My new promotion is offering less money than people in my current position are currently making

Looking for some advice. I was recently offered a promotion and have been really excited about it. I was excited for a schedule change and more $$. However, when I opened the offer letter, I was only given a raise of $1 AND the rate is less than some of my peers are making. I understand they’ve been here longer than I have, but I thought with a promotion, I would be making more than them? And now idk what to do