Large denominations of United States currency
Encyclopedia
The base currency
of the United States
is the U.S. dollar
, and is printed on bills in denominations
of $1
, $2
, $5
, $10
, $20
, $50
, and $100
.
At one time, however, it also included five larger denominations. High-denomination currency was prevalent from the very beginning of U.S. Government issue (1861). $500, $1,000, $5,000, and $10,000 interest bearing notes were issued in 1861, and $5,000 and $10,000 United States Notes were released in 1878. There are many different designs and types of high-denomination notes.
The high-denomination bills were issued in a small size in 1929, along with the $1 through $100 denominations. The designs were as follows:
The reverse
designs are abstract scrollwork with ornate denomination identifiers. All were printed in green, except for the Series of 1934 gold certificate
, which were printed in orange on the reverse. These Series 1934 gold certificates (of denominations $100, $1,000, $10,000, and $100,000) were issued after the gold standard
was repealed and gold was compulsorily confiscated by order of President Franklin Roosevelt on March 9, 1933 (see United States Executive Order 6102), and thus were used only for intra-government transactions and not issued to the public. Of these, the $100,000 is an odd bill in that it was printed only as this Series 1934 gold certificate
. This series was discontinued in 1940. The other bills are printed in black and green as shown by the $10,000 example (pictured below).
Although they are still technically legal tender in the United States, high-denomination bills were last printed in 1945 and officially discontinued on July 14, 1969, by the Federal Reserve System
. The $5,000 and $10,000 effectively disappeared well before then. Of the $10,000 bills, 100 were preserved for many years by Benny Binion
, the owner of Binion's Horseshoe
casino in Las Vegas, Nevada
, where they were displayed encased in acrylic. The display has since been dismantled and the bills sold to private collectors. Also, there is one large size, 1800's-era $1,000 bill in the Birdcage Theater in Tombstone, Arizona
underneath the glass counter top.
The Federal Reserve began taking high-denomination bills out of circulation in 1969. As of May 30, 2009, there were only 336 known $10,000 bills in circulation; 342 remaining $5,000 bills; and 165,372 remaining $1,000 bills. Due to their rarity, collectors will pay considerably more than the face value of the bills to acquire them.
For the most part, these bills were used by banks and the Federal Government for large financial transactions. This was especially true for gold certificates from 1865 to 1934. However, the introduction of the electronic money
system has made large-scale cash transactions obsolete. When combined with concerns about counterfeiting and the use of cash in unlawful activities such as the illegal drug trade
, it is unlikely that the U.S. government will re-issue large denomination currency in the near future, despite the amount of inflation
that has occurred since 1969. According to the US Department of Treasury website, "The present denominations of our currency in production are $1, $2, $5, $10, $20, $50, and $100. Neither the Department of the Treasury nor the Federal Reserve System has any plans to change the denominations in use today."
and the words "Five Hundred Dollars" on the reverse. It was released as a small-size Federal Reserve Note (sometimes nicknamed "watermelon
notes" due to the design on the reverse) in 1928, 1934 and 1934A, and a small-size Gold Certificate in 1928.
on the obverse and the words "One Thousand Dollars" on the reverse. It was printed as a small-size Federal Reserve Note in 1928, 1934 and 1934A, and a small-size Gold Certificate in 1928 and 1934. , there were 165,372 $1,000 bills in private hands.
appears on the $10,000 bill. As of May 30, 2009, there are 336 $10,000 bills in private hands.
's image was shown on the obverse, while its reverse contained the "100,000" denomination printed in several places in orange- or gold-colored ink. One of the bills is on display in the Smithsonian Museum of American History; the Federal Reserve Bank of Richmond exhibits an uncut sheet of twelve in its Money Museum. The notes were used only for official transactions between Federal Reserve Banks and were not circulated among the general public and thus, are illegal to own.
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
of the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
is the U.S. dollar
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
, and is printed on bills in denominations
Denomination (currency)
Denomination is a proper description of a currency amount, usually for coins or banknotes. Denominations may also be used with other means of payment like gift cards. See also Redenomination.-Subunit and super unit:...
of $1
United States one-dollar bill
The United States one-dollar bill is the most common denomination of US currency. The first president, George Washington, painted by Gilbert Stuart, is currently featured on the obverse, while the Great Seal of the United States is featured on the reverse. The one-dollar bill has the oldest...
, $2
United States two-dollar bill
The United States two-dollar bill is a current denomination of US currency. President Thomas Jefferson is featured on the obverse of the note...
, $5
United States five-dollar bill
The United States five-dollar bill or fiver is a denomination of United States currency. The $5 bill currently features U.S. President Abraham Lincoln's portrait on the front and the Lincoln Memorial on the back. All $5 bills issued today are Federal Reserve Notes...
, $10
United States ten-dollar bill
The United States ten-dollar bill is a denomination of United States currency. The first U.S. Secretary of the Treasury, Alexander Hamilton, is currently featured on the obverse of the bill, while the U.S. Treasury is featured on the reverse. The United States ten-dollar bill ($10) is a...
, $20
United States twenty-dollar bill
The United States twenty-dollar bill is a denomination of United States currency. U.S. President Andrew Jackson is currently featured on the front side of the bill, which is why the twenty-dollar bill is often called a "Jackson," while the White House is featured on the reverse side.The...
, $50
United States fifty-dollar bill
The United States fifty-dollar bill is a denomination of United States currency. Ulysses S. Grant is currently featured on the obverse, while the U.S. Capitol is featured on the reverse. All current-issue $50 bills are Federal Reserve Notes....
, and $100
United States one hundred-dollar bill
The United States one hundred-dollar bill is a denomination of United States currency. U.S. statesman, inventor and diplomat Benjamin Franklin is currently featured on the obverse of the bill. On the reverse of the banknote is an image of Independence Hall. The time on the clock according to the...
.
At one time, however, it also included five larger denominations. High-denomination currency was prevalent from the very beginning of U.S. Government issue (1861). $500, $1,000, $5,000, and $10,000 interest bearing notes were issued in 1861, and $5,000 and $10,000 United States Notes were released in 1878. There are many different designs and types of high-denomination notes.
The high-denomination bills were issued in a small size in 1929, along with the $1 through $100 denominations. The designs were as follows:
- $500: William McKinleyWilliam McKinleyWilliam McKinley, Jr. was the 25th President of the United States . He is best known for winning fiercely fought elections, while supporting the gold standard and high tariffs; he succeeded in forging a Republican coalition that for the most part dominated national politics until the 1930s...
- $1,000: Grover ClevelandGrover ClevelandStephen Grover Cleveland was the 22nd and 24th president of the United States. Cleveland is the only president to serve two non-consecutive terms and therefore is the only individual to be counted twice in the numbering of the presidents...
- $5,000: James MadisonJames MadisonJames Madison, Jr. was an American statesman and political theorist. He was the fourth President of the United States and is hailed as the “Father of the Constitution” for being the primary author of the United States Constitution and at first an opponent of, and then a key author of the United...
- $10,000: Salmon P. ChaseSalmon P. ChaseSalmon Portland Chase was an American politician and jurist who served as U.S. Senator from Ohio and the 23rd Governor of Ohio; as U.S. Treasury Secretary under President Abraham Lincoln; and as the sixth Chief Justice of the United States Supreme Court.Chase was one of the most prominent members...
- $100,000: Woodrow WilsonWoodrow WilsonThomas Woodrow Wilson was the 28th President of the United States, from 1913 to 1921. A leader of the Progressive Movement, he served as President of Princeton University from 1902 to 1910, and then as the Governor of New Jersey from 1911 to 1913...
The reverse
Obverse and reverse
Obverse and its opposite, reverse, refer to the two flat faces of coins and some other two-sided objects, including paper money, flags , seals, medals, drawings, old master prints and other works of art, and printed fabrics. In this usage, obverse means the front face of the object and reverse...
designs are abstract scrollwork with ornate denomination identifiers. All were printed in green, except for the Series of 1934 gold certificate
Gold certificate
A gold certificate in general is a certificate of ownership that gold owners hold instead of storing the actual gold. It has both a historic meaning as a US paper currency and a current meaning as a way to invest in gold....
, which were printed in orange on the reverse. These Series 1934 gold certificates (of denominations $100, $1,000, $10,000, and $100,000) were issued after the gold standard
Gold standard
The gold standard is a monetary system in which the standard economic unit of account is a fixed mass of gold. There are distinct kinds of gold standard...
was repealed and gold was compulsorily confiscated by order of President Franklin Roosevelt on March 9, 1933 (see United States Executive Order 6102), and thus were used only for intra-government transactions and not issued to the public. Of these, the $100,000 is an odd bill in that it was printed only as this Series 1934 gold certificate
Gold certificate
A gold certificate in general is a certificate of ownership that gold owners hold instead of storing the actual gold. It has both a historic meaning as a US paper currency and a current meaning as a way to invest in gold....
. This series was discontinued in 1940. The other bills are printed in black and green as shown by the $10,000 example (pictured below).
Although they are still technically legal tender in the United States, high-denomination bills were last printed in 1945 and officially discontinued on July 14, 1969, by the Federal Reserve System
Federal Reserve System
The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907...
. The $5,000 and $10,000 effectively disappeared well before then. Of the $10,000 bills, 100 were preserved for many years by Benny Binion
Benny Binion
Lester Ben "Benny" Binion was a well-known American casino owner, mobster, poker enthusiast, and convicted felon.-Early history:...
, the owner of Binion's Horseshoe
Binion's Horseshoe
Binion's Horseshoe, also known as the Horseshoe Casino or simply The Horseshoe, was a hotel and casino located in downtown Las Vegas, Nevada on what is now the Fremont Street Experience. The casino was named for its founder, Benny Binion and had 366 rooms, three restaurants and a rooftop pool.The...
casino in Las Vegas, Nevada
Las Vegas, Nevada
Las Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
, where they were displayed encased in acrylic. The display has since been dismantled and the bills sold to private collectors. Also, there is one large size, 1800's-era $1,000 bill in the Birdcage Theater in Tombstone, Arizona
Tombstone, Arizona
Tombstone is a city in Cochise County, Arizona, United States, founded in 1879 by Ed Schieffelin in what was then Pima County, Arizona Territory. It was one of the last wide-open frontier boomtowns in the American Old West. From about 1877 to 1890, the town's mines produced USD $40 to $85 million...
underneath the glass counter top.
The Federal Reserve began taking high-denomination bills out of circulation in 1969. As of May 30, 2009, there were only 336 known $10,000 bills in circulation; 342 remaining $5,000 bills; and 165,372 remaining $1,000 bills. Due to their rarity, collectors will pay considerably more than the face value of the bills to acquire them.
For the most part, these bills were used by banks and the Federal Government for large financial transactions. This was especially true for gold certificates from 1865 to 1934. However, the introduction of the electronic money
Electronic money
Electronic money is money or scrip that is only exchanged electronically. Typically, this involves the use of computer networks, the internet and digital stored value systems...
system has made large-scale cash transactions obsolete. When combined with concerns about counterfeiting and the use of cash in unlawful activities such as the illegal drug trade
Illegal drug trade
The illegal drug trade is a global black market, dedicated to cultivation, manufacture, distribution and sale of those substances which are subject to drug prohibition laws. Most jurisdictions prohibit trade, except under license, of many types of drugs by drug prohibition laws.A UN report said the...
, it is unlikely that the U.S. government will re-issue large denomination currency in the near future, despite the amount of inflation
Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
that has occurred since 1969. According to the US Department of Treasury website, "The present denominations of our currency in production are $1, $2, $5, $10, $20, $50, and $100. Neither the Department of the Treasury nor the Federal Reserve System has any plans to change the denominations in use today."
$500 bill
The $500 bill featured William McKinley on the obverseObverse and reverse
Obverse and its opposite, reverse, refer to the two flat faces of coins and some other two-sided objects, including paper money, flags , seals, medals, drawings, old master prints and other works of art, and printed fabrics. In this usage, obverse means the front face of the object and reverse...
and the words "Five Hundred Dollars" on the reverse. It was released as a small-size Federal Reserve Note (sometimes nicknamed "watermelon
Watermelon
Watermelon is a vine-like flowering plant originally from southern Africa. Its fruit, which is also called watermelon, is a special kind referred to by botanists as a pepo, a berry which has a thick rind and fleshy center...
notes" due to the design on the reverse) in 1928, 1934 and 1934A, and a small-size Gold Certificate in 1928.
$1,000 bill
The $1000 bill featured Grover ClevelandGrover Cleveland
Stephen Grover Cleveland was the 22nd and 24th president of the United States. Cleveland is the only president to serve two non-consecutive terms and therefore is the only individual to be counted twice in the numbering of the presidents...
on the obverse and the words "One Thousand Dollars" on the reverse. It was printed as a small-size Federal Reserve Note in 1928, 1934 and 1934A, and a small-size Gold Certificate in 1928 and 1934. , there were 165,372 $1,000 bills in private hands.
$5,000 bill
The $5000 bill featured James Madison on the obverse. There is a large-sized $5000 Federal Reserve Note on display at the Smithsonian Museum of American History. The $5000 bill was printed as a gold certificate in 1928, and a federal reserve note in 1928, 1934, and 1934A.$10,000 bill
Salmon P. ChaseSalmon P. Chase
Salmon Portland Chase was an American politician and jurist who served as U.S. Senator from Ohio and the 23rd Governor of Ohio; as U.S. Treasury Secretary under President Abraham Lincoln; and as the sixth Chief Justice of the United States Supreme Court.Chase was one of the most prominent members...
appears on the $10,000 bill. As of May 30, 2009, there are 336 $10,000 bills in private hands.
$100,000 bill
The $100,000 bill is not a bill in the normal sense; it is actually a Gold Certificate. Woodrow WilsonWoodrow Wilson
Thomas Woodrow Wilson was the 28th President of the United States, from 1913 to 1921. A leader of the Progressive Movement, he served as President of Princeton University from 1902 to 1910, and then as the Governor of New Jersey from 1911 to 1913...
's image was shown on the obverse, while its reverse contained the "100,000" denomination printed in several places in orange- or gold-colored ink. One of the bills is on display in the Smithsonian Museum of American History; the Federal Reserve Bank of Richmond exhibits an uncut sheet of twelve in its Money Museum. The notes were used only for official transactions between Federal Reserve Banks and were not circulated among the general public and thus, are illegal to own.
Fake denominations
Numerous fake large denominations of US currency have been created by various individuals and organizations.External links
- Large Denominations from the Bureau of Engraving and Printing