Large denominations of United States currency

The base currency of the United States is the U.S. dollar. It is printed in bills in seven denominations: $1, $2, $5, $10, $20, $50, and $100. Previously there have also been five larger denominations: $500, $1,000, $5,000, and $10,000 were printed for general use (in large transactions), and a $100,000 bill for certain internal transactions.

Overview and history

Large-denomination currency (i.e., banknotes with a negotiable 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Series 1934 Gold certificates ($100, $1,000, $10,000, and $100,000) were issued after the gold standard was repealed and gold was compulsorily confiscated by order of President Franklin Roosevelt on March 9, 1933 (see United States Executive Order 6102).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] supposedly 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, after an executive order by President Nixon. 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, 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		Albert Gallatin	4 known (variety) 7 known (type)[18]
$500	LT	1869	Fr.184		John Quincy Adams (Charles Burt)[19] Justice (Stephen A. Schoff)[20]	4 known (only one privately)[21]
$500	LT	1874–78	Fr.185b		Joseph Mansfield (Charles Burt)[19] Victory (Charles Burt)[22]
$500	LT	1880	Fr.185l		Joseph Mansfield (Charles Burt)[19] Victory (Charles Burt)[22]	5 known (variety)[nb 13]
$500	CITN	1864	Fr.194a Proof		Standard Bearer (left) (George D. Baldwin)[24] New Ironsides (right) (James Smillie)[25]	Unknown[26]
$500	SC	1878	Fr.345a		Charles Sumner (Charles Burt)[19]	Unique (variety and type)[27]
$500	SC	1880	Fr.345c		Charles Sumner (Charles Burt)[19]	5 known (variety) 7 known (type)[27]
$500	TN	1891	Fr.379 Proof		William Tecumseh Sherman	None issued[28]
$500	NBN	1865–75	Fr.464		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		John Marshall (Charles Schlecht)[32] de Soto discovering the Mississippi (rev) (Frederick Girsch)[30]
$500	GC	1863	Fr.1166d Proof		Eagle with shield or E Pluribus Unum (Charles Skinner)[33]	Unknown[34]
$500	GC	1870–75	Fr.1166i		Abraham Lincoln (Charles Burt)[19]	Unique[34]
$500	GC	1882–1922	Fr.1216a		Abraham Lincoln (Charles Burt)[19]
$500	FRN	1928–34	Fr.2200g		William McKinley (John Eissler)[35]
$500	GC	1928	Fr.2407		William McKinley (John Eissler)[35]
$1,000	LT	1862–63	Fr.186e		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		DeWitt Clinton Columbus in his study (Henry Gugler)[38]
$1,000	LT	1880	Fr.187k		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		Justice (left); Liberty (right)	Unknown[39]
$1,000	IBN	1863	Fr.206 Proof		Guerriere and the Constitution (left) and Discovery of the Mississippi by De Soto (right)	Unknown[40]
$1,000	SC	1878	Fr.346a Proof		William Marcy (Charles Schlecht)[32]	Unknown[41]
$1,000	SC	1880	Fr.346d		William Marcy (Charles Schlecht)[32]	5 known (variety) 5 known (type)[41]
$1,000	SC	1891	Fr.346e		William Marcy (Charles Schlecht)[32] Liberty (Charles Burt)[42]	2 known[41]
$1,000	TN	1890	Fr.379a		George Meade (Charles Burt)[19]	5 known (variety) 7 known (type)[43]
$1,000	TN	1891	Fr.379c		George Meade (Charles Burt)[19]	2 known (variety) 3 known (type)[43]
$1,000	NBN	1865–75	Fr.465 Proof		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		Alexander Hamilton (G.F.C. Smillie)[46] Eagle (rev) (Marcus W. Baldwin)[47]
$1,000	GC	1863	Fr.1166e Proof		Eagle with shield or E Pluribus Unum (Charles Skinner)[33] Justice with scales	Unique[34]
$1,000	GC	1870–75	Fr.1166o Proof		Alexander Hamilton (Charles Burt)[48]	Unique[34]
$1,000	GC	1882	Fr.1218g		Alexander Hamilton (G.F.C. Smillie)[46]
$1,000	GC	1907–22	Fr.1219		Alexander Hamilton
$1,000	FRN	1928–34	Fr.2210g		Grover Cleveland (John Eissler)[35]
$1,000	GC	1928	Fr.2408		Grover Cleveland (John Eissler)[35]
$1,000	GC	1934	Fr.2409		Grover Cleveland (John Eissler)[35]
$5,000	LT	1878	Fr.188 Proof		James Madison (Alfred Sealey)[49] Eagle (William Chorlton)[50]	All notes have been redeemed, none outstanding[14]
$5,000	IBN	1863	Fr.202 Proof		The Altar of Liberty (Louis Delnoce)[51]	Unknown[39]
$5,000	IBN	1865	Fr.212h Proof		Justice (left) New Ironsides (center) (James Smillie)[25]
$5,000	FRN	1918	Fr.1134d		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		Eagle with shield or E Pluribus Unum (Charles Skinner)[33] Female	Unique[34]
$5,000	GC	1870–75	Fr.1166k Proof		James Madison (Alfred Sealey)[48]	Unknown[34]
$5,000	GC	1882	Fr.1221a Proof		James Madison (Alfred Sealey)[54]	Two known[34]
$5,000	FRN	1928–34	Fr.2220g		James Madison (Alfred Sealey)[54]
$5,000	GC	1928	Fr.2410		James Madison
$10,000	LT	1878	Fr.189 Proof		Andrew Jackson (Alfred Sealey)[55]	All notes have been redeemed, none outstanding[14]
$10,000	FRN	1918	Fr.1135d		Salmon Chase; Embarkation of the Pilgrims (rev)	Unique (variety) 5 known (type)[nb 16]
$10,000	GC	1863	Fr.1166g Proof		Eagle with shield or E Pluribus Unum (Charles Skinner)[33]	Unknown[34]
$10,000	GC	1870–75	Fr.1166l Proof		Andrew Jackson	Unique[34]
$10,000	GC	1882	Fr.1223a Proof		Andrew Jackson (Alfred Sealey)[54]	Two known[34]
$10,000	GC	1900	Fr.1225		Andrew Jackson (Alfred Sealey)[54]
$10,000	FRN	1928–34	Fr.2230b		Salmon P. Chase
$10,000	GC	1928	Fr.2411		Salmon P. Chase
$10,000	GC	1934	Fr.2412		Salmon P. Chase
$100,000	GC	1934	Fr.2413		Woodrow Wilson (G.F.C. Smillie)[46] Reverse (Frederick Pauling)[56]

See also

• Currency of the United States
• Gold certificate
• Fake denominations
• 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)^[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 7.375 x 3.125 inches (187 x 79 mm). Small size notes (described as such due to their size relative to the earlier large size notes) are an "average" 6.125 x 2.625 inches (156 x 67 mm), the size of modern U.S. currency. "Each measurement is +/- 0.08 inches (2mm) 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. 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. Hessler, 1993, pp. 71–73.
20. Hessler, 2004, p. 36.
21. Friedberg & Friedberg, 2013, p. 55.
22. Hessler, 2004, p. 38.
23. "Heritage Auctions (#3521) 2013 January 9–14 FUN Signature Auction". HA.com. Retrieved 24 June 2014.
24. Hessler, 1993, p. 38.
25. Hessler, 1993, p. 286.
26. Friedberg & Friedberg, 2013, p. 61.
27. Friedberg & Friedberg, 2013, p. 89.
28. Friedberg & Friedberg, 2013, p. 97.
29. Hessler, 1993, p. 290.
30. Hessler, 1993, p. 137.
31. Friedberg & Friedberg, 2013, p. 109.
32. Hessler, 1993, p. 265.
33. Hessler, 2004, p. 216.
34. Friedberg & Friedberg, 2013, p. 165.
35. Hessler, 1993, p. 114.
36. Friedberg & Friedberg, 2013, p. 56.
37. Friedberg & Friedberg, 2013, p. 57.
38. Hessler, 1993, p. 145.
39. Friedberg & Friedberg, 2013, p. 64.
40. Friedberg & Friedberg, 2013, p. 66.
41. Friedberg & Friedberg, 2013, pp. 89–90.
42. Hessler, 2004, p. 95.
43. Friedberg & Friedberg, 2013, p. 98.
44. Hessler, 1993, p. 180.
45. Friedberg & Friedberg, 2013, p. 110.
46. Hessler, 1993, p. 280.
47. Hessler, 1993, p. 40.
48. Hessler, 2004, p. 219.
49. Hessler, 2004, p. 39
50. Hessler, 1993, p. 83.
51. Hessler, 1993, p. 99.
52. Hessler, 2004, p. 200.
53. Friedberg & Friedberg, 2013, p. 159.
54. Hessler, 2004, p. 223.
55. Hessler, 2004, p. 39.
56. 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 14 February 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 14 February 2014.

External links

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