$10,000_bill

Large denominations of United States currency

Large denominations of United States currency

US currency larger than $100


Large denominations of United States currency greater than $100 were circulated by the United States Treasury until 1969. Since then, U.S. dollar banknotes have been issued in seven denominations: $1, $2, $5, $10, $20, $50, and $100.

Overview and history

Large-denomination currency (i.e., banknotes with a face value of $500 or higher)[1] had been used in the United States since the late 18th century.[2] The first $500 note was issued by North Carolina, authorized by legislation dated May 10, 1780.[3] Virginia quickly followed suit and authorized the printing of $500 and $1,000 notes on October 16, 1780,[4] and $2,000 notes on May 7, 1781.[5] High-denomination treasury notes were issued; for example, during the War of 1812 ($1,000 notes authorized by an act dated June 30, 1812).[6] During the American Civil War, Confederate currency included $500 and $1,000 notes.[7] The earliest (1861) federal banknotes included high-denomination notes such as three-year interest-bearing notes of $500, $1,000, and $5,000, authorized by Congress on July 17, 1861.[8] In total, 11 different types of U.S. currency were issued in high-denomination notes across nearly 20 different series dates. The obverse designs of United States banknotes generally depict either historical figures, allegorical figures symbolizing significant concepts (e.g., liberty, justice), or both. The reverse designs range from abstract scroll-work with ornate denomination identifiers to reproductions of historical art works.

Public versus institutional use

Series 1934 gold certificates ($100; $1,000; $10,000; and $100,000) were issued after the gold standard was repealed and gold was compulsorily confiscated by order of President Franklin Roosevelt on March 9, 1933 (see United States Executive Order 6102). Thus the series 1934 notes were used only for intragovernmental (i.e., Federal Reserve Bank) transactions and were not issued to the public.[9] This series was discontinued in 1940. The series 1928 gold certificate reverse was printed in black and green (see History of the United States dollar).

Passive retirement

Although they remain legal tender in the United States, high-denomination bills were last printed on December 27, 1945, and were officially discontinued on July 14, 1969, by the Federal Reserve System[10] due to "lack of use".[11] The lower production $5,000 and $10,000 notes had effectively disappeared well before then.[nb 1]

Beginning in July 1969, the Federal Reserve began removing high-denomination currency from circulation and destroying any large bills returned by banks.[11] As of May 30, 2009, only 336 $10,000 bills were known to exist, along with 342 $5,000 bills, 165,372 $1,000 bills and less than 75,000 $500 bills (of over 900,000 printed).[12][13] Due to their rarity, collectors pay considerably more than the face value of the bills to acquire them, and some are in museums in other parts of the world.

These larger denomination bills were mainly used by banks and the federal government for large financial transactions, which was especially true for gold certificates from 1865 to 1934. Given that the introduction of electronic money systems has made large-scale cash transactions mostly obsolete, as well as concerns about counterfeiting and the use of cash for unlawful activities (such as drug trafficking and money laundering), it is unlikely that the U.S. government will reissue any large-denomination currency in the foreseeable future.

According to the U.S. Department of Treasury website, "The present denominations of our currency in production are $1, $2, $5, $10, $20, $50 and $100. The purpose of the United States currency system is to serve the needs of the public and these denominations meet that goal. Neither the Department of the Treasury nor the Federal Reserve System has any plans to change the denominations in use today."[14]

High-denomination banknote issuing data

More information Abbr, Type ...

Table of banknotes

The National Numismatic Collection at the Smithsonian Institution contains the Bureau of Engraving and Printing (BEP) certified proofs and the Treasury Department collection of United States currency. Using a combination of proofs and issued notes, a nearly complete type set of high-denomination currency was compiled. Notably missing are several types of Compound and Interest Bearing Notes. Printed during the early to mid-1860s on very thin paper, these high-denomination notes are virtually non-existent. Their issuance (1861–65) predates the BEP's responsibility for U.S. currency (1870s), so it is fortunate that any proofs exist in the current archives.

More information Value, Type ...

See also


References

Explanatory footnotes

  1. One hundred $10,000 bills were on display for many years by Benny Binion at Binion's Horseshoe casino in Las Vegas, Nevada, where they were encased in acrylic. The display has since been dismantled and the bills sold to private collectors.
  2. The following types of United States banknotes were not issued in high denominations and are not included in the list below: Demand notes, Federal Reserve bank notes (large or small size), legal tender (small size), silver certificates (small size), National Bank Notes (small size)[15] The table sections are sorted by their appearance in the Friedberg reference book.
  3. Large size notes represent the earlier types or series of U.S. banknotes. Their "average" dimension is 7+38 × 3+18 inches (187 × 79 mm). Small size notes (described as such due to their size relative to the earlier large size notes) are an "average" 6+18 × 2+58 (156 × 67 mm), the size of modern U.S. currency. "Each measurement is ± 0.08 inches (2 mm) to account for margins and cutting".[16] Exceptions to the large versus small categories are the CITN, IBN, and RC, all slightly larger than the large size note dimensions.
  4. All Series 1878 $5,000 and $10,000 notes have been redeemed.[17]
  5. Issued HD IBNs are virtually unknown. There may be one $500 and 2–3 $1,000 known from all issue dates.[18]
  6. A $500 Series 1891 Treasury Note was authorized and a certified proof was prepared, but the note was never issued.[19]
  7. Three banks issued $500 NBGN. None are reported, only four notes have not been redeemed.
  8. The Kidder National Gold Bank of Boston received two-note $500–$1,000 sheets from the Treasury. The bank returned the shipment intact.
  9. No issued notes or proofs exist of either $500 or $1,000 NGBN
  10. Despite the authorizing act date of 3 March 1863, Gold certificates were not issued until 1865.[20]
  11. Series 1934 Gold certificates were never intended for public circulation.
  12. The table is sorted by denomination and then by Friedberg number.
  13. When the information is available, the engraver's name has been added in parentheses. Column sorting is based on the individual depicted in the portrait.
  14. Variety is the Friedberg number, or specific combination of signatures and seal type; type represents all the varieties that exist for a given denomination and design, it is the total number of note known for the entire design type.
  15. Of the 5 known notes, 4 are in institutional collections.[26]
  16. Of the 4 known notes, 2 are in institutional collections.[26]
  17. None exist outside of institutional collections.[56]
  18. None exist outside of institutional collections.[56]

Citations

  1. Friedberg & Friedberg, 2013, pp. 232–35.
  2. Friedberg & Friedberg, 2013, p. 22.
  3. Newman, 2008, p. 326.
  4. Newman, 2008, p. 454.
  5. Newman, 2008, p. 455.
  6. Friedberg & Friedberg, 2013, p. 32.
  7. Fricke, 2014, p. 122 & 124.
  8. "CHAPTER 3000: CUSTODY OF GOLD CERTIFICATES, SERIES OF 1934". US Treasury. Retrieved October 21, 2018.
  9. "Large denominations". Bureau of Engraving and Printing/Treasury Website. Archived from the original on June 25, 2014. Retrieved June 20, 2014. {{cite journal}}: Cite journal requires |journal= (help)
  10. Palmer, Brian (July 24, 2009). "Somebody Call Officer Crumb!: How much cash can a corrupt politician cram into a cereal box?". Slate. Retrieved July 24, 2012. As to "cereal boxes" as a repository for ill-gotten bribes, compare "Little Tin Box" in the musical Fiorello!.
  11. Friedberg & Friedberg, 2013, generally.
  12. Friedberg, p. 7.
  13. Friedberg & Friedberg, 2013, p. 58.
  14. Friedberg & Friedberg, 2013, p. 72.
  15. Friedberg & Friedberg, 2013, p. 91.
  16. Friedberg & Friedberg, 2013, p. 164.
  17. Friedberg & Friedberg, 2013, p. 54.
  18. Hessler, 1993, pp. 71–73.
  19. Hessler, 2004, p. 36.
  20. Friedberg & Friedberg, 2013, p. 55.
  21. Hessler, 2004, p. 38.
  22. Hessler, 1993, p. 38.
  23. Hessler, 1993, p. 286.
  24. Friedberg & Friedberg, 2013, p. 61.
  25. Friedberg & Friedberg, 2013, p. 89.
  26. Friedberg & Friedberg, 2013, p. 97.
  27. Hessler, 1993, p. 290.
  28. Hessler, 1993, p. 137.
  29. Friedberg & Friedberg, 2013, p. 109.
  30. Hessler, 1993, p. 265.
  31. Hessler, 2004, p. 216.
  32. Friedberg & Friedberg, 2013, p. 165.
  33. Hessler, 1993, p. 114.
  34. Friedberg & Friedberg, 2013, p. 56.
  35. Friedberg & Friedberg, 2013, p. 57.
  36. Hessler, 1993, p. 145.
  37. Friedberg & Friedberg, 2013, p. 64.
  38. Friedberg & Friedberg, 2013, p. 66.
  39. Friedberg & Friedberg, 2013, pp. 89–90.
  40. Hessler, 2004, p. 95.
  41. Friedberg & Friedberg, 2013, p. 98.
  42. Hessler, 1993, p. 180.
  43. Friedberg & Friedberg, 2013, p. 110.
  44. Hessler, 1993, p. 280.
  45. Hessler, 1993, p. 40.
  46. Hessler, 2004, p. 219.
  47. Hessler, 2004, p. 39
  48. Hessler, 1993, p. 83.
  49. Hessler, 1993, p. 99.
  50. Hessler, 2004, p. 200.
  51. Friedberg & Friedberg, 2013, p. 159.
  52. Hessler, 2004, p. 223.
  53. Hessler, 2004, p. 39.
  54. Hessler, 1993, p. 237.

General bibliography


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