The Great Seal (depicted on the cover of this book) of the USA has the Latin motto "ANNUIT COEPTIS" written above the depiction of an "EYE" overlooking a Pyramid with 13 steps.

The literal translation  of "ANNUIT COEPTIS" is "[He] FAVORS (or "has favored") [our] UNDERTAKINGS", from Latin annuo ("I approve, I favor"), and coeptum ("commencement, undertaking").

Because of its context as a caption above the Eye of Providence, the standard translations are:"PROVIDENCE FAVORS OUR UNDERTAKINGS" and "PROVIDENCE HAS FAVORED OUR UNDERTAKINGS".

The Pyramid may be considered a "Picture of Egypt" which was the banner of Joseph (Midrash Bamidbar Rabah 2;5).

The 13 steps of the Pyramid represent 13 Tribes of Israel which resulted when the two sons of Joseph each became Tribes in their own right alongside the other 11 brothers: 

Genesis (CJV) 48:

5 AND NOW, [AS FOR] YOUR TWO SONS, WHO WERE BORN TO YOU IN THE LAND OF EGYPT, UNTIL I CAME TO YOU, TO THE LAND OF EGYPT THEY ARE MINE. EPHRAIM AND MANASSEH SHALL BE MINE LIKE REUBEN AND SIMEON.

The Blessing of Jacob to Joseph said:

Genesis (CJV, Complete Jewish Bible ) 49:

22 A CHARMING SON IS JOSEPH, A SON CHARMING TO THE EYE; [OF THE] WOMEN, [EACH ONE] STRODE ALONG TO SEE HIM.

Genesis (NASB) 49:

22 JOSEPH IS A FRUITFUL BRANCH, A FRUITFUL BRANCH BY A SPRING; ITS BRANCHES HANG OVER A WALL.

Genesis (Aramaic Bible in Plain English) 49:

22 YOSEPH IS THE SON OF INCREASE; THE SON OF INCREASE GOES UP AS A SPRING WITH A VINE SUPPORTED, GOING UP ON THE WALL:

Genesis (Coverdale Bible of 1535) 49:

22 THE FRUTEFUL SONNE IOSEPH, THAT FLORISHINGE SONNE TO LOKE VPON, THE DOUGHTERS GO VPO THE WALL.

Genesis (King James Bible) 49:

JOSEPH IS A FRUITFUL BOUGH, EVEN A FRUITFUL BOUGH BY A WELL; WHOSE BRANCHES RUN OVER THE WALL.

The Hebrew word translated as "eye," or "well," or "spring," in Hebrew is "AYIN" which does indeed means "EYE" (it is what the English word "eye" derives from), the Eye of Providence.

Literally the Hebrew Text may be understood to say:

"JOSEPH IS A FAVORED SON, WITH THE EYE (of Providence) ABOVE HIM. THE DAUGHTER (-nations) MARCHED WITH THE BULL."

The "bull" represents Joseph, symbolized by the bull:

Deuteronomy (ESV) 33:17 A FIRSTBORN BULL, HE HAS MAJESTY....

Deuteronomy (CJV) 33:17 TO HIS FIRSTBORN OX (i.e. bull) IS [GIVEN] GLORY...

This is the meaning of "Annuit Coeptis." 

The Great Seal represents Joseph.

"HE FAVORS [our] UNDERTAKINGS." Under the Eye of Providence as Joseph with the 13 Daughter Tribes. Each of the 13 represents one of the original 13 colonies of the USA when it was founded. Today the USA has 50 states but each of the additional 37 (13 plus 37 = 50) may be considered to emanate from one of the first 13.

See Also: Joseph. Eye Above.