In the case of Regan, Secretary of the Treasury, et al. v. Time, Inc., 1983, Time Magazine challenged a federal statute that prohibited photographic reproductions of currency on First Amendment grounds. The Supreme Court ruled in favor of Donald Regan (Secretary of Treasury), upholding the law and stating it did not violate free speech rights protected by the First Amendment. The court held that while there was some expressive value in using actual size photographs or color illustrations for educational purposes or news reports about money matters which were exempted from prohibition under revised regulations; commercial advertisements and other uses could be restricted to prevent counterfeiting without infringing upon freedom of expression as they do not directly contribute to public debate.

In the dissenting opinion for Regan v. Time, Inc., Justice Brennan argued that the majority's decision to uphold a law prohibiting photographic reproduction of currency was flawed. He contended that this ruling violated First Amendment rights by restricting freedom of speech and press without sufficient justification. Brennan criticized the majority's acceptance of government assertions about potential harm from counterfeit money as speculative and unsupported by evidence. He also disagreed with their conclusion that only "expressive" uses of currency images were protected, arguing instead that all non-fraudulent uses should be allowed unless proven harmful. Furthermore, he objected to the selective exemption for educational purposes as arbitrary and inconsistent with free speech principles.