The former president and first lady returned to 1600 Pennsylvania Avenue Wednesday to unveil their new presidential portraits, which will adorn the White House walls along with their counterparts.

Barack was in a great mood, making everyone laugh and smile ... remarking on how "fine" his wife looks in her portrait.

While Barack mostly kept it fun, Michelle made a powerful speech. She says the Obama portraits -- a biracial kid with an unusual name, and the daughter of a water pump operator and stay-at-home mom -- serve as a reminder there's a place for everyone in America.

Barack and Michelle want the paintings to inspire folks from all walks of life ... they say if the Obamas made it to the White House, so too can anyone.