Robert Indiana kept a series of illustrated journals during the late 1950s and 1960s, in which he discusses the development of his work as well as his daily life on Coenties Slip.

In his journal page for January 17, 1961, Indiana discusses The American Dream (later retitled The American Dream, I) and includes a color sketch of the upper right circle of the painting, with a note to add ten stars to it.  Below the sketch he notes that this circle later became red and the large stars became blue, and that "the central [large] star [to] later contain the words 'take all,' probably not at this point come [to] mind. Am somewhat decided what 'AM DR' [American Dream] should include however: very much a reference to the pinball machine ('My Mexicali Rose,' #37 and Post Road, etc very much [to] mind)."