Large denominations of United States currency
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Large denominations of United States currency greater than Template:US$ were circulated by the United States Treasury until 1969. Since then, U.S. dollar banknotes have been issued in seven denominations: $1, $2, $5, $10, $20, $50, and $100.
Overview and history
Large-denomination currency (i.e., banknotes with a face value of Template:US$ or higher)[1] had been used in the United States since the late 18th century.[2] The first Template:US$ note was issued by North Carolina, authorized by legislation dated May 10, 1780.[3] Virginia quickly followed suit and authorized the printing of Template:US$ and Template:US$ notes on October 16, 1780,[4] and Template:US$ notes on May 7, 1781.[5] High-denomination treasury notes were issued; for example, during the War of 1812 ($1,000 notes authorized by an act dated June 30, 1812).[6] During the American Civil War, Confederate currency included Template:US$ and Template:US$ notes.[7] The earliest (1861) federal banknotes included high-denomination notes such as three-year interest-bearing notes of Template:US$, Template:US$, and Template:US$, 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 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 ($100; [[United States five-hundred-dollar bill|Template:US$]]; [[United States one-thousand-dollar bill|Template:US$]]; [[United States ten-thousand-dollar bill|Template:US$]]; and [[United States one hundred-thousand-dollar bill|Template:US$]]) were issued after the gold standard was repealed and gold was compulsorily confiscated by order of President Franklin Roosevelt on March 9, 1933 (see United States Executive Order 6102). Thus, the series 1934 notes were used only for intragovernmental (i.e., Federal Reserve Bank) transactions and were not issued to the public.[9] This series was discontinued in 1940. The series 1928 gold certificate reverse was printed in black and green (see History of the United States dollar).
Passive retirement
Although they remain legal tender in the United States, high-denomination bills were last printed on December 27, 1945, and were officially discontinued on July 14, 1969, by the Federal Reserve System[10] because of "lack of use".[11] The lower production Template:US$ and Template:US$ notes had effectively disappeared well before then.[nb 1]
Beginning in July 1969, the Federal Reserve began removing high-denomination currency from circulation and destroying any large bills returned by banks.[11] since May 30, 2009[update]Template:Dated maintenance category (articles)Script error: No such module "Check for unknown parameters"., only 336 Template:US$ bills were known to exist, along with 342 Template:US$ bills, 165,372 Template:US$ bills and fewer than 75,000 Template:US$ bills (of over 900,000 printed).[12][13] Due to their rarity, collectors pay considerably more than the face value of the bills to acquire them, and some are in museums.
These larger denomination bills were mainly used by banks and the federal government for large financial transactions, which was especially true for gold certificates from 1865 to 1934. The introduction of electronic money systems has made large-scale cash transactions mostly obsolete. Concerns about counterfeiting and the use of cash for unlawful activities such as drug trafficking and money laundering have also caused the U.S. government not to reissue any large-denomination currency.
According to the U.S. Department of Treasury website, "The present denominations of our currency in production are Template:US$, Template:US$, Template:US$, Template:US$, Template:US$, Template:US$ and Template:US$. 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."[14] In June 2024, Representative Paul Gosar introduced a bill into congress to force the Federal Reserve to restart issuance of $500 bills and adopt a new design that would feature then former President Donald Trump in its portrait.[15][16] Subsequently, in 2025 a bill was introduced in Congress to issue a $250 note, also with Trump's portrait.[17]
High-denomination banknote issuing data
| Abbr | Type | Size[nb 3] | Series dates | High denomination series date | Comments | ||||
|---|---|---|---|---|---|---|---|---|---|
| Template:US$ | Template:US$ | Template:US$ | Template:US$ | Template:US$ | |||||
| 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 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 very few proofs exist in the current archives.
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See also
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References
Explanatory footnotes
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- ↑ One hundred Template:US$ 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.
- ↑ 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)[18] The table sections are sorted by their appearance in the Friedberg reference book.
- ↑ Large size notes represent the earlier types or series of U.S. banknotes. Their "average" dimension is <templatestyles src="Fraction/styles.css" />7+3⁄8 × <templatestyles src="Fraction/styles.css" />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" <templatestyles src="Fraction/styles.css" />6+1⁄8 × <templatestyles src="Fraction/styles.css" />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".[19] Exceptions to the large versus small categories are the CITN, IBN, and RC, all slightly larger than the large size note dimensions.
- ↑ All Series 1878 Template:US$ and Template:US$ notes have been redeemed.[20]
- ↑ Issued HD IBNs are virtually unknown. There may be one Template:US$ and 2–3 Template:US$ known from all issue dates.[21]
- ↑ A Template:US$ Series 1891 Treasury Note was authorized and a certified proof was prepared, but the note was never issued.[22]
- ↑ Three banks issued Template:US$ NBGN. None are reported, only four notes have not been redeemed.
- ↑ The Kidder National Gold Bank of Boston received two-note Template:US$–$1,000 sheets from the Treasury. The bank returned the shipment intact.
- ↑ No issued notes or proofs exist of either Template:US$ or Template:US$ NGBN
- ↑ Despite the authorizing act date of 3 March 1863, Gold certificates were not issued until 1865.[23]
- ↑ Series 1934 Gold certificates were never intended for public circulation.
- ↑ The table is sorted by denomination and then by Friedberg number.
- ↑ 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.
- ↑ 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.
- ↑ Of the 5 known notes, 4 are in institutional collections.[29]
- ↑ Of the 4 known notes, 2 are in institutional collections.[29]
- ↑ None exist outside of institutional collections.[59]
- ↑ None exist outside of institutional collections.[59]
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Citations
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- ↑ Friedberg & Friedberg, 2013, pp. 232–35.
- ↑ Friedberg & Friedberg, 2013, p. 22.
- ↑ Newman, 2008, p. 326.
- ↑ Newman, 2008, p. 454.
- ↑ Newman, 2008, p. 455.
- ↑ Friedberg & Friedberg, 2013, p. 32.
- ↑ Fricke, 2014, p. 122 & 124.
- ↑ United States Congress. Act of July, 17 1861 Chapter V. Washington D.C.: 1861
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- ↑ a b Script error: No such module "citation/CS1".
- ↑ Script error: No such module "citation/CS1". As to "cereal boxes" as a repository for ill-gotten bribes, compare "Little Tin Box" in the musical Fiorello!.
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- ↑ Script error: No such module "citation/CS1".
- ↑ Script error: No such module "citation/CS1".
- ↑ "Bill calls for $250 note to be issued with Trump portrait", Coin World, March 11, 2025, accessed May 19, 2025
- ↑ Friedberg & Friedberg, 2013, generally.
- ↑ Friedberg, p. 7.
- ↑ a b c Friedberg & Friedberg, 2013, p. 58.
- ↑ Friedberg & Friedberg, 2013, p. 72.
- ↑ Friedberg & Friedberg, 2013, p. 91.
- ↑ Friedberg & Friedberg, 2013, p. 164.
- ↑ Friedberg & Friedberg, 2013, p. 54.
- ↑ a b c d e f g h i Hessler, 1993, pp. 71–73.
- ↑ Hessler, 2004, p. 36.
- ↑ Friedberg & Friedberg, 2013, p. 55.
- ↑ a b Hessler, 2004, p. 38.
- ↑ a b Script error: No such module "citation/CS1".
- ↑ Hessler, 1993, p. 38.
- ↑ a b c Hessler, 1993, p. 286.
- ↑ Friedberg & Friedberg, 2013, p. 61.
- ↑ a b Friedberg & Friedberg, 2013, p. 89.
- ↑ Friedberg & Friedberg, 2013, p. 97.
- ↑ Hessler, 1993, p. 290.
- ↑ a b c Hessler, 1993, p. 137.
- ↑ Friedberg & Friedberg, 2013, p. 109.
- ↑ a b c d e Hessler, 1993, p. 265.
- ↑ a b c d Hessler, 2004, p. 216.
- ↑ a b c d e f g h i j Friedberg & Friedberg, 2013, p. 165.
- ↑ a b c d e Hessler, 1993, p. 114.
- ↑ Friedberg & Friedberg, 2013, p. 56.
- ↑ Friedberg & Friedberg, 2013, p. 57.
- ↑ a b Hessler, 1993, p. 145.
- ↑ a b Friedberg & Friedberg, 2013, p. 64.
- ↑ Friedberg & Friedberg, 2013, p. 66.
- ↑ a b c Friedberg & Friedberg, 2013, pp. 89–90.
- ↑ Hessler, 2004, p. 95.
- ↑ a b Friedberg & Friedberg, 2013, p. 98.
- ↑ Hessler, 1993, p. 180.
- ↑ Friedberg & Friedberg, 2013, p. 110.
- ↑ a b c Hessler, 1993, p. 280.
- ↑ Hessler, 1993, p. 40.
- ↑ a b Hessler, 2004, p. 219.
- ↑ Hessler, 2004, p. 39
- ↑ Hessler, 1993, p. 83.
- ↑ a b Hessler, 1993, p. 99.
- ↑ Hessler, 2004, p. 200.
- ↑ a b Friedberg & Friedberg, 2013, p. 159.
- ↑ a b c d Hessler, 2004, p. 223.
- ↑ Hessler, 2004, p. 39.
- ↑ Hessler, 1993, p. 237.
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General bibliography
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External links
- Large Denominations Template:Webarchive from the Bureau of Engraving and Printing
- U.S. Department of the Treasury
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