What Is a Sawbuck?
A sawbuck is a carpentry tool, also known as a sawhorse: a wooden rack with "X"-shaped crosses at each end used for holding and cutting timber.
"Sawbuck" is a slang term historically used for a U.S. $10 bill because two ornate Roman numeral Xs were on the backside of the 10-dollar bill issued during the Civil War. Interbank forex dealers may use the term for a $10 million transaction.
Key Takeaways
- Sawbuck is a slang term for a $10 bill.
- The phrase reflects the Roman numeral X, which resembles a wooden sawbuck.
- Sawbuck is a forex term for trades of $10 million.
History of the $10 Bill
The first paper money in the U.S. used Roman numerals on bills and banknotes. X represented the number 10. Early $10 bills, issued in the mid-19th century, bore two prominent scripted Roman numeral 10s that resembled a sawbuck's X-shaped ends. The word originated between 1840-1850.
During the 1800s, sawbucks were used in many American households. Most people had the X-shaped sawbuck in the backyard to cut logs into the size needed to burn in stoves.Unlike a sawhorse, which raises and supports wood for sawing, a sawbuck secures the wood in a cradle, mitigating slipping and kickback when cutting.
The X disappeared from the reverse of the 10-dollar note by 1880 in favor of various designs, including the number 10. Before the formation of the Federal Reserve, the entity tasked with issuing fiat currency was the U.S. Treasury.
In forex markets, interbank transactions of $10 million notional are sawbucks. See Investopedia's choices for Best Forex Brokers.
Sawbuck Portraits
Created in 1862, the U.S. Bureau of Engraving and Printing develops and produces all U.S. paper currency. In 2024, the $10 bill features a portrait of Alexander Hamilton, but he did not arrive on its face until the 1929 series of banknotes. Earlier portraits include:
- 1863: Salmon P. Chase, the sixth chief justice of the U.S.
- 1869: Daniel Webster on the left-hand side and Pocahontas' presentation to the English Royal Court on the right
- 1870: Benjamin Franklin, flying his kite
- 1878: Robert Morris—founding father,merchant, and signer of the Declaration of Independence
- 1886: Thomas A. Hendricks, 21st vice president of the U.S.
- 1890: Philip Sheridan, Union general during the Civil War
- 1901: Meriweather Lewis and William Clark, explorers of the Louisiana Purchase territory
- 1907: Michael Hillegas,first treasurer of the U.S.
- 1914: Andrew Jackson, the seventh President of the U.S., currently adorning the $20 note
How Did the Term "Bucks" Originate?
Conjecture has it that the use of the term buck to indicate money comes from trading days when the monetary exchange for goods had its basis in buckskin or deer hide. The earliest written reference is a 1748 journal entry by Pennsylvania pioneer Conrad Weiser. Weiserused the term frequently, with the first being on page 41 of the journal when he wrote "a cask of whiskey shall be sold to you for five bucks."
What Is Slang for a $50 Bill?
"Grant" is one nickname for a $50 bill, which is adorned by the face of Ulysses S. Grant. "Half-yard" is another.
What Is Slang for a $100 Bill?
"C note" is a term used to refer to a $100 ("C" is the Roman numeral for "hundred"). $100 bills are also called "Benjamins" (or "Bennies" or "Benjis") or "Franklins," because they hold Benjamin Franklin's portrait.
The Bottom Line
"Sawbuck" is a slang term historically used for a U.S. $10 bill because the bill showed two Roman numeral Xs. Interbank forex dealers may use the term for a $10 million transaction.
