…The American financial system had been completely upended by the Revolution. The US dollar had collapsed in the wake of the sack of Wall Street, which only compounded the Whites’ financial woes. The Reds dealt with the crisis by implementing strict price controls, effectively freezing their domestic market for the duration of the war. However, confidence in the dollar remained at rock bottom even as the war came to an end. Global financiers did not trust the new socialist regime…
…The Treasury Act of 1920, which created the Commissariat of the Treasury, was in part meant to address these concerns. Commissar Fred Hardy negotiated with American coops to keep prices steady even after the removal of price controls. He also involved the Treasury itself in currency exchanges and international trade deals. American coops which had to sell their goods abroad for foreign currency would exchange it with the Treasury, which then used the foreign currency to buy American dollars at reasonable rates, which made foreign firms more willing to trade in dollars…
…Domestically, the Treasury Act would be best remembered for its debate over the design of American currency. While a few radicals in the RSP wanted to introduce an entirely new currency, the majority accepted that the dollar was here to stay. However, the RSP as a whole did push for entirely new designs, replacing the pre-Revolution political figures. This met with backlash from the Progressives and moderates in the SLP. Eventually, a compromise was reached. The face of each ASU treasury note would feature someone associated with either the War of Independence or the Civil War, while the reverse would feature designs from American labor and revolutionary history…
Denomination | Portrait | Reverse Motif |
One dollar | George Washington | Haymarket Affair |
Two dollars | Thomas Jefferson | Signing of the Declaration of Independence |
Five dollars | Abraham Lincoln | Abolition of Slavery |
Ten dollars | Alexander Hamilton | 1919 Constitutional Convention |
Twenty dollars | John Brown[1] | Manhattan Uprising |
Fifty dollars | Ulysses S. Grant | Boston Tea Party |
One hundred dollars | Benjamin Franklin | March Across The Potomac |
…The coinage was also redesigned. Instead of generic faces, the first ASU coins would display a variety of tools, representing American laborers. The penny now featured a hammer, the nickel a sickle, the dime a shovel, the quarter a pen, the half-dollar a wrench, and the dollar a rifle…
…These designs would change over the 20th century. In 1938, faces were returned to American coinage, displaying the heroes of American labor: Eugene Debs, Bill Haywood, Mother Jones, Daniel DeLeon, Benjamin Hanford, and Charles Moyer. In 1958, Thomas Jefferson was replaced on the $2 bill by John Adams, given the former being a slaveowner and the latter an abolitionist. 1979, the centennial of Leon Bronstein’s birth, would see him displace Charles Moyer on the dollar coin. In 1995, the “commonwealth quarters” were introduced, with designs representing the different commonwealths. Most recently, in 2013 the Treasury unveiled a new design for the half-dollar, replacing Benjamin Hanford with the late Premier Cesar Chavez
[2]…
- From
Prosperity for All: An Economic History of the American Socialist Union by Warren Buffett
[1] Replacing Grover Cleveland, who was on the $20 bill IOTL until 1928, when he was replaced by Andrew Jackson.
[2] IOTL, Cesar Chavez was a prominent American labor leader and civil rights activist.