 2030,” the source said, citing a lengthy process convened by the Advanced Counterfeit Deterrence steering committee, which includes representatives from the U.S. Secret Service, the Treasury, and the Federal Reserve.
That process isn’t likely to be sped up by the Federal Reserve, which issues the currency, given the work that goes into designing secure technology to thwart counterfeiters.
The new $10 bill is scheduled to be released in 2020.