Donald Trump wants new $250 banknote to feature his arrest mugshot

However, Republican allies of the President have put forward a bill that would carve out an exception specifically for this commemorative note.

The proposed denomination is intended to mark the United States' semiquincentennial, with the country celebrating 250 years of independence on July 4 this year.

Trump's signature is already set to appear on US paper notes.

Speaking at a White House briefing on Thursday, Treasury Secretary Scott Bessent said that the matter rests entirely with Congress.

He confirmed his department was undertaking preparatory work should the legislation succeed, whilst emphasising the Treasury would adhere to whatever the law requires.

Mr Bessent also defended the concept, saying he did not "think there's anything untoward" about featuring the sitting President on currency marking the anniversary of his tenure.

The legislation enabling such a note was introduced by Republican Representative Joe Wilson of South Carolina.

His bill, dubbed the "Donald J. Trump $250 Bill Act", would direct the Treasury to create the new denomination whilst establishing an exemption to the prohibition on depicting living persons.

Democratic Senator Mark Warner, a member of the Senate's Committee on Banking, condemned the proposal in stark terms.

The Virginia senator said: "As Americans struggle with the rising cost of gas, groceries, housing, and health care, President Trump's priorities for taxpayer dollars are completely detached from the challenges families face every day."

He added: "If this White House put even half as much energy into working to lower costs as it does into stoking the president's ego, American families wouldn't need that new $250 bill just to fill up their gas tanks."

The prohibition on living individuals appearing on American currency dates back to 1866, when the practice was outlawed after a mid-level Treasury official's portrait appeared on a five-cent note.

Creating the $250 denomination could also conflict with separate federal legislation specifying which denominations may be produced.

The largest note presently in circulation is the $100 bill featuring Benjamin Franklin.

Higher denominations, including $500 and $1,000 notes, were withdrawn in 1969 due to limited usage.

Developing new currency typically requires six to eight years, according to former and current Treasury employees.

It raises doubts about whether any note could be ready for the July 4 anniversary.

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