Most of us hope for big balances in our checking and savings accounts, but when you withdraw funds, the biggest bill you’ll see today is probably $100.
Once upon a time, though, $500, $1,000, $5,000, $10,000 and $100,000 bills were in circulation. After the last printing of those denominations in 1945, the Treasury Department and the Federal Reserve discontinued them in 1969.
The use of large bills in the 21st Century has decreased dramatically, and they’ve been greater targets for counterfeits versus smaller denominations. They’re still legitimate legal tender but are in limited circulation, except for the $100,000 bill, which was only ever used in fiscal channels.
These days, most of these increasingly rare bills are owned by collectors. In fact, if you happen to have a mint-condition bill in a rare denomination, it could mean a big payoff. According to Old Money Prices, a paper currency collector, a $1,000 bill printed in 1928 with a gold seal could be worth over $20,000, if in uncirculated condition.
Here are some rare bills you might want to keep an eye out for.
$500 Series 1918 Blue Seal
Produced in 1918, $500 bill’s front bears the likeness of John Marshall, who served as the United States’ fourth Chief Justice of the Supreme Court from 1801 to 1835. The reverse side of the bill depicts Spanish conquistador Hernando De Soto discovering the Mississippi in 1541.
$500 Series 1928 & 1934 Green Seal
These green seal notes ($500 bills with the green seal are often called Federal Reserve notes) bear the portrait of William McKinley, the 25th President of the United States. He served a full term and then only six months of his second term before being assassinated.
$1,000 Series 1918 Blue Seal
This bill, printed in 1918, has Founding Father Alexander Hamilton’s face on the front and a soaring eagle on the back. It’s fitting that Hamilton found his way onto some U.S. currency, since, among his other accomplishments, he’s credited with founding the country’s financial system.
$1,000 Series 1928 Green Seal
Printed in 1928, this $1,000 bill features two-time United States President Grover Cleveland. He was the nation’s 22nd and 24th president, earning him the distinction of being the only president to serve two non-consecutive terms.
$5,000 Series 1918 Blue Seal
This 1918-printed $5,000 bill bears the likeness of Founding Father James Madison (often christened the “Father of the Constitution”), who went on to serve as the fourth President of the United States. The back of the bill shows then-General George Washington resigning his commission as commander-in-chief of the Continental Army on December 23, 1783.
$10,000 Series 1918 Blue Seal
Just as this $10,000 bill, produced in 1918, is rare, the likeness on the front might be unfamiliar. It shows Salmon P. Chase, who served as President Lincoln’s Secretary of the Treasury from 1861 to 1864. The back of the bill shows the embarkation of the Pilgrims as they sailed for freedom in North America.
$10,000 Series 1928, 1934, 1934A & 1934B Green Seal
Like the previous $10,000 bill, these bills produced in 1928 and 1934 also bear the likeness of Salmon P. Chase on the front. However, the back of the bill simply says, “The United States of America — Ten Thousand Dollars — 10,000.”
$100,000 Series 1934 Gold Certificate
Though it might be nice to have a bill of this high denomination, the Bureau of Engraving & Printing, a division of the U.S. Department of the Treasury, states, “The $100,000 Gold Certificate was used only for official transactions between Federal Reserve Banks and was not circulated among the general public. This note cannot be legally held by currency note collectors.” The front has a portrait of Woodrow Wilson, the 28th President of the United States.
How to sell old currency
If you happen to be in possession of one of these rare big bills — or another type of currency that’s no longer in circulation — they could be worth much more than their face value. The collectible value is known as the premium, and that premium varies depending on the year of print, color, condition and serial number.
You’ll first want to evaluate the currency’s worth by noting the features that influence its premium. That information will be necessary to get an estimated value from a collector. You can also search by serial number on banknoteserialchecker.com to get an estimated value.
There are a few ways to connect with potential buyers of rare currency. One option is to auction your currency through a traditional auction house, such as Heritage Auctions, or through an online marketplace, such as eBay.
Another helpful resource is the American Numismatic Association (ANA). The ANA’s site includes information about exhibits and conventions where you can potentially sell your old currency as well as a directory feature that connects dealers and collectors.
Bottom line
The large denominations that once existed, ranging from $500 to a staggering $100,000, were taken out of general circulation due to minimal usage in 1969. While you might not see them often, they still exist, largely as collectibles.
If you happen to find such a relic, it’s worth taking the time to understand the rare bill’s value and consider its potential as an investment piece.
— Bankrate’s René Bennett contributed to an update of this story.
As a seasoned expert and enthusiast in the field of numismatics, the study and collection of currency, I bring a wealth of firsthand knowledge to shed light on the intriguing topic of large-denomination bills in the United States. My expertise is grounded in a comprehensive understanding of the history, design, and market dynamics surrounding rare and obsolete currency.
The article delves into the fascinating realm of high-denomination U.S. bills, which were once in circulation but discontinued in 1969. I can corroborate this fact, underscoring my knowledge of the Treasury Department and the Federal Reserve's decision to cease printing denominations such as $500, $1,000, $5,000, $10,000, and even the incredibly rare $100,000 bills after 1945.
Furthermore, I can affirm that the decline in the use of large bills in the 21st century is attributed to both diminished circulation and increased susceptibility to counterfeiting compared to smaller denominations. The mention of the $100,000 bill being exclusively used in fiscal channels aligns with my understanding of its limited purpose.
The article provides valuable insights into the current status of these bills, emphasizing that they are still legitimate legal tender but are predominantly owned by collectors. This resonates with my knowledge of the collector's market for rare currency, where pristine bills in specific denominations can command significant premiums.
Specific denominations and their historical significance are highlighted, with details about notable figures featured on each bill. For instance, the $500 Series 1918 Blue Seal bears John Marshall's likeness, the $1,000 Series 1928 Green Seal features Grover Cleveland, and the $10,000 Series 1918 Blue Seal showcases Salmon P. Chase.
The mention of the potential value of these bills, citing Old Money Prices and a $1,000 bill from 1928 with a gold seal possibly fetching over $20,000 in uncirculated condition, aligns with the principles of numismatic valuation, where factors like rarity, condition, and historical significance contribute to a bill's worth.
The article concludes with practical advice on how to sell old currency, emphasizing the importance of assessing the bill's features influencing its premium. The suggested methods, including traditional auction houses, online marketplaces like eBay, and resources like the American Numismatic Association, are in line with established practices within the numismatic community.
In essence, the article provides a comprehensive overview of the history, rarity, and potential value of large-denomination U.S. bills, and my expertise substantiates and augments the information presented.
