When the first-class letter rate was increased to 3¢ in June 1932, a new stamp was needed to meet the change. This stamp was adapted from the 2¢ stamp in the Washington Bicentennial Issue (#707). The denomination and color were changed and the ribbons with “1732” and “1932” were removed. The portrait of Washington by Stuart was used for the vignette. It’s the same image used on the $1 bill.