Large denominations of United States currency

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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.

Contents

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Series 1934 gold certificates ($100; $500; $1,000; $10,000; and $100,000) were issued after the gold standard was repealed and gold was compulsorily confiscated by order of President Franklin Roosevelt on March 9, 1933 (see United States Executive Order 6102).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] because of "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 fewer 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

Key to high denomination banknote type abbreviations [nb 2]
AbbrTypeSize [nb 3] Series datesHigh denomination series dateComments
$500$1,000$5,000$10,000$100,000
LT Legal tender Large1862–19231862
1863
1869
1874
1875
1878
1880		1862
1863
1869
1878
1880		18781878– [nb 4]
CITN Compound interest treasury note Exception1863–18641863
1864		1864–––
IBN Interest bearing note Exception1861–18651861
1863
1864
1865		1861
1863
1864
1865		1861
1863
1864
1865		–– [nb 5]
SC Silver certificate Large1878–19231878
1880		1878
1880
1891		–––
TN Treasury note Large1890–18911891 [nb 6] 1890
1891		–––
NBN National bank note Large1865–18751865
1875		1865
1875		–––
FRN Federal reserve note Large1914–19181918191819181918–
NGBN National gold bank note Large1870–18831870 [nb 7] – [nb 8] ––– [nb 9]
GC Gold certificate Large [nb 10] 1865–19221865
1870
1875
1882
1922		1865
1870
1875
1882
1907
1922		1865
1870
1882
1888		1865
1870
1875
1882
1888
1900		–
FRNFederal reserve noteSmall1928–present1928
1934		1928
1934		1928
1934		1928
1934		–
GCGold certificateSmall1928–1934 [nb 11] 19281928
1934		19281928
1934		1934

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.

High denomination United States banknotes [nb 12]
ValueTypeSeriesFriedberg numberImagePortrait/engraving [nb 13] Comments [nb 14]
$500LT1862–1863Fr.183c US-$500-LT-1863-Fr-183c.jpg Albert Gallatin 4 known (variety)
7 known (type) [21]
$500LT1869Fr.184 US-$500-LT-1869-Fr-184.jpg John Quincy Adams
(Charles Burt) [22]
Justice
(Stephen A. Schoff) [23] 		4 known (only one privately) [24]
$500LT1874–1878Fr.185b US-$500-LT-1875-Fr-185b.jpg Joseph Mansfield
(Charles Burt) [22]
Victory
(Charles Burt) [25]
$500LT1880Fr.185l US-$500-LT-1880-Fr-185l.jpg Joseph Mansfield
(Charles Burt) [22]
Victory
(Charles Burt) [25] 		5 known (variety) [nb 15]
$500CITN1864Fr.194a
Proof		 US-$500-CITN-1864-Fr-194a (Proof).jpg Standard Bearer (left)
(George D. Baldwin) [27]
New Ironsides (right)
(James Smillie) [28] 		Unknown [29]
$500SC1878Fr.345a US-$500-SC-1878-Fr-345a.jpg Charles Sumner
(Charles Burt) [22] 		Unique (variety and type) [30]
$500SC1880Fr.345c US-$500-SC-1880-Fr-345c.jpg Charles Sumner
(Charles Burt) [22] 		5 known (variety)
7 known (type) [30]
$500TN1891Fr.379
Proof		 US-$500-TN-1891-PROOF.jpg William Tecumseh Sherman None issued [31]
$500NBN1865–1875Fr.464 US-NBN-MA-Lowell-986-Orig-500-206-A.jpg Civilization (left)
(James D. Smillie) [32]
Sirius arriving in New York (right)
Surrender of General Burgoyne (rev)
(Frederick Girsch) [33] 		2 known (variety)
3 known (type) [34]
$500FRN1918Fr.1132d US-$500-FRN-1918-Fr-1132d.jpg John Marshall
(Charles Schlecht) [35]
de Soto discovering the Mississippi (rev)
(Frederick Girsch) [33]
$500GC1863Fr.1166d
Proof		 US-$500-GC-1863-Fr-1166d (PROOF).jpg Eagle with shield or E Pluribus Unum
(Charles Skinner) [36] 		Unknown [37]
$500GC1870–1875Fr.1166i US-$500-GC-1870-Fr-1166i.jpg Abraham Lincoln
(Charles Burt) [22] 		Unique [37]
$500GC1882–1922Fr.1216a US-$500-GC-1882-Fr-1216a.jpg Abraham Lincoln
(Charles Burt) [22]
$500FRN1928–1934Fr.2200g US-$500-FRN-1928-Fr-2200g.jpg William McKinley
(John Eissler) [38]
$500GC1928Fr.2407 US-$500-GC-1928-Fr-2407.jpg William McKinley
(John Eissler) [38]
$1,000LT1862–1863Fr.186e US-$1000-LT-1863-Fr-186e.jpg Robert Morris
(Charles Schlecht) [35] 		Unique (variety)
5 known (type) [39]
$1,000LT1869Fr.186f
Proof		 DeWitt Clinton 2 known [40]
$1,000LT1878Fr.187a US-$1000-LT-1878-Fr-187a.jpg DeWitt Clinton
Columbus in his study
(Henry Gugler) [41]
$1,000LT1880Fr.187k US-$1000-LT-1880-Fr-187k.jpg DeWitt Clinton
Columbus in his study
(Henry Gugler) [41] 		4 known (variety)
~20–25 known (type) [nb 16]
$1,000IBN1863Fr.201
Proof		 US-$1000-IBN-1863-Fr-201 (Proof).jpg Justice (left); Liberty (right)Unknown [42]
$1,000IBN1863Fr.206
Proof		 US-$1000-IBN-1863-Fr-206 (Proof).jpg Guerriere and the Constitution (left) and Discovery of the Mississippi by De Soto (right)Unknown [43]
$1,000SC1878Fr.346a
Proof		 US-$1000-SC-1878-FR-346a-PROOF.jpg William Marcy
(Charles Schlecht) [35] 		Unknown [44]
$1,000SC1880Fr.346d US-$1000-SC-1880-Fr-346d.jpg William Marcy
(Charles Schlecht) [35] 		5 known (variety)
5 known (type) [44]
$1,000SC1891Fr.346e US-$1000-SC-1891-Fr-346e.jpg William Marcy
(Charles Schlecht) [35]
Liberty
(Charles Burt) [45] 		2 known [44]
$1,000TN1890Fr.379a US-$1000-TN-1890-Fr-379a.jpg George Meade
(Charles Burt) [22] 		5 known (variety)
7 known (type) [46]
$1,000TN1891Fr.379c US-$1000-TN-1891-Fr-379c.jpg George Meade
(Charles Burt) [22] 		2 known (variety)
3 known (type) [46]
$1,000NBN1865–1875Fr.465
Proof		 US-$1000-NBN-1875-Fr-465 (Proof).jpg Scott entering City of Mexico (left)
(Alfred Jones) [47]
United States Capitol (right)
(James Smillie) [28]
Washington resigning his commission (rev)
(Frederick Girsch) [33] 		Unknown [48]
$1,000FRN1918Fr.1133d US-$1000-FRN-1918-Fr-1133d.jpg Alexander Hamilton
(G.F.C. Smillie) [49]
Eagle (rev)
(Marcus W. Baldwin) [50]
$1,000GC1863Fr.1166e
Proof		 US-$1000-GC-1863-Fr-1166e (PROOF).jpg Eagle with shield or E Pluribus Unum
(Charles Skinner) [36]
Justice with scales		Unique [37]
$1,000GC1870–1875Fr.1166o
Proof		 US-$1000-GC-1875-Fr-1166o PROOF.jpg Alexander Hamilton
(Charles Burt) [51] 		Unique [37]
$1,000GC1882Fr.1218g US-$1000-GC-1882-Fr.1218g.jpg Alexander Hamilton
(G.F.C. Smillie) [49]
$1,000GC1907–1922Fr.1219 US-$1000-GC-1907-Fr-1219.jpg Alexander Hamilton
$1,000FRN1928–1934Fr.2210g US-$1000-FRN-1928-Fr-2210g.jpg Grover Cleveland
(John Eissler) [38]
$1,000GC1928Fr.2408 US-$1000-GC-1928-Fr-2408.jpg Grover Cleveland
(John Eissler) [38]
$1,000GC1934Fr.2409 US-$1000-GC-1934-Fr-2409.jpg Grover Cleveland
(John Eissler) [38]
$5,000LT1878Fr.188
Proof		 US-$5000-LT-1878-Fr.188-PROOF.jpg James Madison
(Alfred Sealey) [52]
Eagle
(William Chorlton) [53] 		All notes have been redeemed, none outstanding [17]
$5,000IBN1863Fr.202
Proof		 US-$5000-IBN-1863-Fr-202 (Proof).jpg The Altar of Liberty
(Louis Delnoce) [54] 		Unknown [42]
$5,000IBN1865Fr.212h
Proof		 US-$5000-IBN-1865-Fr-212h (Proof).jpg Justice (left)
New Ironsides (center)
(James Smillie) [28]
$5,000FRN1918Fr.1134d US-$5000-FRN-1918-Fr-1134d.jpg James Madison
(Alfred Sealey) [55]
Washington resigning his commission (rev)
(Louis Delnoce) [54] 		Unique (variety)
5 known (type) [nb 17]
$5,000GC1863Fr.1166f
Proof		 US-$5000-GC-1863-Fr-1166f (PROOF).jpg Eagle with shield or E Pluribus Unum
(Charles Skinner) [36]
Female		Unique [37]
$5,000GC1870–1875Fr.1166k
Proof		 US-$5000-GC-1870-Fr-1166k PROOF.jpg James Madison
(Alfred Sealey) [51] 		Unknown [37]
$5,000GC1882Fr.1221a
Proof		 US-$5000-GC-1882-Fr-1221a.jpg James Madison
(Alfred Sealey) [57] 		Two known [37]
$5,000FRN1928–1934Fr.2220g US-$5000-FRN-1928-Fr-2220g.jpg James Madison
(Alfred Sealey) [57]
$5,000GC1928Fr.2410 US-$5000-GC-1928-Fr-2410.jpg James Madison
$10,000LT1878Fr.189
Proof		 US-$10000-LT-1878-Fr.189-PROOF.jpg Andrew Jackson
(Alfred Sealey) [58] 		All notes have been redeemed, none outstanding [17]
$10,000FRN1918Fr.1135d US-$10000-FRN-1918-Fr-1135d.jpg Salmon Chase; Embarkation of the Pilgrims (rev)Unique (variety)
5 known (type) [nb 18]
$10,000GC1863Fr.1166g
Proof		 US-$10000-GC-1863-Fr-1166g (PROOF).jpg Eagle with shield or E Pluribus Unum
(Charles Skinner) [36] 		Unknown [37]
$10,000GC1870–1875Fr.1166l
Proof		 US-$10000-GC-1875-Fr-1166q PROOF.jpg Andrew Jackson Unique [37]
$10,000GC1882Fr.1223a
Proof		 US-$10000-GC-1882-Fr-1223a.jpg Andrew Jackson
(Alfred Sealey) [57] 		Two known [37]
$10,000GC1900Fr.1225 US-$10000-GC-1900-Fr.1225.jpg Andrew Jackson
(Alfred Sealey) [57]
$10,000FRN1928–1934Fr.2230b US-$10000-FRN-1928-Fr-2230b.jpg Salmon P. Chase
$10,000GC1928Fr.2411 US-$10000-GC-1928-Fr-2411.jpg Salmon P. Chase
$10,000GC1934Fr.2412 US-$10000-GC-1934-Fr.2412.jpg Salmon P. Chase
$100,000GC1934Fr.2413 US-$100000-GC-1934-Fr-2413.jpg Woodrow Wilson
(G.F.C. Smillie) [49]
Reverse
(Frederick Pauling) [59] 		Was never in circulation; cannot legally be privately held

See also

Related Research Articles

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<span class="mw-page-title-main">United States Note</span> Type of paper money that was issued from 1862 to 1971 in the United States

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<span class="mw-page-title-main">United States ten-dollar bill</span> Current denomination of United States currency

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<span class="mw-page-title-main">United States one-hundred-dollar bill</span> Current denomination of United States currency

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<span class="mw-page-title-main">Gold certificate (United States)</span> Certificate of ownership that gold owners held instead of storing the actual gold

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<span class="mw-page-title-main">National Gold Bank Note</span> Banknote

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The United States two-dollar bill (US$2) is a current denomination of United States currency. A portrait of Thomas Jefferson, the third president of the United States (1801–1809), is featured on the obverse of the note. The reverse features an engraving of John Trumbull's painting Declaration of Independence.

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+3⁄8 × 3+1⁄8 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+1⁄8 × 2+5⁄8 (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. ↑ United States Congress. Act of July, 17 1861 Chapter V. Washington D.C.: 1861
  9. ↑ "CHAPTER 3000: CUSTODY OF GOLD CERTIFICATES, SERIES OF 1934". US Treasury. Retrieved October 21, 2018.
  10. ↑ "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)
  11. 1 2 Joanne C. Dauer; Edward A. Dauer (2002). American History as Seen Through Currency: A Pictorial History of United States Currency as Seen Throughout Important Historical Events. Heritage Capital Corporation. p. 51. ISBN   9780972846608.
  12. ↑ 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! .
  13. ↑ https://www.fool.com/investing/general/2015/06/11/how-much-is-a-500-bill-worth.aspx [ bare URL ]
  14. ↑ "our Treasury – FAQs: Denominations of Currency" . Retrieved November 29, 2021.
  15. ↑ Friedberg & Friedberg, 2013, generally.
  16. ↑ Friedberg, p. 7.
  17. 1 2 3 Friedberg & Friedberg, 2013, p. 58.
  18. ↑ Friedberg & Friedberg, 2013, p. 72.
  19. ↑ Friedberg & Friedberg, 2013, p. 91.
  20. ↑ Friedberg & Friedberg, 2013, p. 164.
  21. ↑ Friedberg & Friedberg, 2013, p. 54.
  22. 1 2 3 4 5 6 7 8 9 Hessler, 1993, pp. 71–73.
  23. ↑ Hessler, 2004, p. 36.
  24. ↑ Friedberg & Friedberg, 2013, p. 55.
  25. 1 2 Hessler, 2004, p. 38.
  26. 1 2 "Heritage Auctions (#3521) 2013 January 9–14 FUN Signature Auction". HA.com. Retrieved June 24, 2014.
  27. ↑ Hessler, 1993, p. 38.
  28. 1 2 3 Hessler, 1993, p. 286.
  29. ↑ Friedberg & Friedberg, 2013, p. 61.
  30. 1 2 Friedberg & Friedberg, 2013, p. 89.
  31. ↑ Friedberg & Friedberg, 2013, p. 97.
  32. ↑ Hessler, 1993, p. 290.
  33. 1 2 3 Hessler, 1993, p. 137.
  34. ↑ Friedberg & Friedberg, 2013, p. 109.
  35. 1 2 3 4 5 Hessler, 1993, p. 265.
  36. 1 2 3 4 Hessler, 2004, p. 216.
  37. 1 2 3 4 5 6 7 8 9 10 Friedberg & Friedberg, 2013, p. 165.
  38. 1 2 3 4 5 Hessler, 1993, p. 114.
  39. ↑ Friedberg & Friedberg, 2013, p. 56.
  40. ↑ Friedberg & Friedberg, 2013, p. 57.
  41. 1 2 Hessler, 1993, p. 145.
  42. 1 2 Friedberg & Friedberg, 2013, p. 64.
  43. ↑ Friedberg & Friedberg, 2013, p. 66.
  44. 1 2 3 Friedberg & Friedberg, 2013, pp. 89–90.
  45. ↑ Hessler, 2004, p. 95.
  46. 1 2 Friedberg & Friedberg, 2013, p. 98.
  47. ↑ Hessler, 1993, p. 180.
  48. ↑ Friedberg & Friedberg, 2013, p. 110.
  49. 1 2 3 Hessler, 1993, p. 280.
  50. ↑ Hessler, 1993, p. 40.
  51. 1 2 Hessler, 2004, p. 219.
  52. ↑ Hessler, 2004, p. 39
  53. ↑ Hessler, 1993, p. 83.
  54. 1 2 Hessler, 1993, p. 99.
  55. ↑ Hessler, 2004, p. 200.
  56. 1 2 Friedberg & Friedberg, 2013, p. 159.
  57. 1 2 3 4 Hessler, 2004, p. 223.
  58. ↑ Hessler, 2004, p. 39.
  59. ↑ Hessler, 1993, p. 237.

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