If you take a close look at the $50 bill in your wallet, you‘ll see the stern face of Ulysses S. Grant staring back at you. Grant‘s portrait has graced the front of the $50 Federal Reserve Note since 1913, but many Americans know little about why he was chosen for this honor or his legacy as a Civil War general and U.S. president.
In this in-depth article, we‘ll explore the life and career of Ulysses S. Grant, trace the history and design of the $50 bill, and examine some intriguing theories about why this particular denomination is so rarely seen in circulation. By the end, you‘ll have a newfound appreciation for the man on the fifty and the bill itself.
The Life and Military Career of Ulysses S. Grant
Born Hiram Ulysses Grant in 1822 in Point Pleasant, Ohio, the future president grew up in a middle-class family and attended the United States Military Academy at West Point. He graduated in 1843 and served with distinction in the Mexican-American War.
After leaving the army in 1854, Grant struggled to support his family and battled alcoholism. But with the outbreak of the Civil War in 1861, he rejoined the military and quickly rose through the ranks thanks to his bravery, tenacity, and strategic acumen.
Grant‘s crucial victories at Fort Donelson, Shiloh, and Vicksburg solidified his reputation as one of the Union‘s most effective generals. In March 1864, President Abraham Lincoln appointed Grant as General-in-Chief of all Union armies.
Over the next year, Grant led a series of bloody but decisive campaigns against the Confederacy, culminating in Robert E. Lee‘s surrender at Appomattox Court House in April 1865. Grant‘s leadership helped preserve the Union and end slavery, cementing his status as a national hero.
Grant‘s Tumultuous Presidency
Riding a wave of popularity after the Civil War, Grant was elected as the 18th president of the United States in 1868. He served two terms from 1869 to 1877, focusing much of his agenda on Reconstruction, civil rights for African Americans, and rebuilding the nation‘s economy.
Grant‘s presidency was marked by some notable achievements, such as the passage of the 15th Amendment guaranteeing voting rights regardless of race, the establishment of the Department of Justice, and efforts to reform the Indian Bureau and protect Native American rights.
However, his administration was also plagued by scandals and corruption, including the infamous Whiskey Ring scandal and illicit profiteering by his Cabinet members. Critics accused Grant of being too trusting of dishonest advisors and failing to root out graft.
After leaving office in 1877, Grant embarked on a two-year world tour that generated tremendous public goodwill. But he later fell into financial ruin after investing in a Ponzi scheme. Facing mounting debts and diagnosed with terminal throat cancer, Grant raced to finish his memoirs before his death in 1885.
Published by Mark Twain, The Personal Memoirs of Ulysses S. Grant became a critical and commercial smash, rehabilitating Grant‘s reputation and providing financial security for his family. Today, historians generally regard Grant as an underrated president who, despite his administration‘s flaws, deserves credit for his role in winning the Civil War and advancing African American rights during Reconstruction.
Why Grant Was Chosen for the $50 Bill
In 1913, the U.S. Treasury Department unveiled a new series of Federal Reserve Notes featuring the portraits of famous Americans. Grant was chosen to replace Henry Clay, the longtime Kentucky Senator, as the face of the $50 bill.
The decision to honor Grant was based on his immense popularity and significance as both a victorious Civil War general and two-term president. At a time when the Civil War was still a relatively recent memory, putting Grant on the $50 bill was a way to recognize his role in preserving the Union.
The 1913 $50 bill was designed by the Bureau of Engraving and Printing‘s chief portrait artist, Lyman F. Smith. The front featured Grant‘s portrait in an oval frame with ornamental engraving, while the back depicted the U.S. Capitol building.
The Evolution of the $50 Bill
The $50 bill has undergone significant design changes over the centuries. During the Colonial era and early years of the United States, various banks and states issued their own $50 notes with wildly different designs.
The first federally-issued $50 bill was printed in 1861 as a demand note to help finance the Civil War. These notes featured intricate engraving but lacked many of the security features of later bills, making them relatively easy to counterfeit.
In 1869, the Treasury introduced the United States Note, also known as the "Rainbow Note" due to its vibrant red, white, and blue color scheme. The $50 denomination featured a portrait of Henry Clay.
The Series of 1914 $50 Federal Reserve Note was the first to feature Grant‘s portrait, which has remained on the bill ever since. The design was modified in 1926 to include a smaller, off-center portrait.
The most recent major redesign of the $50 bill came in 2004 as part of ongoing efforts to deter counterfeiting. The new bill kept Grant‘s portrait but added background colors of blue and red, an embedded security thread, watermarks, color-shifting ink, and microprinting. These changes make it much more difficult for counterfeiters to produce convincing fake $50s.
Why Are $50 Bills So Rare?
Despite being the second-highest denomination printed by the Bureau of Engraving and Printing (after the $100 bill), $50 notes are relatively uncommon in circulation. According to the Federal Reserve, there are currently around 1.8 billion $50 bills in circulation, compared to over 16 billion $1 bills.
There are a few theories as to why you rarely see $50 bills in your change or at the ATM. One is that many businesses are reluctant to accept them due to the risk of receiving counterfeit bills. Larger denominations like $50s and $100s are more frequently faked than smaller bills.
Another factor may be that $50 bills are often used for illegal transactions such as drug deals, making law-abiding citizens and businesses wary of them. Some people also view the $50 bill as unlucky, perhaps due to its association with Grant‘s financial troubles later in life.
However, the most likely explanation is simply that $50 bills are not in high demand for most daily cash transactions. The vast majority of purchases can be covered with $20 bills or smaller, while $100 bills are preferred for larger withdrawals or high-value purchases. As a result, banks tend to order and circulate fewer $50 notes.
Are There Any Rare or Valuable $50 Bills?
For currency collectors and history buffs, certain $50 bills can be quite valuable due to their rarity, condition, or printing errors. Some notable examples include:
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1869 $50 Rainbow Note – These colorful bills from the Reconstruction era can fetch up to $10,000 or more in pristine condition.
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1891 $50 Treasury Note – Featuring a portrait of William H. Seward (of "Seward‘s Folly" fame), these scarce notes are prized by collectors. An uncirculated example sold for nearly $200,000 in 2022.
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1913 $50 Gold Certificate – While not legal tender today, these notes backed by gold deposits were printed in relatively small numbers. High-grade examples can sell for over $30,000.
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Misprinted $50 Bills – Errors like misaligned seals, missing serial numbers, or improper cutting can add significant value to otherwise common $50 bills from recent series.
The $50 Bill‘s Place in American History
From its early days as Colonial scrip to its modern incarnation as a high-tech Federal Reserve Note, the $50 bill has played a fascinating role in the economic and cultural history of the United States. Its changing designs reflect the nation‘s evolving values, struggles, and achievements over more than two centuries.
Today, the $50 bill serves as a daily reminder of the life and legacy of Ulysses S. Grant, one of America‘s most important military and political leaders. While it may not be the most widely used or beloved denomination, the $50 note remains an essential part of U.S. currency.
The next time you have occasion to spend or receive a $50 bill, take a moment to appreciate the intricate artistry, cutting-edge security features, and historical significance packed into that small piece of paper. And if you‘re lucky enough to come across a rare or collectible $50 note, you might just have a small fortune in your hands!
