While the largest bill currently in circulation is the $100 bill, the United States once issued much larger denominations.
These high-value notes were mainly used for transactions between financial institutions rather than for everyday purchases.
They mark a fascinating period in American financial history. Here’s a look at the five largest bills ever printed 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 William McKinley, the 25th President of the United States. It was mainly used by banks and large businesses for significant transactions.
After 1969, the U.S. government discontinued all bills over $100 to curb illegal activities such as 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 used for major financial transactions and had two versions: one with Alexander Hamilton and another with Grover Cleveland.
Though no longer in use, surviving examples are highly sought after by collectors, often fetching tens of thousands of dollars at auctions.
3. The $5,000 Bill
- Portrait: James Madison
- Year Introduced: 1918
- Purpose: Bank-to-bank transfers
- Discontinuation: 1969
Featuring James Madison, the fourth President of the United States, the $5,000 bill was extremely rare even when in circulation. It was used mainly for transactions between banks. Today, very few of these bills exist, making them highly valuable to collectors.
4. The $10,000 Bill
- Portrait: Salmon P. Chase
- Year Introduced: 1918
- Purpose: Large-scale financial transactions
- Discontinuation: 1969
Salmon P. Chase, who served as Treasury Secretary under President Abraham Lincoln, appeared on the $10,000 bill. It was used primarily for transfers between Federal Reserve Banks. This bill is now a prized collector’s item, with some examples selling for six-figure amounts.
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 $100,000 bill, featuring President Woodrow Wilson, was the largest denomination ever printed by the United States. It was only used for transactions between Federal Reserve Banks and was never available to the public. The bill remains illegal for collectors to own.
Why Were These Large Denominations Discontinued?
In 1969, the U.S. discontinued high-denomination bills to reduce the risk of money laundering and other financial crimes. Advances in secure electronic banking methods also made these large bills unnecessary.
By limiting the highest denomination to $100, the government aimed to enhance 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 |
1. Why were large denomination bills like the $500 or $1,000 discontinued?
Large bills were discontinued in 1969 to prevent illegal activities like money laundering and because electronic banking made them unnecessary.
2. What was the highest denomination bill ever printed in the US?
The highest denomination ever printed was the $100,000 bill, featuring President Woodrow Wilson. It was used only within the Federal Reserve system.
3. Can you still use old large denomination bills today?
No, these large denomination bills are no longer in circulation and are mainly collector’s items.
4. Are large denomination bills valuable?
Yes, surviving examples of these bills can be very valuable, with some fetching tens or even hundreds of thousands of dollars at auctions.
5. When were large denomination bills last used?
Large denomination bills were last used until 1969, when the U.S. government decided to discontinue them.
