A Republican lawmaker wants to resurrect an out-of-print dollar bill denomination and put former President Trump's face on it.

Rep. Paul Gosar, R-Ariz., on Wednesday filed legislation to have the Federal Reserve print a $500 note featuring the 45th president. His bill is called the "Treasury Reserve Unveiling Memorable Portrait (TRUMP) Act." 

"As Bidenflation continues to devalue our currency, the issuance of $500 bills featuring President Trump by the Treasury offers several practical advantages," Gosar said in a news release. 

The last version of a $500 bill featured a portrait of President William McKinley and was printed in 1945. The denomination was discontinued 24 years later, according to the Bureau of Engraving and Printing. 

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Gosar, a Trump ally, argued it was time to bring back the $500 bill to "empower Americans with the freedom of more tangible options to save and exchange goods and services." 

He said added benefits would include giving Americans options to avoid digital banking, "which faces greater vulnerability to surveillance and censorship," and minting a collector's item.

"Furthermore, from a collector’s perspective, these $500 Trump bills will become highly sought after, generating revenue for the government through increased demand for numismatic items," Gosar said. 

"Collectors often covet currency with unique designs and historical significance and bills featuring the very popular 45th President will attract considerable attention from collectors.  This will no doubt create a market for the $500 Trump bills far beyond their face value and increase the seigniorage earnings of the government, thus increasing overall revenues." 

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Inflation eased slightly in April for the first time in months, though it still remains above the Federal Reserve's target rate.

The Labor Department said last month that the consumer price index, a broad measure of how much everyday goods like gasoline, groceries and rent cost, rose 0.3% in April from the previous month. Economists expected to see a 0.4% monthly increase. Prices climbed 3.4% from the same time last year, down from the 3.5% reading in March.

Another data point that measures underlying inflationary pressures within the economy also moderated last month. So-called core prices, which exclude the more volatile measurements of gasoline and food in order to better assess price growth trends, increased 0.3% in April. From the same time last year, the gauge climbed 3.6% — the lowest reading since 2021.

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Altogether, the report indicates that while inflation has fallen considerably from a peak of 9.1%, it remains well above the Fed's 2% target.

Gosar's argument is that while prices remain uncomfortably high for many Americans, the reintroduction of Federal Reserve notes at higher denominations will help people carry cash needed to make purchases. 

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Historically, U.S. currencies in higher denominations than $100 were used by banking institutions for large money transactions, but by 1969 technology had outpaced the need for large bills. The largest U.S. dollar denomination ever printed was the $100,000 Gold Certificate, which featured a portrait of President Woodrow Wilson, who created the Federal Reserve in 1917.

The Trump campaign did not immediately respond to a request for comment.

Fox News Digital's Megan Henney contributed to this report.