United States one-hundred-dollar bill

Last updated
One hundred dollars
(United States)
Value$100
Width156 mm
Height66.3 mm
Weight≈ 1.0 [1]  g
Security featuresSecurity fibers, watermark, 3D security ribbon, security thread, color shifting ink, microprinting, raised printing, EURion constellation
Material used75% cotton
25% linen
Years of printing1861–present
Obverse
New100front.jpg
Design Benjamin Franklin's portrait by Joseph Duplessis, Declaration of Independence, quill pen, inkwell with an image of the Liberty Bell
Design date2009
Reverse
New100back.jpg
Design Independence Hall
Design date2009

The United States one-hundred-dollar bill ($100) is a denomination of United States currency. The first United States Note with this value was issued in 1862 and the Federal Reserve Note version was launched in 1914, alongside other denominations. [2] Statesman, inventor, diplomat, and American founding father Benjamin Franklin has been featured on the obverse of the bill since 1914. [3] On the reverse of the banknote is an image of Independence Hall in Philadelphia, which has been used since 1928. [3] The $100 bill is the largest denomination that has been printed and circulated since July 13, 1969, when the denominations of $500, $1,000, $5,000, and $10,000 were retired. [4] As of December 2018, the average life of a $100 bill in circulation is 22.9 years before it is replaced due to wear.

Contents

The bills are also commonly referred to as "Bens", "Benjamins", or "Franklins", in reference to the use of Benjamin Franklin's portrait by the French painter Joseph Duplessis on the denomination, as "C-Notes", based on the Roman numeral for 100, or as "blue faces", based on the blue tint of Benjamin Franklin's face in the bill's current design. The bill is one of two denominations printed today that does not feature a president of the United States, the other being the $10 bill, featuring Alexander Hamilton. It is also the only denomination today to feature a building not located in Washington, D.C., that being Independence Hall located in Philadelphia on the reverse. The time on the clock of Independence Hall on the reverse, according to the U.S. Bureau of Engraving and Printing, showed approximately 4:10. [5] It has been suggested this may refer to 4/10, or April 10, the 100th day of the year. The newer colorized notes show 10:30.

The Series 2009$100 bill redesign was unveiled on April 21, 2010, and was issued to the public on October 8, 2013. [6] The new bill costs 12.6 cents to produce and has a blue ribbon woven into the center of the currency with "100" and Liberty Bells, alternating, that appear when the bill is tilted.

As of June 30, 2012, the $100 bill comprised 77% of all US currency in circulation. [7] Federal Reserve data from 2017 showed that the number of $100 bills exceeded the number of $1 bills. However, a 2018 research paper by the Federal Reserve Bank of Chicago estimated that 80 percent of $100 bills were in other countries. Possible reasons included $100 bills being used as a reserve currency against economic instability that affected other currencies, and use of the bills for criminal activities. [8]

History

Large size notes

(approximately 7.4218 × 3.125 in ≅ 189 × 79 mm)

Small size notes

(6.14 × 2.61 in ≅ 157 × 66 mm)

Series dates

Small size

TypeSeries Register Treasurer Seal
National Bank Note Types 1 & 21929 Jones Woods Brown
Federal Reserve Bank Note 1928AJonesWoodsBrown
TypeSeries Treasurer Secretary Seal
Gold Certificate 1928 Woods Mellon Gold
Legal Tender Note 1966 Granahan Fowler Red
Legal Tender Note1966A Elston Kennedy Red
Federal Reserve Note 1928WoodsMellonGreen
Federal Reserve Note1928AWoodsMellonGreen
Federal Reserve Note1934 Julian Morgenthau Green
Federal Reserve Note1934AJulianMorgenthauGreen
Federal Reserve Note1934BJulian Vinson Green
Federal Reserve Note1934CJulian Snyder Green
Federal Reserve Note1934D Clark SnyderGreen
Federal Reserve Note1950ClarkSnyderGreen
Federal Reserve Note1950A Priest Humphrey Green
Federal Reserve Note1950BPriest Anderson Green
Federal Reserve Note1950C Smith Dillon Green
Federal Reserve Note1950DGranahanDillonGreen
Federal Reserve Note1950EGranahanFowlerGreen
Federal Reserve Note1963AGranahanFowlerGreen
Federal Reserve Note1969ElstonKennedyGreen
Federal Reserve Note1969A Kabis Connally Green
Federal Reserve Note1969CBañuelos Shultz Green
Federal Reserve Note1974 Neff Simon Green
Federal Reserve Note1977 Morton Blumenthal Green
Federal Reserve Note1981 Buchanan Regan Green
Federal Reserve Note1981A Ortega ReganGreen
Federal Reserve Note1985Ortega Baker Green
Federal Reserve Note1988Ortega Brady Green
Federal Reserve Note1990 Villalpando BradyGreen
Federal Reserve Note1993 Withrow Bentsen Green
Federal Reserve Note1996Withrow Rubin Green
Federal Reserve Note1999Withrow Summers Green
Federal Reserve Note2001 Marin O'Neill Green
Federal Reserve Note2003Marin Snow Green
Federal Reserve Note2003A Cabral SnowGreen
Federal Reserve Note2006Cabral Paulson Green
Federal Reserve Note2006ACabral Paulson Green
Federal Reserve Note2009 Rios Geithner Green
Federal Reserve Note2009A Rios Geithner Green
Federal Reserve Note2013Rios Lew Green
Federal Reserve Note2017A Carranza Mnuchin Green

Removal of large denomination bills ($500 and up)

The Federal Reserve announced the removal of large denominations of United States currency from circulation on July 14, 1969. While larger denominations remained legal tender, [13] with their removal the one-hundred-dollar bill was the largest denomination left in circulation. All the Federal Reserve Notes produced from Series 1928 up to before Series 1969 (i.e. 1928, 1928A, 1934, 1934A, 1934B, 1934C, 1934D, 1950, 1950A, 1950B, 1950C, 1950D, 1950E, 1963, 1966, 1966A) of the $100 denomination added up to $23.1708 billion. [14] Since some banknotes had been destroyed, and the population was 200 million at the time, there was less than one $100 banknote per capita circulating.

As of June 30, 1969, the U.S. coins and banknotes in circulation of all denominations were worth $50.936 of which $4.929 was circulating overseas. [15] So the currency and coin circulating within the United States was $230 per capita. Since 1969, the demand for U.S. currency has greatly increased. The total amount of circulating currency and coin passed one trillion dollars in March 2011.

Despite the degradation in the value of the U.S. $100 banknote (which was worth about $738.93 in 1969), and despite competition from some more valuable foreign notes (most notably, the 500 euro banknote), there are no plans to re-issue banknotes above $100. The widespread use of electronic means to conduct high-value transactions today has made large-scale physical cash transactions obsolete and therefore, from the government's point of view, unnecessary for the conduct of legitimate business. Quoting T. Allison, Assistant to the Board of the Federal Reserve System in his October 8, 1998 testimony before the U.S. House of Representatives, Subcommittee on Domestic and International Monetary Policy, Committee on Banking and Financial Services:

There are public policies against reissuing the $500 note, mainly because many of those efficiency gains, such as lower shipment and storage costs, would accrue not only to legitimate users of bank notes but also to money launderers, tax evaders and a variety of other lawbreakers who use currency in their criminal activity. While it is not at all clear that the volume of illegal drugs sold or the amount of tax evasion would necessarily increase just as a consequence of the availability of a larger dollar denomination bill, it no doubt is the case that if wrongdoers were provided with an easier mechanism to launder their funds and hide their profits, enforcement authorities could have a harder time detecting certain illicit transactions occurring in cash. [16]

Related Research Articles

Federal Reserve Note Current paper currency of the United States

Federal Reserve Notes, also United States banknotes, are the currently issued banknotes of the United States dollar. The United States Bureau of Engraving and Printing produces the notes under the authority of the Federal Reserve Act of 1913 and issues them to the Federal Reserve Banks at the discretion of the Board of Governors of the Federal Reserve System. The Reserve Banks then circulate the notes to their member banks, at which point they become liabilities of the Reserve Banks and obligations of the United States.

United States Note A type of paper money that was issued from 1862 to 1971 in the United States

A United States Note, also known as a Legal Tender Note, is a type of paper money that was issued from 1862 to 1971 in the U.S. Having been current for 109 years, they were issued for longer than any other form of U.S. paper money. They were known popularly as "greenbacks", a name inherited from the earlier greenbacks, the Demand Notes, that they replaced in 1862. Often termed Legal Tender Notes, they were named United States Notes by the First Legal Tender Act, which authorized them as a form of fiat currency. During the 1860s the so-called second obligation on the reverse of the notes stated:

This Note is a Legal Tender for all debts public and private except Duties on Imports and Interest on the Public Debt; and is receivable in payment of all loans made to the United States.

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

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United States ten-dollar bill Current denomination of United States currency

The United States ten-dollar bill ($10) is a denomination of U.S. currency. The obverse of the bill features the portrait of Alexander Hamilton, who served as the first U.S. Secretary of the Treasury. The reverse features the U.S. Treasury Building. All $10 bills issued today are Federal Reserve Notes.

United States twenty-dollar bill Current denomination of United States currency

The United States twenty-dollar bill ($20) is a denomination of U.S. currency. A portrait of Andrew Jackson, the seventh U.S. president (1829–1837), has been featured on the obverse of the bill since 1928; the White House is featured on the reverse.

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

The United States fifty-dollar bill ($50) is a denomination of United States currency. The 18th U.S. president (1869-1877), Ulysses S. Grant, is featured on the obverse, while the U.S. Capitol is featured on the reverse. All current-issue $50 bills are Federal Reserve Notes.

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 only been issued in seven denominations: $1, $2, $5, $10, $20, $50, and $100.

United States one-dollar bill Current denomination of United States paper equivalent of currency

The United States one-dollar bill ($1), sometimes referred to as a single, has been the lowest value denomination of United States paper currency since the discontinuation of U.S. fractional currency notes in 1876. An image of the first U.S. president (1789–1797), George Washington, based on the Athenaeum Portrait, a 1796 painting by Gilbert Stuart, is currently featured on the obverse, and the Great Seal of the United States is featured on the reverse. The one-dollar bill has the oldest overall design of all U.S. currency currently being produced. The obverse design of the dollar bill seen today debuted in 1963 when it was first issued as a Federal Reserve Note.

Silver certificate (United States) Type of United States paper currency used between 1878 and 1964

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Gold certificate (United States)

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National Bank Note Retired US currency banknotes issued by National banks chartered by the US Government

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Demand Note

A Demand Note is a type of United States paper money that was issued between August 1861 and April 1862 during the American Civil War in denominations of 5, 10, and 20 US$. Demand Notes were the first issue of paper money by the United States that achieved wide circulation and they are still in circulation today, though they are now extremely rare. The U.S. government placed the Demand Notes into circulation by using them to pay expenses incurred during the Civil War including the salaries of its workers and military personnel.

Series of 1928 (United States Currency)

The Series of 1928 was the first issue of small-size currency printed and released by the U.S. government. These notes, first released to the public on July 10, 1929, were the first standardized notes in terms of design and characteristics, featuring similar portraits and other facets. These notes were also the first to measure 6.14" by 2.61", smaller than the large-sized predecessors of Series 1923 and earlier that measured 7.421 8" by 3.125".

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

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References

  1. "Currency Facts". uscurrency.gov. U.S. Currency Education Program. Retrieved 14 July 2020.
  2. Barbara Maranzani (April 25, 2013). "It's All About the (New) Benjamins". history.com .
  3. 1 2 3 Sandra Choron; Harry Choron (2011). Money: Everything You Never Knew About Your Favorite Thing to Find, Save, Spend & Covet. Chronicle Books. p. 208. ISBN   9781452105598.
  4. "For Collectors: Large Denominations". Bureau of Engraving and Printing. Archived from the original on September 11, 2007. Retrieved 2012-04-06.
  5. "Money Facts". Bureau of Engraving and Printing. Archived from the original on 2012-03-10. Retrieved 2012-04-06.
  6. 1 2 "Federal Reserve Announces Day of Issue of Redesigned $100 Note". uscurrency.gov. U.S. Currency Education Program. Retrieved 14 July 2020.
  7. Phillips, Matt (21 November 2012). "Why the share of $100 bills in circulation has been going up for over 40 years". Quartz. The Atlantic Media Company . Retrieved 5 March 2019.
  8. Telford, Taylor; Whalen, Jeanne (5 March 2019). "There are more $100 bills in circulation than $1 bills, and it makes no cents". News & Record . Retrieved 5 March 2019 via The Washington Post.
  9. USPaperMoney.Info: Series 1996 $100 July 1999
  10. USPaperMoney.Info: Series 2006 $100 April 2012
  11. Crane Currency. "MOTION Micro-Optics Banknote Security" . Retrieved 6 October 2017.
  12. uscurrency. "$100 Note Podcast Episode: 1". YouTube. Archived from the original on 2013-03-26. Retrieved 2012-04-06.
  13. "U.S. Bureau of Engraving and Printing - U.S. Currency". 2014-06-25. Archived from the original on 25 June 2014. Retrieved 2021-12-25.
  14. "US Paper Money information: Serial Number Ranges". USPaperMoney.Info. Retrieved 2012-04-06.
  15. "Some Tables of Historical U.S. Currency and Monetary Aggregates Data" (PDF). Federal Reserve Bank of St. Louis . Retrieved 2012-04-06.
  16. "Will Jumbo Euro Notes Threaten the Greenback?". U.S. House of Representatives. October 8, 1998. Retrieved 2012-04-06.

Further reading