Large denominations of United States currency

Large denominations of United States currency greater than $100 were circulated by the United States Treasury until 1969. Since then, the U.S. dollar has only 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 the Province of 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] During the Federal banknote issuing period (1861 to present), the earliest high-denomination notes included 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 of United States banknotes generally depict either historical figures, allegorical figures symbolizing significant concepts (e.g., liberty, justice), or a combination of 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Series 1934 gold certificates ($100, $1,000, $10,000 and $100,000) were issued after the gold standard was repealed and gold was compulsorily confiscated by order of President Franklin Roosevelt on March 9, 1933 (see United States Executive Order 6102).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 intra-government (i.e., Federal Reserve Bank) transactions and were not issued to the public. 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 are still technically legal tender in the United States, high-denomination bills were last printed on December 27, 1945, and officially discontinued on July 14, 1969, by the Federal Reserve System,[9] due to 'lack of use'. The $5,000 and $10,000 effectively disappeared well before then.[nb 1]

The Federal Reserve began taking high-denomination currency out of circulation (destroying large bills received by banks) in 1969. As of May 30, 2009, only 336 $10,000 bills were known to exist; 342 remaining $5,000 bills; and 165,372 remaining $1,000 bills.[10] Due to their rarity, collectors often pay considerably more than the face value of the bills to acquire them. Some are in museums in other parts of the world.

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, for the most part, the introduction of an 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 and money laundering, 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 (a $500 bill is now worth less, in real terms, than a $100 bill was worth in 1969). 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."[11]

High-denomination (HD) banknote issuing data

Key to high denomination banknote type abbreviations[nb 2]
Abbr Type Size[nb 3] Series dates High denomination series date Comments
$500 $1,000 $5,000 $10,000 $100,000
LT Legal tender Large 1862–1923 1862
1863
1869
1874
1875
1878
1880		 1862
1863
1869
1878
1880		 1878 1878 – All Series 1878 $5,000 and $10,000 notes have been redeemed.[14]
CITN Compound interest treasury note Exception 1863–1864 1863
1864		 1864 – – –
IBN Interest bearing note Exception 1861–1865 1861
1863
1864
1865		 1861
1863
1864
1865		 1861
1863
1864
1865		 – – Issued HD IBN are virtually unknown.[nb 4]
SC Silver certificate Large 1878–1923 1878
1880		 1878
1880
1891		 – – –
TN Treasury note Large 1890–1891 1891[nb 5] 1890
1891		 – – –
NBN National bank note Large 1865–1875 1865
1875		 1865
1875		 – – –
FRN Federal reserve note Large 1914–1918 1918 1918 1918 1918 –
NGBN National gold bank note Large 1870–1883 1870[nb 6] –[nb 7] – – – No issued notes or proofs exist of either $500 or $1,000 NGBN
GC Gold certificate Large[nb 8] 1865–1922 1865
1870
1875
1882
1922		 1865
1870
1875
1882
1907
1922		 1865
1870
1882
1888		 1865
1870
1875
1882
1888
1900		 –
FRN Federal reserve note Small 1928–present 1928
1934		 1928
1934		 1928
1934		 1928
1934		 –
GC Gold certificate Small 1928–1934[nb 9] 1928 1928
1934		 1928 1928
1934		 1934

High-denomination United States banknotes

The National Numismatic Collection at the Smithsonian Institution contains (among other things) 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) pre-dates 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 10]
Value Type Series Fr. Image Portrait/engraving[nb 11] Comments[nb 12]
$500 LT 1862–63 Fr.183c $500 Legal Tender note, Series 1862–63, Fr.183c, depicting Albert Gallatin. Albert Gallatin 4 known (variety)
7 known (type)[18]
$500 LT 1869 Fr.184 $500 Legal Tender note, Series 1869, Fr.184, depicting John Quincy Adams. John Quincy Adams
(Charles Burt)[19]
Justice
(Stephen A. Schoff)[20]		 4 known (only one privately)[21]
$500 LT 1874–78 Fr.185b $500 Legal Tender note, Series 1874–78, Fr.185b, depicting Joseph Mansfield. Joseph Mansfield
(Charles Burt)[19]
Victory
(Charles Burt)[22]
$500 LT 1880 Fr.185l $500 Legal Tender note, Series 1880, Fr.185l, depicting Joseph Mansfield. Joseph Mansfield
(Charles Burt)[19]
Victory
(Charles Burt)[22]		 5 known (variety)[nb 13]
$500 CITN 1864 Fr.194a
Proof		 $500 Compound Interest Treasury Note, Series 1864, Fr.194a, depicting a soldier and a ship. Standard Bearer (left)
(George D. Baldwin)[24]
New Ironsides (right)
(James Smillie)[25]		 Unknown[26]
$500 SC 1878 Fr.345a $500 Silver Certificate, Series 1878, Fr.345a, depicting Charles Sumner Charles Sumner
(Charles Burt)[19]		 Unique (variety and type)[27]
$500 SC 1880 Fr.345c $500 Silver Certificate, Series 1880, Fr.345c, depicting Charles Sumner Charles Sumner
(Charles Burt)[19]		 5 known (variety)
7 known (type)[27]
$500 TN 1891 Fr.379
Proof		 $500 Treasury note (1890–91) proof, Series 1891, unreported Friedberg number, depicting William Tecumseh Sherman. William Tecumseh Sherman None issued[28]
$500 NBN 1865–75 Fr.464 $500 National Bank Note, Original Series, Fr.464, vignette depicting Civilization; Sirius arriving in New York (obv); Surrender of General Burgoyne (rev). Civilization (left)
(James D. Smillie)[29]
Sirius arriving in New York (right)
Surrender of General Burgoyne (rev)
(Frederick Girsch)[30]		 2 known (variety)
3 known (type)[31]
$500 FRN 1918 Fr.1132d $500 Federal Reserve Note, Series 1918, Fr.1132d, depicting John Marshal. John Marshall
(Charles Schlecht)[32]
de Soto discovering the Mississippi (rev)
(Frederick Girsch)[30]
$500 GC 1863 Fr.1166d
Proof		 $500 Gold Certificate, Series 1865, Fr.1166d, with a vignette of an eagle and shield (left). Eagle with shield or E Pluribus Unum
(Charles Skinner)[33]		 Unknown[34]
$500 GC 1870–75 Fr.1166i $500 Gold Certificate, Series 1870, Fr.1166i, depicting Abraham Lincoln Abraham Lincoln
(Charles Burt)[19]		 Unique[34]
$500 GC 1882–1922 Fr.1216a $500 Gold Certificate, Series 1882, Fr.1216a, depicting Abraham Lincoln Abraham Lincoln
(Charles Burt)[19]
$500 FRN 1928–34 Fr.2200g $500 Federal Reserve Note, Series 1928, Fr.2200g, depicting William McKinley. William McKinley
(John Eissler)[35]
$500 GC 1928 Fr.2407 $500 Gold Certificate, Series 1928, Fr.2407, depicting William McKinley. William McKinley
(John Eissler)[35]
$1,000 LT 1862–63 Fr.186e $1,000 Legal Tender note, Series 1862–63, Fr.186e, depicting Robert Morris. Robert Morris
(Charles Schlecht)[32]		 Unique (variety)
5 known (type)[36]
$1,000 LT 1869 Fr.186f
Proof		 DeWitt Clinton 2 known[37]
$1,000 LT 1878 Fr.187a $1,000 Legal Tender note, Series 1878, Fr.187a, depicting DeWitt Clinton. DeWitt Clinton
Columbus in his study
(Henry Gugler)[38]
$1,000 LT 1880 Fr.187k $1,000 Legal Tender note, Series 1880, Fr.187k, depicting DeWitt Clinton. DeWitt Clinton
Columbus in his study
(Henry Gugler)[38]		 4 known (variety)
~20–25 known (type)[nb 14]
$1,000 IBN 1863 Fr.201
Proof		 $1,000 Interest Bearing Note, Series 1863, Fr.201, depicting vignettes of Justice and Liberty. Justice (left); Liberty (right) Unknown[39]
$1,000 IBN 1863 Fr.206
Proof		 $1,000 Interest Bearing Note, Series 1863, Fr.206, depicting ships at battle and conquistadors. Guerriere and the Constitution (left) and Discovery of the Mississippi by De Soto (right) Unknown[40]
$1,000 SC 1878 Fr.346a
Proof		 $1000 Silver Certificate, Series 1878, Fr.346a, depicting William Marcy William Marcy
(Charles Schlecht)[32]		 Unknown[41]
$1,000 SC 1880 Fr.346d $1000 Silver Certificate, Series 1880, Fr.346d, depicting William Marcy William Marcy
(Charles Schlecht)[32]		 5 known (variety)
5 known (type)[41]
$1,000 SC 1891 Fr.346e $1000 Silver Certificate, Series 1891, Fr.346e, depicting William Marcy William Marcy
(Charles Schlecht)[32]
Liberty
(Charles Burt)[42]		 2 known[41]
$1,000 TN 1890 Fr.379a $1,000 Treasury note (1890–91), Series 1890, Fr.379a, depicting George Meade. George Meade
(Charles Burt)[19]		 5 known (variety)
7 known (type)[43]
$1,000 TN 1891 Fr.379c $1,000 Treasury note (1890–91), Series 1891, Fr.379c, depicting George Meade. George Meade
(Charles Burt)[19]		 2 known (variety)
3 known (type)[43]
$1,000 NBN 1865–75 Fr.465
Proof		 $1,000 National Bank Note proof, Series 1875, Fr.465, vignette depicting (obv) Scott's entrance into Mexico City (rev) Washington surrendering his commission. Scott entering City of Mexico (left)
(Alfred Jones)[44]
United States Capitol (right)
(James Smillie)[25]
Washington resigning his commission (rev)
(Frederick Girsch)[30]		 Unknown[45]
$1,000 FRN 1918 Fr.1133d $1,000 Federal Reserve Note, Series 1918, Fr.1133d, depicting Alexander Hamilton. Alexander Hamilton
(G.F.C. Smillie)[46]
Eagle (rev)
(Marcus W. Baldwin)[47]
$1,000 GC 1863 Fr.1166e
Proof		 $1,000 Gold Certificate, Series 1865, Fr.1166e, with a vignette of an eagle and shield (left) and justice (bottom center). Eagle with shield or E Pluribus Unum
(Charles Skinner)[33]
Justice with scales		 Unique[34]
$1,000 GC 1870–75 Fr.1166o
Proof		 $1,000 Gold Certificate proof, Series 1875, Fr.1166j, depicting Alexander Hamilton Alexander Hamilton
(Charles Burt)[48]		 Unique[34]
$1,000 GC 1882 Fr.1218g $1,000 Gold Certificate, Series 1882, Fr.1218g, depicting Alexander Hamilton Alexander Hamilton
(G.F.C. Smillie)[46]
$1,000 GC 1907–22 Fr.1219 $1,000 Gold Certificate, Series 1907, Fr.1219, depicting Alexander Hamilton Alexander Hamilton
$1,000 FRN 1928–34 Fr.2210g $1,000 Federal Reserve Note, Series 1928, Fr.2210g, depicting Grover Cleveland. Grover Cleveland
(John Eissler)[35]
$1,000 GC 1928 Fr.2408 $1,000 Gold Certificate, Series 1928, Fr.2408, depicting Grover Cleveland. Grover Cleveland
(John Eissler)[35]
$1,000 GC 1934 Fr.2409 $1,000 Gold Certificate, Series 1934, Fr.2409, depicting Grover Cleveland. Grover Cleveland
(John Eissler)[35]
$5,000 LT 1878 Fr.188
Proof		 $5,000 Legal Tender note proof, Series 1878, Fr.188, depicting James Madison. James Madison
(Alfred Sealey)[49]
Eagle
(William Chorlton)[50]		 All notes have been redeemed, none outstanding[14]
$5,000 IBN 1863 Fr.202
Proof		 $5,000 Interest Bearing Note proof, Series 1863, Fr.202, with vignette Altar of Liberty. The Altar of Liberty
(Louis Delnoce)[51]		 Unknown[39]
$5,000 IBN 1865 Fr.212h
Proof		 $5,000 Interest Bearing Note proof, Series 1865, Fr.212h, vignettes depicting justice (left) and the ship New Ironsides (center). Justice (left)
New Ironsides (center)
(James Smillie)[25]
$5,000 FRN 1918 Fr.1134d $5,000 Federal Reserve Note, Series 1918, Fr.1134d, depicting James Madison. James Madison
(Alfred Sealey)[52]
Washington resigning his commission (rev)
(Louis Delnoce)[51]		 Unique (variety)
5 known (type)[nb 15]
$5,000 GC 1863 Fr.1166f
Proof		 $5,000 Gold Certificate, Series 1865, Fr.1166f, with a vignette of an eagle and shield (left) and justice (bottom center). Eagle with shield or E Pluribus Unum
(Charles Skinner)[33]
Female		 Unique[34]
$5,000 GC 1870–75 Fr.1166k
Proof		 $5,000 Gold Certificate proof, Series 1870, Fr.1166k, depicting James Madison James Madison
(Alfred Sealey)[48]		 Unknown[34]
$5,000 GC 1882 Fr.1221a
Proof		 $5,000 Gold Certificate, Series 1882, Fr.1221a, depicting James Madison James Madison
(Alfred Sealey)[54]		 Two known[34]
$5,000 FRN 1928–34 Fr.2220g $5,000 Federal Reserve Note, Series 1928, Fr.2220g, depicting James Madison. James Madison
(Alfred Sealey)[54]
$5,000 GC 1928 Fr.2410 $5,000 Gold Certificate, Series 1928, Fr.2410, depicting James Madison. James Madison
$10,000 LT 1878 Fr.189
Proof		 $10,000 Legal Tender note proof, Series 1878, Fr.189, depicting Anderw Jackson. Andrew Jackson
(Alfred Sealey)[55]		 All notes have been redeemed, none outstanding[14]
$10,000 FRN 1918 Fr.1135d $10,000 Federal Reserve Note, Series 1918, Fr.1135d, depicting Salmon P. Chase. Salmon Chase; Embarkation of the Pilgrims (rev) Unique (variety)
5 known (type)[nb 16]
$10,000 GC 1863 Fr.1166g
Proof		 $10,000 Gold Certificate, Series 1865, Fr.1166g, with a vignette of an eagle and shield (left) and justice (bottom center). Eagle with shield or E Pluribus Unum
(Charles Skinner)[33]		 Unknown[34]
$10,000 GC 1870–75 Fr.1166l
Proof		 $10,000 Gold Certificate proof, Series 1875, Fr.1166l, depicting Andrew Jackson Andrew Jackson Unique[34]
$10,000 GC 1882 Fr.1223a
Proof		 $10,000 Gold Certificate, Series 1882, Fr.1223a, depicting Andrew Jackson Andrew Jackson
(Alfred Sealey)[54]		 Two known[34]
$10,000 GC 1900 Fr.1225 $10,000 Gold Certificate, Series 1900, Fr.1225, depicting Andrew Jackson Andrew Jackson
(Alfred Sealey)[54]
$10,000 FRN 1928–34 Fr.2230b $10,000 Federal Reserve Note, Series 1928, Fr.2230b, depicting Salmon P. Chase. Salmon P. Chase
$10,000 GC 1928 Fr.2411 $10,000 Gold Certificate, Series 1928, Fr.2411, depicting Salmon P. Chase. Salmon P. Chase
$10,000 GC 1934 Fr.2412 $10,000 Gold Certificate, Series 1934, Fr.2412, depicting Salmon P. Chase. Salmon P. Chase
$100,000 GC 1934 Fr.2413 $100,000 Gold Certificate, Series 1934, Fr.2413, depicting Woodrow Wilson. Woodrow Wilson
(G.F.C. Smillie)[46]
Reverse
(Frederick Pauling)[56]

See also

References

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)[12] 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".[13] Exceptions to the large versus small categories are the CITN, IBN, and RC, all slightly larger than the large size note dimensions.
  4. ↑ There may be one $500 and 2–3 $1,000 known from all issue dates.[15]
  5. ↑ A $500 Series 1891 Treasury Note was authorized and a certified proof was prepared, but the note was never issued.[16]
  6. ↑ Three banks issued $500 NBGN. None are reported, only four notes have not been redeemed.
  7. ↑ The Kidder National Gold Bank of Boston received two-note $500–$1,000 sheets from the Treasury. The bank returned the shipment intact.
  8. ↑ Despite the authorizing act date of 3 March 1863, Gold certificates were not issued until 1865.[17]
  9. ↑ Series 1934 Gold certificates were never intended for public circulation.
  10. ↑ The table is sorted by denomination and then by Friedberg number.
  11. ↑ 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.
  12. ↑ 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.
  13. ↑ Of the 5 known notes, 4 are in institutional collections.[23]
  14. ↑ Of the 4 known notes, 2 are in institutional collections.[23]
  15. ↑ None exist outside of institutional collections.[53]
  16. ↑ None exist outside of institutional collections.[53]

Notes

  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. ↑ "Large denominations". Bureau of Engraving and Printing/Treasury Website. Retrieved 20 June 2014.
  10. ↑ Palmer, Brian (July 24, 2009). "Somebody Call Officer Crumb!: How much cash can a corrupt politician cram into a cereal box?". Slate.com. Retrieved July 24, 2012. As to "cereal boxes" as a repository for ill-gotten bribes compare "Little Tin Box" in the musical Fiorello!.
  11. ↑ our Treasury – FAQs: Denominations of Currency.
  12. ↑ Friedberg & Friedberg, 2013, generally.
  13. ↑ Friedberg, p. 7.
  14. 1 2 3 Friedberg & Friedberg, 2013, p. 58.
  15. ↑ Friedberg & Friedberg, 2013, p. 72.
  16. ↑ Friedberg & Friedberg, 2013, p. 91.
  17. ↑ Friedberg & Friedberg, 2013, p. 164.
  18. ↑ Friedberg & Friedberg, 2013, p. 54.
  19. 1 2 3 4 5 6 7 8 9 Hessler, 1993, pp. 71–73.
  20. ↑ Hessler, 2004, p. 36.
  21. ↑ Friedberg & Friedberg, 2013, p. 55.
  22. 1 2 Hessler, 2004, p. 38.
  23. 1 2 "Heritage Auctions (#3521) 2013 January 9–14 FUN Signature Auction". HA.com. Retrieved 24 June 2014.
  24. ↑ Hessler, 1993, p. 38.
  25. 1 2 3 Hessler, 1993, p. 286.
  26. ↑ Friedberg & Friedberg, 2013, p. 61.
  27. 1 2 Friedberg & Friedberg, 2013, p. 89.
  28. ↑ Friedberg & Friedberg, 2013, p. 97.
  29. ↑ Hessler, 1993, p. 290.
  30. 1 2 3 Hessler, 1993, p. 137.
  31. ↑ Friedberg & Friedberg, 2013, p. 109.
  32. 1 2 3 4 5 Hessler, 1993, p. 265.
  33. 1 2 3 4 Hessler, 2004, p. 216.
  34. 1 2 3 4 5 6 7 8 9 10 Friedberg & Friedberg, 2013, p. 165.
  35. 1 2 3 4 5 Hessler, 1993, p. 114.
  36. ↑ Friedberg & Friedberg, 2013, p. 56.
  37. ↑ Friedberg & Friedberg, 2013, p. 57.
  38. 1 2 Hessler, 1993, p. 145.
  39. 1 2 Friedberg & Friedberg, 2013, p. 64.
  40. ↑ Friedberg & Friedberg, 2013, p. 66.
  41. 1 2 3 Friedberg & Friedberg, 2013, pp. 89–90.
  42. ↑ Hessler, 2004, p. 95.
  43. 1 2 Friedberg & Friedberg, 2013, p. 98.
  44. ↑ Hessler, 1993, p. 180.
  45. ↑ Friedberg & Friedberg, 2013, p. 110.
  46. 1 2 3 Hessler, 1993, p. 280.
  47. ↑ Hessler, 1993, p. 40.
  48. 1 2 Hessler, 2004, p. 219.
  49. ↑ Hessler, 2004, p. 39
  50. ↑ Hessler, 1993, p. 83.
  51. 1 2 Hessler, 1993, p. 99.
  52. ↑ Hessler, 2004, p. 200.
  53. 1 2 Friedberg & Friedberg, 2013, p. 159.
  54. 1 2 3 4 Hessler, 2004, p. 223.
  55. ↑ Hessler, 2004, p. 39.
  56. ↑ Hessler, 1993, p. 237.

Bibliography

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