Obsolete denominations of United States currency

Last updated

The United States has produced several coins and banknotes of its dollar which no longer circulate or have been disused. Many of these were removed for specific reasons such as inflation reducing their value, a lack of demand, or being too similar to another denomination.

Contents

Treasury notes

The U.S. Dollar has numerous discontinued denominations, particularly high denomination bills, issued before and in 1934 in six denominations ranging from $500 to $100,000. Although still legal tender, most are in the hands of collectors and museums. The reverse designs featured abstract scroll-work with ornate denomination identifiers. With the exception of the $100,000 bill, these bills ceased production in the 1940s, and were recalled in 1969. Of these, the $100,000 was printed only as a Series 1934 gold certificate and was only used for internal government transactions. The United States also issued fractional currency for a brief time in the 1860s and 1870s, in several denominations each less than a dollar.

DenominationObverseReversePortrait
3 cent note 3cf-big.jpg 3cb-big.jpg George Washington
5 cent note 5cf-big.jpg 5cb-big.jpg Thomas Jefferson
10 cent note 1874 United States Fractional Currency Ten Cent Note, Fifth Issue (obverse).jpg 1874 United States Fractional Currency Ten Cent Note, Fifth Issue (reverse).jpg William M. Meredith
15 cent note 15cf-big.jpg 15cb-big.jpg Bust of Columbia
25 cent note 25cf-big.jpg 25cb-big.jpg Robert Walker
50 cent note 50cf-big.jpg US 50 Cents note, 50cb-big.jpg William Crawford
$500 bill 500 USD note; series of 1934; obverse.jpg 500 USD note; series of 1934; reverse.jpg William McKinley
$1,000 bill 1000 USD note; series of 1934; obverse.jpg 1000 USD note; series of 1934; reverse.jpg Grover Cleveland
$2,000 bill Third Bank of the US $2000, Dec 15, 1840, obverse.jpg Third Bank of the US $2000, Dec 15, 1840, reverse.jpg Various historical figures
$5,000 bill US $5000 1934 Federal Reserve Note.jpg US $5000 1934 Federal Reserve Note Reverse.jpg James Madison
$10,000 bill 10000 USD note; series of 1934; obverse.jpg 10000 USD note; series of 1934; reverse.jpg Salmon P. Chase
$100,000 bill US100000dollarsbillobverse.jpg US100000dollarsbillreverse.jpg Woodrow Wilson

Coinage

There have been numerous coins throughout the United States dollar's history that no longer circulate. Some, like the half-cent coin were removed due to inflation reducing their value while others such as the two-cent piece were removed due to a lack of demand.

Note that this table shows the latest status before the coin denomination was rendered obsolete.

DenominationObverseReverseWeightDiameterMaterialEdgeIssued
Half cent
½¢
1851 half cent obv.jpg 1851 half cent rev.jpg 5.443 g (0.1920 oz)23.5 mm (0.93 in)100%  Cu plain1793–1857
Large cent
1855 cent obv.jpg 1855 cent rev.jpg 10.89 g (0.384 oz)29 mm (1.1 in)100% Cuplain1793–1857
Two-cent piece
1865 Two Cent Obverse.png 1865 Two Cent Reverse.png 6.22 g (0.219 oz)23.00 mm (0.906 in)95% Cu, 5%  Sn and Zn plain1864–1873
Three-cent nickel
1887-6 3CN (obv).jpg 1887-6 3CN (rev).jpg 1.94 g (0.068 oz)17.9 mm (0.70 in)75% Cu, 25%  Ni plain1865–1889
Trime
1851-O 3CS (obv).jpg 1851-O 3CS (rev).jpg 0.8 g (0.028 oz)14 mm (0.55 in)90%  Ag , 10% Cuplain1851–1873
Half dime
1857 seated liberty half dime obverse.jpg 1857 seated liberty half dime reverse.jpg 1.24 g (0.044 oz)15.5 mm (0.61 in)90% Ag, 10% CuReeded1792–1873
Twenty-cent piece
20¢
1876-CC 20C (obv).jpg 1876-CC 20C (rev).jpg 5 g (0.18 oz)22 mm (0.87 in)90% Ag, 10% CuPlain1875–1878
Gold dollar
$1
1875 gold dollar obv.jpg 1875 gold dollar rev.jpg 1.7 g (0.060 oz)14.3 mm (0.56 in)90%  Au , 10% CuReeded1849–1889 α
Quarter eagle
$2.50
1929 quarter eagle obv.jpg 1929 quarter eagle rev.jpg 4.18 g (0.147 oz)18 mm (0.71 in)90% Au, 10% CuReeded1795–1929 α
Three-dollar piece
$3
1874 Three-dollar piece obverse.jpg 1874 Three-dollar piece reverse.jpg 5.01 g (0.177 oz)20.5 mm (0.81 in)90% Au, 10% CuReeded1853–1889
Half eagle
$5
1912 half eagle obv.jpg 1912 half eagle rev.jpg 8.36 g (0.295 oz)21.6 mm (0.85 in)90% Au, 10% CuReeded1795–1929 β
Eagle
$10
1908 eagle obv.jpg 1908 eagle rev.jpg 16.7 g (0.59 oz)26.8 mm (1.06 in)90% Au, 10% CuReeded1795–1933 β
Double eagle
$20
1912 double eagle obv.jpg 1912 double eagle rev.jpg 35 g (1.2 oz)34 mm (1.3 in)90% Au, 10% CuReeded1849–1932 γ

Notes

Some Early United States commemorative coins were minted in this denomination.
Some Modern United States commemorative coins are minted in this denomination.
The United States government claims that it never officially released the 1933 double eagle. Examples of the coin were minted in that year, but were never released to circulation following Executive Order 6102.

Related Research Articles

Coins of the United States dollar, aside from those of the earlier Continental currency were first minted in 1792. New coins have been produced annually and they make up a valuable aspect of the United States currency system. Circulating coins exist in denominations of 1¢, 5¢, 10¢, 25¢, 50¢, and $1.00. Also minted are bullion, including gold, silver and platinum, and commemorative coins. All of these are produced by the United States Mint. The coins are then sold to Federal Reserve Banks which in turn are responsible for putting coins into circulation and withdrawing them as demanded by the country's economy.

Seigniorage, also spelled seignorage or seigneurage, is the difference between the value of money and the cost to produce and distribute it. The term can be applied in two ways:

<span class="mw-page-title-main">Mexican peso</span> Currency of Mexico

The Mexican peso is the currency of Mexico. Modern peso and dollar currencies have a common origin in the 16th–19th century Spanish dollar, most continuing to use its sign, "$".

<span class="mw-page-title-main">Philippine peso</span> Currency of the Philippines

The Philippine peso, also referred to by its Filipino name piso, is the official currency of the Philippines. It is subdivided into 100 sentimo, also called centavos.

<span class="mw-page-title-main">Legal tender</span> Medium of payment recognized by law

Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt.

The mill or mil is a unit of currency, used in several countries as one-thousandth of the base unit. In the United States, it is a notional unit equivalent to a thousandth of a United States dollar. In the United Kingdom, it was proposed during the decades of discussion on decimalisation as a 11000 division of sterling's pound. While this system was never adopted in the United Kingdom, the currencies of some British or formerly British territories did adopt it, such as the Palestine pound and the Maltese lira.

The United States Mint has minted numerous commemorative coins to commemorate persons, places, events, and institutions since 1848. Many of these coins are not intended for general circulation, but are still legal tender. The mint also produces commemorative medals, which are similar to coins but do not have a face value, and therefore are not legal tender.

<span class="mw-page-title-main">Dollar coin (United States)</span> Current denomination of United States currency

The dollar coin is a United States coin with a face value of one United States dollar. Dollar coins have been minted in the United States in gold, silver, and base metal versions. Dollar coins were first minted in the United States in 1794.

<span class="mw-page-title-main">Eagle (United States coin)</span> US $10 half-ounce gold coin minted 1795–1933

The eagle was a United States $10 gold coin issued by the United States Mint from 1795 to 1933.

<span class="mw-page-title-main">Italian lira</span> Former currency of Italy

The lira was the currency of Italy between 1861 and 2002. It was introduced by the Napoleonic Kingdom of Italy in 1807 at par with the French franc, and was subsequently adopted by the different states that would eventually form the Kingdom of Italy in 1861. It was subdivided into 100 centesimi, which means "hundredths" or "cents". The lira was also the currency of the Albanian Kingdom from 1941 to 1943.

<span class="mw-page-title-main">Nickel (Canadian coin)</span> Canadian coin worth 5 cents

The Canadian five-cent coin, commonly called a nickel, is a coin worth five cents or one-twentieth of a Canadian dollar. It was patterned on the corresponding coin in the neighbouring United States. It became the smallest-valued coin in the currency upon the discontinuation of the penny in 2013. Due to inflation, the purchasing power of the nickel continues to drop and currently the coin represents less than 0.5% of the country's lowest minimum hourly wage.

The history of the United States dollar began with moves by the Founding Fathers of the United States of America to establish a national currency based on the Spanish silver dollar, which had been in use in the North American colonies of the Kingdom of Great Britain for over 100 years prior to the United States Declaration of Independence. The new Congress's Coinage Act of 1792 established the United States dollar as the country's standard unit of money, creating the United States Mint tasked with producing and circulating coinage. Initially defined under a bimetallic standard in terms of a fixed quantity of silver or gold, it formally adopted the gold standard in 1900, and finally eliminated all links to gold in 1971.

<span class="mw-page-title-main">Indian Head cent</span> American one-cent coin (1859–1909)

The Indian Head cent, also known as an Indian Head penny, was a one-cent coin ($0.01) produced by the United States Bureau of the Mint from 1859 to 1909. It was designed by James Barton Longacre, the Chief Engraver at the Philadelphia Mint.

The Tuvaluan dollar is one of the currencies of Tuvalu, whose unofficial international currency code is TVD. Tuvalu has never had banknotes of its own, and has been issuing coins since 1976. However, the Tuvaluan dollar is used as a unit of account, and is pegged to the Australian dollar at parity. From 1966 to 1976, Tuvalu officially used the Australian dollar. In 1976, Tuvalu began issuing its own coins, which continue to circulate alongside Australian coins. Tuvalu continues to use Australian banknotes. Tuvaluan coins are not legal tender in Australia. Similar to the Faroese króna's relationship to the Danish krone and the Panamanian balboa's relationship to the United States dollar, the Tuvaluan dollar is not an independent currency, but a variation of the Australian dollar.

<span class="mw-page-title-main">History of the Canadian dollar</span> History of currency in Canada

Canada has an extensive history with regard to its currencies. Prior to European contact, indigenous peoples in Canada used items such as wampum and furs for trading purposes, which continued when trade with Europeans began. During the period of French colonization, coins were introduced, as well as one of the first examples of paper currency by a western government. During the period of British colonization, additional coinage was introduced, as well as banknotes. The Canadian colonies gradually moved away from the British pound and adopted currencies linked to the United States dollar. With Confederation in 1867, the Canadian dollar was established. By the mid-20th century, the Bank of Canada was the sole issuer of paper currency, and banks ceased to issue banknotes.

<span class="mw-page-title-main">Australian five-cent coin</span> Current denomination of Australian currency

The Australian five-cent coin is the lowest-denomination circulating coin of the decimal Australian dollar introduced in 14 February 1966, replacing the pre-decimal sixpence. It has been the lowest-denomination coin in general circulation since the withdrawal of the one-cent and two-cent coins in 1992.

The coins of Canada are produced by the Royal Canadian Mint and denominated in Canadian dollars ($) and the subunit of dollars, cents (¢). An effigy of the reigning monarch always appears on the obverse of all coins. There are standard images which appear on the reverse, but there are also commemorative and numismatic issues with different images on the reverse.

<span class="mw-page-title-main">Penny debate in the United States</span> Potential abolition of the United States penny

A debate exists within the United States government and American society at large over whether the one-cent coin, the penny, should be eliminated as a unit of currency in the United States. The penny costs more to produce than the one cent it is worth, meaning the seigniorage is negative – the government loses money on every penny that is created. Several bills introduced in the U.S. Congress would have ceased production of pennies, but none have been approved. Such bills would leave the five-cent coin, or nickel, as the lowest-value coin minted in the United States.

<span class="mw-page-title-main">United States dollar</span> Official currency of the United States

The United States dollar is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color.

<span class="mw-page-title-main">Three-cent nickel</span> US copper-nickel three-cent coin (1865–1889)

The copper-nickel three-cent piece, often called a three-cent nickel piece or three-cent nickel, was designed by US Mint Chief Engraver James B. Longacre and struck by the United States Bureau of the Mint from 1865 to 1889. It was initially popular, but its place in commerce was supplanted by the five-cent piece, or nickel.

References