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, U.S. dollar banknotes have 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 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 designs 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Series 1934 gold certificates ($100, $1,000, $10,000 and $100,000) were issued after the gold standard was repealed and gold was compulsorily confiscated by order of President Franklin Roosevelt on March 9, 1933 (see United States Executive Order 6102).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 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 are still 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 $5,000 and $10,000 bills had effectively disappeared well before then.[nb 1]

The Federal Reserve began taking high-denomination currency out of circulation and destroying large bills received by banks in 1969.[11] As of January 14, 2020, only 336 $10,000 bills were known to exist, along with 342 remaining $5,000 bills and 165,372 remaining $1,000 bills.[12] 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.

For the most part, these bills were used by banks and the federal government for large financial transactions, which was especially true for gold certificates from 1865 to 1934. However, as of 2020, the introduction of electronic money systems has made large-scale cash transactions mostly obsolete, and along with 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 near future.

With inflation since 1969, a $100 bill in 1969 is worth $700.84 in real terms, and has been worth more than a $500 bill since 2003.

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."[13]

High-denomination 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	–	[nb 4]
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	–	–	[nb 5]
SC	Silver certificate	Large	1878–1923	1878 1880	1878 1880 1891	–	–	–
TN	Treasury note	Large	1890–1891	1891[nb 6]	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 7]	–[nb 8]	–	–	–	[nb 9]
GC	Gold certificate	Large[nb 10]	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 11]	1928	1928 1934	1928	1928 1934	1934

Table of 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) 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]

Value	Type	Series	Friedberg number	Image	Portrait/engraving[nb 13]	Comments[nb 14]
000500$500	LT	1862–63	Fr.183c		Gallatin-AlbertAlbert Gallatin	4 known (variety) 7 known (type)[20]
000500$500	LT	1869	Fr.184		Adams-John-QuincyJohn Quincy Adams (Charles Burt)[21] Justice (Stephen A. Schoff)[22]	4 known (only one privately)[23]
000500$500	LT	1874–78	Fr.185b		Mansfield-JosephJoseph Mansfield (Charles Burt)[21] Victory (Charles Burt)[24]
000500$500	LT	1880	Fr.185l		Mansfield-JosephJoseph Mansfield (Charles Burt)[21] Victory (Charles Burt)[24]	5 known (variety)[nb 15]
000500$500	CITN	1864	Fr.194a Proof		zStandard Bearer-New IronsidesStandard Bearer (left) (George D. Baldwin)[26] New Ironsides (right) (James Smillie)[27]	Unknown[28]
000500$500	SC	1878	Fr.345a		Sumner-CharlesCharles Sumner (Charles Burt)[21]	Unique (variety and type)[29]
000500$500	SC	1880	Fr.345c		Sumner-CharlesCharles Sumner (Charles Burt)[21]	5 known (variety) 7 known (type)[29]
000500$500	TN	1891	Fr.379 Proof		Sherman-WilliamWilliam Tecumseh Sherman	None issued[30]
000500$500	NBN	1865–75	Fr.464		zCivilization-Sirius-BurgoyneCivilization (left) (James D. Smillie)[31] Sirius arriving in New York (right) Surrender of General Burgoyne (rev) (Frederick Girsch)[32]	2 known (variety) 3 known (type)[33]
000500$500	FRN	1918	Fr.1132d		Marshall-JohnJohn Marshall (Charles Schlecht)[34] de Soto discovering the Mississippi (rev) (Frederick Girsch)[32]
000500$500	GC	1863	Fr.1166d Proof		zEagle-shieldEagle with shield or E Pluribus Unum (Charles Skinner)[35]	Unknown[36]
000500$500	GC	1870–75	Fr.1166i		Lincoln-AbrahamAbraham Lincoln (Charles Burt)[21]	Unique[36]
000500$500	GC	1882–1922	Fr.1216a		Lincoln-AbrahamAbraham Lincoln (Charles Burt)[21]
000500$500	FRN	1928–34	Fr.2200g		McKinley-WilliamWilliam McKinley (John Eissler)[37]
000500$500	GC	1928	Fr.2407		McKinley-WilliamWilliam McKinley (John Eissler)[37]
001000$1,000	LT	1862–63	Fr.186e		Morris-RobertRobert Morris (Charles Schlecht)[34]	Unique (variety) 5 known (type)[38]
001000$1,000	LT	1869	Fr.186f Proof		Clinton-DeWittDeWitt Clinton	2 known[39]
001000$1,000	LT	1878	Fr.187a		Clinton-DeWittDeWitt Clinton Columbus in his study (Henry Gugler)[40]
001000$1,000	LT	1880	Fr.187k		Clinton-DeWittDeWitt Clinton Columbus in his study (Henry Gugler)[40]	4 known (variety) ~20–25 known (type)[nb 16]
001000$1,000	IBN	1863	Fr.201 Proof		zJustice-LibertyJustice (left); Liberty (right)	Unknown[41]
001000$1,000	IBN	1863	Fr.206 Proof		zShipsGuerriere and the Constitution (left) and Discovery of the Mississippi by De Soto (right)	Unknown[42]
001000$1,000	SC	1878	Fr.346a Proof		Marcy-WilliamWilliam Marcy (Charles Schlecht)[34]	Unknown[43]
001000$1,000	SC	1880	Fr.346d		Marcy-WilliamWilliam Marcy (Charles Schlecht)[34]	5 known (variety) 5 known (type)[43]
001000$1,000	SC	1891	Fr.346e		Marcy-WilliamWilliam Marcy (Charles Schlecht)[34] Liberty (Charles Burt)[44]	2 known[43]
001000$1,000	TN	1890	Fr.379a		Meade-GeorgeGeorge Meade (Charles Burt)[21]	5 known (variety) 7 known (type)[45]
001000$1,000	TN	1891	Fr.379c		Meade-GeorgeGeorge Meade (Charles Burt)[21]	2 known (variety) 3 known (type)[45]
001000$1,000	NBN	1865–75	Fr.465 Proof		zScott-Winfield-Washington-GeorgeScott entering City of Mexico (left) (Alfred Jones)[46] United States Capitol (right) (James Smillie)[27] Washington resigning his commission (rev) (Frederick Girsch)[32]	Unknown[47]
001000$1,000	FRN	1918	Fr.1133d		Hamilton-AlexanderAlexander Hamilton (G.F.C. Smillie)[48] Eagle (rev) (Marcus W. Baldwin)[49]
001000$1,000	GC	1863	Fr.1166e Proof		zEagle-shield-Justice-scalesEagle with shield or E Pluribus Unum (Charles Skinner)[35] Justice with scales	Unique[36]
001000$1,000	GC	1870–75	Fr.1166o Proof		Hamilton-AlexanderAlexander Hamilton (Charles Burt)[50]	Unique[36]
001000$1,000	GC	1882	Fr.1218g		Hamilton-AlexanderAlexander Hamilton (G.F.C. Smillie)[48]
001000$1,000	GC	1907–22	Fr.1219		Hamilton-AlexanderAlexander Hamilton
001000$1,000	FRN	1928–34	Fr.2210g		Cleveland-GroverGrover Cleveland (John Eissler)[37]
001000$1,000	GC	1928	Fr.2408		Cleveland-GroverGrover Cleveland (John Eissler)[37]
001000$1,000	GC	1934	Fr.2409		Cleveland-GroverGrover Cleveland (John Eissler)[37]
005000$5,000	LT	1878	Fr.188 Proof		Madison-JamesJames Madison (Alfred Sealey)[51] Eagle (William Chorlton)[52]	All notes have been redeemed, none outstanding[16]
005000$5,000	IBN	1863	Fr.202 Proof		zAltar-of-LibertyThe Altar of Liberty (Louis Delnoce)[53]	Unknown[41]
005000$5,000	IBN	1865	Fr.212h Proof		zJustice-New IronsidesJustice (left) New Ironsides (center) (James Smillie)[27]
005000$5,000	FRN	1918	Fr.1134d		Madison-JamesJames Madison (Alfred Sealey)[54] Washington resigning his commission (rev) (Louis Delnoce)[53]	Unique (variety) 5 known (type)[nb 17]
005000$5,000	GC	1863	Fr.1166f Proof		zEagle-Shield-FemaleEagle with shield or E Pluribus Unum (Charles Skinner)[35] Female	Unique[36]
005000$5,000	GC	1870–75	Fr.1166k Proof		Madison-JamesJames Madison (Alfred Sealey)[50]	Unknown[36]
005000$5,000	GC	1882	Fr.1221a Proof		Madison-JamesJames Madison (Alfred Sealey)[56]	Two known[36]
005000$5,000	FRN	1928–34	Fr.2220g		Madison-JamesJames Madison (Alfred Sealey)[56]
005000$5,000	GC	1928	Fr.2410		Madison-JamesJames Madison
010000$10,000	LT	1878	Fr.189 Proof		Jackson-AndrewAndrew Jackson (Alfred Sealey)[57]	All notes have been redeemed, none outstanding[16]
010000$10,000	FRN	1918	Fr.1135d		Chase-SalmonSalmon Chase; Embarkation of the Pilgrims (rev)	Unique (variety) 5 known (type)[nb 18]
010000$10,000	GC	1863	Fr.1166g Proof		zEagle-ShieldEagle with shield or E Pluribus Unum (Charles Skinner)[35]	Unknown[36]
010000$10,000	GC	1870–75	Fr.1166l Proof		Jackson-AndrewAndrew Jackson	Unique[36]
010000$10,000	GC	1882	Fr.1223a Proof		Jackson-AndrewAndrew Jackson (Alfred Sealey)[56]	Two known[36]
010000$10,000	GC	1900	Fr.1225		Jackson-AndrewAndrew Jackson (Alfred Sealey)[56]
010000$10,000	FRN	1928–34	Fr.2230b		Chase-SalmonSalmon P. Chase
010000$10,000	GC	1928	Fr.2411		Chase-SalmonSalmon P. Chase
010000$10,000	GC	1934	Fr.2412		Chase-SalmonSalmon P. Chase
100000$100,000	GC	1934	Fr.2413		Wilson-WoodrowWoodrow Wilson (G.F.C. Smillie)[48] Reverse (Frederick Pauling)[58]	Was never in circulation, therefore cannot legally be held

See also

• Currency of the United States
• Gold certificate
• Promotional United States fake currency
• Silver certificate (United States)
• Silver standard
• Treasury Note (1890–91)

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)[14] 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".[15] 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.[16]
5. Issued HD IBNs are virtually unknown. There may be one $500 and 2–3 $1,000 known from all issue dates.[17]
6. A $500 Series 1891 Treasury Note was authorized and a certified proof was prepared, but the note was never issued.[18]
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.[19]
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.[25]
16. Of the 4 known notes, 2 are in institutional collections.[25]
17. None exist outside of institutional collections.[55]
18. None exist outside of institutional collections.[55]

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. "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 requires |journal= (help)
11. 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.
12. 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!.
13. our Treasury – FAQs: Denominations of Currency.
14. Friedberg & Friedberg, 2013, generally.
15. Friedberg, p. 7.
16. Friedberg & Friedberg, 2013, p. 58.
17. Friedberg & Friedberg, 2013, p. 72.
18. Friedberg & Friedberg, 2013, p. 91.
19. Friedberg & Friedberg, 2013, p. 164.
20. Friedberg & Friedberg, 2013, p. 54.
21. Hessler, 1993, pp. 71–73.
22. Hessler, 2004, p. 36.
23. Friedberg & Friedberg, 2013, p. 55.
24. Hessler, 2004, p. 38.
25. "Heritage Auctions (#3521) 2013 January 9–14 FUN Signature Auction". HA.com. Retrieved June 24, 2014.
26. Hessler, 1993, p. 38.
27. Hessler, 1993, p. 286.
28. Friedberg & Friedberg, 2013, p. 61.
29. Friedberg & Friedberg, 2013, p. 89.
30. Friedberg & Friedberg, 2013, p. 97.
31. Hessler, 1993, p. 290.
32. Hessler, 1993, p. 137.
33. Friedberg & Friedberg, 2013, p. 109.
34. Hessler, 1993, p. 265.
35. Hessler, 2004, p. 216.
36. Friedberg & Friedberg, 2013, p. 165.
37. Hessler, 1993, p. 114.
38. Friedberg & Friedberg, 2013, p. 56.
39. Friedberg & Friedberg, 2013, p. 57.
40. Hessler, 1993, p. 145.
41. Friedberg & Friedberg, 2013, p. 64.
42. Friedberg & Friedberg, 2013, p. 66.
43. Friedberg & Friedberg, 2013, pp. 89–90.
44. Hessler, 2004, p. 95.
45. Friedberg & Friedberg, 2013, p. 98.
46. Hessler, 1993, p. 180.
47. Friedberg & Friedberg, 2013, p. 110.
48. Hessler, 1993, p. 280.
49. Hessler, 1993, p. 40.
50. Hessler, 2004, p. 219.
51. Hessler, 2004, p. 39
52. Hessler, 1993, p. 83.
53. Hessler, 1993, p. 99.
54. Hessler, 2004, p. 200.
55. Friedberg & Friedberg, 2013, p. 159.
56. Hessler, 2004, p. 223.
57. Hessler, 2004, p. 39.
58. Hessler, 1993, p. 237.

Bibliography

• Fricke, Pierre (2014). Collecting Confederate Paper Money. Pierre Fricke. ISBN 978-0-9844534-9-8.
• Friedberg, Arthur L.; Friedberg, Ira S. (2013). Paper Money of the United States: A Complete Illustrated Guide With Valuations (20th ed.). Coin & Currency Institute. ISBN 978-0-87184-520-7. Retrieved February 14, 2014.
• Hessler, Gene (1993). The Engraver's Line – An Encyclopedia of Paper Money & Postage Stamp Art. BNR Press. ISBN 0-931960-36-3.
• Hessler, Gene (2004). U.S. Essay, Proof and Specimen Notes (2 ed.). BNR Press. ISBN 0-931960-62-2.
• Huntoon, Peter W. (1995). United States Large Size National Bank Notes. Society of Paper Money Collectors, Inc. ISBN 0-9648774-1-4.
• Newman, Eric P. (2008). The Early Paper Money of America (5 ed.). Krause Publications. ISBN 0-89689-326-X.
• Schwartz, John; Lindquist, Scott (2011). Standard Guide to Small-Size U.S. Paper Money – 1928 to Date. Krause Publications. ISBN 978-1-4402-1703-6. Retrieved February 14, 2014.

External links

• Media related to Money of the United States by face value at Wikimedia Commons
• Large Denominations from the Bureau of Engraving and Printing
• U.S. Department of the Treasury