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While today’s largest bill in circulation is the $100 bill, it may surprise you that the United States once printed much larger denominations.
These high-value notes were used primarily for transactions between financial institutions and were not meant for everyday use.
However, they represent a fascinating chapter in American financial history. Below are the five largest bills ever produced in US currency.
5 Largest Bill in US Currency
1. The $500 Bill
- Portrait: William McKinley
- Year Introduced: 1918
- Purpose: High-value transactions between banks
- Discontinuation: 1969
The $500 bill featured the 25th President of the United States, William McKinley. It was primarily used by banks and large businesses for significant financial transactions.
After 1969, the U.S. government discontinued the use of all bills over $100 to prevent illegal activities like money laundering.
2. The $1,000 Bill
- Portrait: Alexander Hamilton and Grover Cleveland (two versions)
- Year Introduced: 1918
- Purpose: Large financial transactions
- Discontinuation: 1969
The $1,000 bill was once a key tool for high-value transactions. There were two versions of this bill—one featuring Alexander Hamilton and another with President Grover Cleveland.
Though it’s no longer in circulation, collectors value the rare surviving specimens, with prices at auctions soaring into the tens of thousands.
3. The $5,000 Bill
- Portrait: James Madison
- Year Introduced: 1918
- Purpose: Bank-to-bank transfers
- Discontinuation: 1969
James Madison, the fourth President of the United States, was featured on the $5,000 bill. This high-denomination note was extremely rare, even during its time of use, and was primarily circulated for interbank transactions. Very few of these bills remain today, and they are considered valuable by collectors.
4. The $10,000 Bill
- Portrait: Salmon P. Chase
- Year Introduced: 1918
- Purpose: Large-scale financial transactions
- Discontinuation: 1969
Salmon P. Chase, the U.S. Treasury Secretary under President Abraham Lincoln, was featured on the $10,000 bill.
This bill was primarily used for transfers between Federal Reserve Banks. Like other large denominations, it was discontinued in 1969. The bill is now a prized collector’s item, with some fetching six-figure sums at auctions.
5. The $100,000 Bill
- Portrait: Woodrow Wilson
- Year Introduced: 1934
- Purpose: Exclusively for transactions within the Federal Reserve system
- Discontinuation: Not available to the public
The largest denomination ever produced by the United States was the $100,000 bill, which featured President Woodrow Wilson. However, this bill was never intended for general circulation.
It was used only for transactions between Federal Reserve Banks and was part of the series of Gold Certificates issued in 1934. The $100,000 bill remains illegal for collectors to own.
Why Were These Large Denominations Discontinued?
The main reason the U.S. discontinued the production and circulation of high-denomination bills in 1969 was to reduce the risk of money laundering and other financial crimes.
The development of more secure and traceable electronic banking methods also rendered these bills unnecessary. By limiting the highest denomination to $100, the government aimed to increase transparency in financial transactions.
Key Facts about the Largest U.S. Bills
| Denomination | Portrait | Year Introduced | Purpose | Discontinuation |
|---|---|---|---|---|
| $500 | William McKinley | 1918 | Bank transactions | 1969 |
| $1,000 | Alexander Hamilton / Grover Cleveland | 1918 | Large financial transactions | 1969 |
| $5,000 | James Madison | 1918 | Interbank transfers | 1969 |
| $10,000 | Salmon P. Chase | 1918 | Federal Reserve transfers | 1969 |
| $100,000 | Woodrow Wilson | 1934 | Federal Reserve internal use | 1934 |
Conclusion
The era of large U.S. currency denominations is a fascinating chapter in financial history. While these bills were primarily used for bank-to-bank transfers and not general circulation, they have become coveted collector’s items today.
Their discontinuation was a strategic move by the government to combat financial crimes and promote more secure banking systems. Though we may never see a $10,000 bill again, the legacy of these notes lives on in the world of numismatics.
FAQs
1. Is the $100 bill the largest denomination still in circulation?
Yes, after the discontinuation of larger bills in 1969, the $100 bill remains the highest denomination in circulation.
2. Why were large-denomination bills discontinued?
The U.S. government discontinued bills over $100 to prevent money laundering and other financial crimes.
3. Can I buy a $1,000 bill today?
While $1,000 bills are no longer in circulation, they can still be purchased from collectors or at auctions, where they may sell for much more than their face value.
4. What is the most expensive U.S. bill ever sold?
A 1912 $1,000 bill was sold for $2.6 million at auction, making it one of the most valuable pieces of U.S. currency ever sold.
5. Is it legal to own a $100,000 bill?
No, $100,000 bills were never available to the public and remain illegal to own.
References
- “38 Incredible Facts on the Modern U.S. Dollar,” Visual Capitalist
- “Large Denominations of U.S. Currency,” Wikipedia
- “5 Things You Never Knew About U.S. Currency,” History Facts
- “6 Largest U.S. Bills Ever Made,” Largest.org
