Large denominations of United States currency greater than US$100 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 US$500 or higher) had been used in the United States since the late 18th century. The first US$500 note was issued by North Carolina, authorized by legislation dated May 10, 1780. Virginia quickly followed suit and authorized the printing of US$500 and US$1000 notes on October 16, 1780, and US$2000 notes on May 7, 1781. High-denomination treasury notes were issued; for example, during the War of 1812 ($1,000 notes authorized by an act dated June 30, 1812). During the American Civil War, Confederate currency included US$500 and US$1000 notes. The earliest (1861) federal banknotes included high-denomination notes such as three-year interest-bearing notes of US$500, US$1000, and US$5000, authorized by Congress on July 17, 1861. 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Series 1934 gold certificates ($100; US$500; US$1000; US$10000; and US$100000) were issued after the gold standard was repealed and gold was compulsorily confiscated by order of President Franklin Roosevelt on March 9, 1933 (see United States Executive Order 6102).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. 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 because of "lack of use". The lower production US$5000 and US$10000 notes had effectively disappeared well before then. Beginning in July 1969, the Federal Reserve began removing high-denomination currency from circulation and destroying any large bills returned by banks. , only 336 US$10000 bills were known to exist, along with 342 US$5000 bills, 165,372 US$1000 bills and fewer than 75,000 US$500 bills (of over 900,000 printed). 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. 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. Given that the introduction of electronic money systems has made large-scale cash transactions mostly obsolete, as well as 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 foreseeable future. According to the U.S. Department of Treasury website, "The present denominations of our currency in production are US$1, US$2, US$5, US$10, US$20, US$50 and US$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."

High-denomination banknote issuing data

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 it is fortunate that any proofs exist in the current archives.

Explanatory footnotes

Citations

General bibliography