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15
Jan 10
Fri

The story behind large-denomination currency

This is still legal tender:


You wouldn’t want to drop it.

Mental Floss writes:

In 1928, the federal government overhauled its system of printing banknotes. It shaved about an inch of length and just under a half of an inch in width off of the bills and issued the new smaller bills in the $1 to $100 denominations with which we’re familiar. However, the Treasury also issued larger denominations. They featured William McKinley ($500), Grover Cleveland ($1,000), James Madison ($5,000), and Salmon P. Chase ($10,000). …

When the Treasury discontinued the bills, they rapidly fell out of circulation. However, a few are still lingering; as of May 2009, there were still 336 $10,000 bills at large. At the same time, Slate reported that there were also 342 $5,000 bills and 165,732 $1,000 bills still floating around.

The large bills are now worth more than their face value, of course.

There was also a $100,000 bill that was printed, but it wasn’t put into general circulation.

  11:14pm  •  Business & Finance  •   •  Tweet This  •  Add a comment