Large denominations of United States currency#$500 bill
{{Short description|US currency larger than $100}}
{{Use mdy dates|date=November 2012}}
Large denominations of United States currency greater than {{US$|long=no|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 $100.
Overview and history
Large-denomination currency (i.e., banknotes with a face value of {{US$|long=no|500}} or higher)Friedberg & Friedberg, 2013, pp. 232–35. had been used in the United States since the late 18th century.Friedberg & Friedberg, 2013, p. 22. The first {{US$|long=no|500}} note was issued by North Carolina, authorized by legislation dated May 10, 1780.Newman, 2008, p. 326. Virginia quickly followed suit and authorized the printing of {{US$|long=no|500}} and {{US$|long=no|1000}} notes on October 16, 1780,Newman, 2008, p. 454. and {{US$|long=no|2000}} notes on May 7, 1781.Newman, 2008, p. 455. High-denomination treasury notes were issued; for example, during the War of 1812 ($1,000 notes authorized by an act dated June 30, 1812).Friedberg & Friedberg, 2013, p. 32. During the American Civil War, Confederate currency included {{US$|long=no|500}} and {{US$|long=no|1000}} notes.Fricke, 2014, p. 122 & 124. The earliest (1861) federal banknotes included high-denomination notes such as three-year interest-bearing notes of {{US$|long=no|500}}, {{US$|long=no|1000}}, and {{US$|long=no|5000}}, authorized by Congress on July 17, 1861.[http://memory.loc.gov/cgi-bin/ampage?collId=llsl&fileName=012/llsl012.db&recNum=290 United States Congress. Act of July, 17 1861 Chapter V. Washington D.C.: 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; United States five-hundred-dollar bill; United States one-thousand-dollar bill; United States ten-thousand-dollar bill; and United States one hundred-thousand-dollar bill) were issued after the gold standard was repealed and gold was compulsorily confiscated by order of President Franklin Roosevelt on March 9, 1933 (see United States Executive Order 6102).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.{{cite web |url=https://tfm.fiscal.treasury.gov/v2/p6/c300.html |publisher=US Treasury |title=CHAPTER 3000: CUSTODY OF GOLD CERTIFICATES, SERIES OF 1934 |access-date=21 October 2018 |archive-date=December 28, 2019 |archive-url=https://web.archive.org/web/20191228142519/https://tfm.fiscal.treasury.gov/v2/p6/c300.html |url-status=dead }} 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{{Cite journal| title = Large denominations| publisher = Bureau of Engraving and Printing/Treasury Website| url = http://www.moneyfactory.gov/uscurrency/largedenominations.html| access-date = 20 June 2014| url-status = dead| archive-url = https://web.archive.org/web/20140625074516/http://moneyfactory.gov/uscurrency/largedenominations.html| archive-date = June 25, 2014| df = mdy-all}} because of "lack of use".{{cite book |url=https://books.google.com/books?id=pPDn9reFeVcC&pg=PA51 |page=51 |title=American History as Seen Through Currency: A Pictorial History of United States Currency as Seen Throughout Important Historical Events |author1=Joanne C. Dauer |author2=Edward A. Dauer |publisher=Heritage Capital Corporation |year=2002|isbn=9780972846608 }} The lower production {{US$|long=no|5000}} and {{US$|long=no|10000}} notes had effectively disappeared well before then.{{#tag:ref |One hundred {{US$|long=no|10000}} 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. | group="nb"}}
Beginning in July 1969, the Federal Reserve began removing high-denomination currency from circulation and destroying any large bills returned by banks. {{As of|2009|5|30|df=US}}, only 336 {{US$|long=no|10000}} bills were known to exist, along with 342 {{US$|long=no|5000}} bills, 165,372 {{US$|long=no|1000}} bills and fewer than 75,000 {{US$|long=no|500}} bills (of over 900,000 printed).{{cite web |last1=Palmer |first1=Brian |url=http://www.slate.com/id/2223484/ |title=Somebody Call Officer Crumb!: How much cash can a corrupt politician cram into a cereal box? |work=Slate |date=July 24, 2009 |access-date=July 24, 2012}} As to "cereal boxes" as a repository for ill-gotten bribes, compare "Little Tin Box" in the musical Fiorello!.https://www.fool.com/investing/general/2015/06/11/how-much-is-a-500-bill-worth.aspx {{Bare URL inline|date=August 2024}} 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.{{cn|date=October 2024}}
According to the U.S. Department of Treasury website, "The present denominations of our currency in production are {{US$|long=no|1}}, {{US$|long=no|2}}, {{US$|long=no|5}}, {{US$|long=no|10}}, {{US$|long=no|20}}, {{US$|long=no|50}} and {{US$|long=no|100}}. The purpose of the United States currency system is to serve the needs of the public and these denominations meet that goal. Neither the Department of the Treasury nor the Federal Reserve System has any plans to change the denominations in use today."{{cite web|url=http://www.treasury.gov/resource-center/faqs/Currency/Pages/denominations.aspx|title=our Treasury – FAQs: Denominations of Currency|access-date=November 29, 2021}}
High-denomination banknote issuing data
class="wikitable sortable plainrowheaders" style="white-space:nowrap;"
|+ Key to high denomination banknote type abbreviations{{#tag:ref |The following types of United States banknotes were not issued in high denominations and are not included in the list below: Demand notes, Federal Reserve bank notes (large or small size), legal tender (small size), silver certificates (small size), National Bank Notes (small size)Friedberg & Friedberg, 2013, generally. The table sections are sorted by their appearance in the Friedberg reference book.| group="nb"}} |
rowspan="2"| Abbr
! rowspan="2"| Type ! rowspan="2"| Size{{#tag:ref | Large size notes represent the earlier types or series of U.S. banknotes. Their "average" dimension is {{frac|7|3|8}} × {{frac|3|1|8}} inches (187 × 79 mm). Small size notes (described as such due to their size relative to the earlier large size notes) are an "average" {{frac|6|1|8}} × {{frac|2|5|8}} (156 × 67 mm), the size of modern U.S. currency. "Each measurement is ± 0.08 inches (2 mm) to account for margins and cutting".Friedberg, p. 7. Exceptions to the large versus small categories are the CITN, IBN, and RC, all slightly larger than the large size note dimensions.| group="nb"}} ! rowspan="2"| Series dates ! colspan="5" class="unsortable"| High denomination series date ! rowspan="2" class="unsortable"| Comments |
---|
{{US$|long=no|500}}
! {{US$|long=no|1000}} ! {{US$|long=no|5000}} ! {{US$|long=no|10000}} ! {{US$|long=no|100000}} |
scope="row"| LT
| Large | 1862–1923 | 1862 | 1862 | 1878 | 1878 | – | {{#tag:ref |All Series 1878 {{US$|long=no|5000}} and {{US$|long=no|10000}} notes have been redeemed.| group="nb"}} |
scope="row"| CITN
| Compound interest treasury note | Exception | 1863–1864 | 1863 | 1864 | – | – | – | |
scope="row"| IBN
| Exception | 1861–1865 | 1861 | 1861 | 1861 | – | – | {{#tag:ref |Issued HD IBNs are virtually unknown. There may be one {{US$|long=no|500}} and 2–3 {{US$|long=no|1000}} known from all issue dates.Friedberg & Friedberg, 2013, p. 72.| group="nb"}} |
scope="row"| SC
| Large | 1878–1923 | 1878 | 1878 | – | – | – | |
scope="row"| TN
| Large | 1890–1891 | 1891{{#tag:ref |A {{US$|long=no|500}} Series 1891 Treasury Note was authorized and a certified proof was prepared, but the note was never issued.Friedberg & Friedberg, 2013, p. 91.| group="nb"}} | 1890 | – | – | – | |
scope="row"| NBN
| Large | 1865–1875 | 1865 | 1865 | – | – | – | |
scope="row"| FRN
| Large | 1914–1918 | 1918 | 1918 | 1918 | 1918 | – | |
scope="row"| NGBN
| Large | 1870–1883 | 1870{{#tag:ref |Three banks issued {{US$|long=no|500}} NBGN. None are reported, only four notes have not been redeemed.| group="nb"}} | –{{#tag:ref |The Kidder National Gold Bank of Boston received two-note {{US$|long=no|500}}–$1,000 sheets from the Treasury. The bank returned the shipment intact.| group="nb"}} | – | – | – | {{#tag:ref|No issued notes or proofs exist of either {{US$|long=no|500}} or {{US$|long=no|1000}} NGBN|group="nb"}} |
scope="row"| GC
| Large{{#tag:ref |Despite the authorizing act date of 3 March 1863, Gold certificates were not issued until 1865.Friedberg & Friedberg, 2013, p. 164.| group="nb"}} | 1865–1922 | 1865 | 1865 | 1865 | 1865 | – | |
scope="row"| FRN
| Federal reserve note | Small | 1928–present | 1928 | 1928 | 1928 | 1928 | – | |
scope="row"| GC
| Gold certificate | Small | 1928–1934{{#tag:ref|Series 1934 Gold certificates were never intended for public circulation.| group="nb"}} | 1928 | 1928 | 1928 | 1928 | 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.
class="wikitable sortable"
|+ High denomination United States banknotes{{#tag:ref |The table is sorted by denomination and then by Friedberg number.| group="nb"}} |
scope="col" style="width:30px;"| Value
! scope="col" style="width:30px;"| Type ! scope="col" style="width:40px;"| Series ! scope="col" style="width:40px; "| Friedberg number ! scope="col" style="width:200px;" class="unsortable"| Image ! scope="col" style="width:300px;" | Portrait/engraving{{#tag:ref |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.| group="nb"}} ! scope="col" style="width:250px;" class="unsortable"| Comments{{#tag:ref |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.| group="nb"}} |
---|
scope="row"| |LT |1862–1863 |Fr.183c |File:US-$500-LT-1863-Fr-183c.jpg |4 known (variety) | $500
scope="row"| |LT |1869 |Fr.184 |File:US-$500-LT-1869-Fr-184.jpg |John Quincy Adams |4 known (only one privately)Friedberg & Friedberg, 2013, p. 55. | $500
scope="row"| |LT |1874–1878 |Fr.185b |File:US-$500-LT-1875-Fr-185b.jpg |Joseph Mansfield | | $500
scope="row"| |LT |1880 |Fr.185l |File:US-$500-LT-1880-Fr-185l.jpg |Joseph Mansfield |5 known (variety){{#tag:ref |Of the 5 known notes, 4 are in institutional collections.{{Cite web| title = Heritage Auctions (#3521) 2013 January 9–14 FUN Signature Auction | publisher = HA.com | url = http://currency.ha.com/itm/legal-tender-notes/fr-187k-1-000-1880-legal-tender-pmg-extremely-fine-40-net/a/3521-17379.s| access-date = 24 June 2014}}| group="nb"}} | $500
scope="row"| |CITN |1864 |Fr.194a |File:US-$500-CITN-1864-Fr-194a (Proof).jpg | | $500
scope="row"| |SC |1878 |Fr.345a |File:US-$500-SC-1878-Fr-345a.jpg |Charles Sumner |Unique (variety and type)Friedberg & Friedberg, 2013, p. 89. | $500
scope="row"| |SC |1880 |Fr.345c |File:US-$500-SC-1880-Fr-345c.jpg |Charles Sumner | $500
scope="row"| |TN |1891 |Fr.379 |File:US-$500-TN-1891-PROOF.jpg |None issuedFriedberg & Friedberg, 2013, p. 97. | $500
scope="row"| |NBN |1865–1875 |Fr.464 |File:US-NBN-MA-Lowell-986-Orig-500-206-A.jpg |Civilization (left) |2 known (variety) | $500
scope="row"| |FRN |1918 |Fr.1132d |File:US-$500-FRN-1918-Fr-1132d.jpg |John Marshall | | $500
scope="row"| |GC |1863 |Fr.1166d |File:US-$500-GC-1863-Fr-1166d (PROOF).jpg | | $500
scope="row"| |GC |1870–1875 |Fr.1166i |File:US-$500-GC-1870-Fr-1166i.jpg |Abraham Lincoln | $500
scope="row"| |GC |1882–1922 |Fr.1216a |File:US-$500-GC-1882-Fr-1216a.jpg |Abraham Lincoln | | $500
scope="row"| |FRN |1928–1934 |Fr.2200g |File:US-$500-FRN-1928-Fr-2200g.jpg |William McKinley | | $500
scope="row"| |GC |1928 |Fr.2407 |File:US-$500-GC-1928-Fr-2407.jpg |William McKinley | | $500
scope="row"| |LT |1862–1863 |Fr.186e |File:US-$1000-LT-1863-Fr-186e.jpg |Robert Morris |Unique (variety) | $1,000
scope="row"| |LT |1869 |Fr.186f | | $1,000
scope="row"| |LT |1878 |Fr.187a |File:US-$1000-LT-1878-Fr-187a.jpg |DeWitt Clinton | | $1,000
scope="row"| |LT |1880 |Fr.187k |File:US-$1000-LT-1880-Fr-187k.jpg |DeWitt Clinton |4 known (variety) | $1,000
scope="row"| |IBN |1863 |Fr.201 |File:US-$1000-IBN-1863-Fr-201 (Proof).jpg | $1,000
scope="row"| |IBN |1863 |Fr.206 |File:US-$1000-IBN-1863-Fr-206 (Proof).jpg |Guerriere and the Constitution (left) and Discovery of the Mississippi by De Soto (right) | $1,000
scope="row"| |SC |1878 |Fr.346a |File:US-$1000-SC-1878-FR-346a-PROOF.jpg |William Marcy | $1,000
scope="row"| |SC |1880 |Fr.346d |File:US-$1000-SC-1880-Fr-346d.jpg |William Marcy | $1,000
scope="row"| |SC |1891 |Fr.346e |File:US-$1000-SC-1891-Fr-346e.jpg |William Marcy | $1,000
scope="row"| |TN |1890 |Fr.379a |File:US-$1000-TN-1890-Fr-379a.jpg |George Meade |5 known (variety) | $1,000
scope="row"| |TN |1891 |Fr.379c |File:US-$1000-TN-1891-Fr-379c.jpg |George Meade | $1,000
scope="row"| |NBN |1865–1875 |Fr.465 |File:US-$1000-NBN-1875-Fr-465 (Proof).jpg |Scott entering City of Mexico (left) | $1,000
scope="row"| |FRN |1918 |Fr.1133d |File:US-$1000-FRN-1918-Fr-1133d.jpg |Alexander Hamilton | | $1,000
scope="row"| |GC |1863 |Fr.1166e |File:US-$1000-GC-1863-Fr-1166e (PROOF).jpg Eagle with shield or E Pluribus Unum | $1,000
scope="row"| |GC |1870–1875 |Fr.1166o |File:US-$1000-GC-1875-Fr-1166o PROOF.jpg |Alexander Hamilton | $1,000
scope="row"| |GC |1882 |Fr.1218g |File:US-$1000-GC-1882-Fr.1218g.jpg |Alexander Hamilton | | $1,000
scope="row"| |GC |1907–1922 |Fr.1219 |File:US-$1000-GC-1907-Fr-1219.jpg | | $1,000
scope="row"| |FRN |1928–1934 |Fr.2210g |File:US-$1000-FRN-1928-Fr-2210g.jpg |Grover Cleveland | | $1,000
scope="row"| |GC |1928 |Fr.2408 |File:US-$1000-GC-1928-Fr-2408.jpg |Grover Cleveland | | $1,000
scope="row"| |GC |1934 |Fr.2409 |File:US-$1000-GC-1934-Fr-2409.jpg |Grover Cleveland | | $1,000
scope="row"| |LT |1878 |Fr.188 |File:US-$5000-LT-1878-Fr.188-PROOF.jpg |James Madison |All notes have been redeemed, none outstandingFriedberg & Friedberg, 2013, p. 58. | $5,000
scope="row"| |IBN |1863 |Fr.202 |File:US-$5000-IBN-1863-Fr-202 (Proof).jpg |The Altar of Liberty | $5,000
scope="row"| |IBN |1865 |Fr.212h |File:US-$5000-IBN-1865-Fr-212h (Proof).jpg | | | $5,000
scope="row"| |FRN |1918 |Fr.1134d |File:US-$5000-FRN-1918-Fr-1134d.jpg |James Madison |Unique (variety) | $5,000
scope="row"| |GC |1863 |Fr.1166f | $5,000
scope="row"| |GC |1870–1875 |Fr.1166k |File:US-$5000-GC-1870-Fr-1166k PROOF.jpg |James Madison | $5,000
scope="row"| |GC |1882 |Fr.1221a |File:US-$5000-GC-1882-Fr-1221a.jpg |James Madison | $5,000
scope="row"| |FRN |1928–1934 |Fr.2220g |File:US-$5000-FRN-1928-Fr-2220g.jpg |James Madison | | $5,000
scope="row"| |GC |1928 |Fr.2410 |File:US-$5000-GC-1928-Fr-2410.jpg | | $5,000
scope="row"| |LT |1878 |Fr.189 |File:US-$10000-LT-1878-Fr.189-PROOF.jpg |Andrew Jackson | $10,000
scope="row"| |FRN |1918 |Fr.1135d |File:US-$10000-FRN-1918-Fr-1135d.jpg |Salmon Chase; Embarkation of the Pilgrims (rev) |Unique (variety) | $10,000
scope="row"| |GC |1863 |Fr.1166g | $10,000
scope="row"| |GC |1870–1875 |Fr.1166l | $10,000
scope="row"| |GC |1882 |Fr.1223a |File:US-$10000-GC-1882-Fr-1223a.jpg |Andrew Jackson | $10,000
scope="row"| |GC |1900 |Fr.1225 |File:US-$10000-GC-1900-Fr.1225.jpg |Andrew Jackson | | $10,000
scope="row"| |FRN |1928–1934 |Fr.2230b |File:US-$10000-FRN-1928-Fr-2230b.jpg | | $10,000
scope="row"| |GC |1928 |Fr.2411 |File:US-$10000-GC-1928-Fr-2411.jpg | | $10,000
scope="row"| |GC |1934 |Fr.2412 |File:US-$10000-GC-1934-Fr.2412.jpg | | $10,000
scope="row"| |GC |1934 |Fr.2413 |{{anchor|$100,000}}File:US-$100000-GC-1934-Fr-2413.jpg |Woodrow Wilson |Was never in circulation; cannot legally be privately held | $100,000
See also
{{Portal|Money|Numismatics|United States}}
References
= Explanatory footnotes =
{{Reflist|group="nb"}}
= Citations =
{{Reflist}}
= General bibliography =
- {{cite book |last1=Fricke |first1=Pierre |year=2014 |title=Collecting Confederate Paper Money |publisher=Pierre Fricke |isbn=978-0-9844534-9-8}}
- {{cite book |last1=Friedberg |first1=Arthur L. |last2=Friedberg |first2=Ira S. |year=2013 |title= Paper Money of the United States: A Complete Illustrated Guide With Valuations |publisher= Coin & Currency Institute |url= https://books.google.com/books?id=eMFWoWl2UYkC&pg=PA182 |access-date=14 February 2014|edition=20th|isbn=978-0-87184-520-7}}
- {{cite book |last1=Hessler |first1=Gene |year=1993 |title=The Engraver's Line – An Encyclopedia of Paper Money & Postage Stamp Art |publisher= BNR Press |isbn=0-931960-36-3}}
- {{cite book |last1=Hessler |first1=Gene|year=2004 |title=U.S. Essay, Proof and Specimen Notes |publisher= BNR Press |edition=2|isbn=0-931960-62-2}}
- {{cite book |last1=Huntoon |first1=Peter W. |year=1995 |title= United States Large Size National Bank Notes |publisher= Society of Paper Money Collectors, Inc. |isbn=0-9648774-1-4}}
- {{cite book |last1=Newman |first1=Eric P. |year=2008 |title= The Early Paper Money of America |publisher= Krause Publications |url=https://archive.org/details/earlypapermoneyo2008eric|edition=5|isbn=978-0-89689-326-9 }}
- {{cite book|last1=Schwartz|first1=John|last2=Lindquist|first2=Scott|year=2011|title=Standard Guide to Small-Size U.S. Paper Money – 1928 to Date|publisher=Krause Publications|url=https://books.google.com/books?id=E-m0VOFboFcC|access-date=14 February 2014|isbn=978-1-4402-1703-6}}{{Dead link|date=August 2024 |bot=InternetArchiveBot |fix-attempted=yes }}
External links
{{Commons category|Money of the United States by face value}}
- [http://moneyfactory.gov/uscurrency/denomsabove100.html Large Denominations] from the Bureau of Engraving and Printing
- [http://www.treasury.gov/Pages/default.aspx U.S. Department of the Treasury]
{{US currency and coinage}}
{{Obsolete U.S. currency and coinage}}