Most people handle smaller denominations of money, like a $20 or $100 bill. Some of us come across the occasional $50, but these smaller denominations are in much higher supply as far as our regular currency is concerned.
Enter William McKinley, who died with journalists noting him to be “the most beloved President in US history” at the time. America had not yet had the opportunity to experience Theodore Roosevelt firsthand. By the 1920s, McKinley was a fading figure and a mere foot note before gaining a surge of popularity in the 1950s.
McKinley was beloved for his time. So much so that there are significant memorials that bear his name, and the reminder that he once sat in the most powerful seat in American politics. 20 schools in Ohio bear the McKinley name, and nearly a million dollars was pledged to construct memorials for him after his passing. Perhaps Ohioans felt McKinley’s legacy was secured, but more than a dozen states chose to memorialize him in some form.
He is also memorialized on the $500 bill. There are actually two color seals associated with this bill, and separate sizes. As a result, the $500 bill is today something of a collector’s item. McKinley’s face adorns both the green and gold bills, with the smaller of the two having been far more common. The gold is worth more than the green, and some are still in circulation. There are people still trading $500 bills for the face value.
Phineas Upham is an investor from NYC and SF. You may contact Phin on his Phineas Upham website or LinkedIn page.