While the highest denomination bill you’ll find in circulation today is the $100 bill, there was a time when the U.S. issued much larger denominations.
These large bills were primarily used for high-value transactions between banks and financial institutions, not for everyday spending. Let’s explore the five largest bills ever printed in the U.S. and learn why they were eventually discontinued.
The $500 Bill
Portrait: William McKinley
Year Introduced: 1918
Purpose: Transactions between banks
Discontinuation: 1969
The $500 bill featured President William McKinley and was used for significant transactions by banks and large businesses. The U.S. stopped issuing it in 1969 as part of a move to reduce large cash transactions often associated with illegal activities. Today, the $500 bill is a collector’s item, valued for its historical significance.
The $1,000 Bill
Portraits: Alexander Hamilton and Grover Cleveland
Year Introduced: 1918
Purpose: Large financial transactions
Discontinuation: 1969
Two versions of the $1,000 bill exist, one with Alexander Hamilton and another with Grover Cleveland. Like the $500 bill, the $1,000 bill was used for large financial transactions. Although no longer in use, surviving $1,000 bills are rare and highly sought after by collectors, sometimes selling for thousands of dollars at auction.
The $5,000 Bill
Portrait: James Madison
Year Introduced: 1918
Purpose: Bank-to-bank transfers
Discontinuation: 1969
President James Madison appears on the $5,000 bill, which was rare even when it was issued. It was primarily used for interbank transfers. The limited number of $5,000 bills in circulation today makes them highly valuable to collectors.
The $10,000 Bill
Portrait: Salmon P. Chase
Year Introduced: 1918
Purpose: Transfers between Federal Reserve Banks
Discontinuation: 1969
Salmon P. Chase, Treasury Secretary under President Lincoln, is featured on the $10,000 bill. This bill was mostly used for large transactions between Federal Reserve Banks. As a rare collector’s item, the $10,000 bill can fetch six figures at auctions.
The $100,000 Bill
Portrait: Woodrow Wilson
Year Introduced: 1934
Purpose: Internal Federal Reserve transactions
Discontinuation: Not available to the public
The largest U.S. bill ever printed was the $100,000 note, featuring President Woodrow Wilson. This bill was created exclusively for transactions within the Federal Reserve and was never available to the general public. It remains illegal for private collectors to own.
Why Were Large Bills Discontinued?
In 1969, the U.S. government discontinued all bills over $100 to reduce illegal activities like money laundering. Advances in electronic banking also lessened the need for high-denomination currency. By limiting cash transactions, the government aimed to make the financial system more secure and transparent.
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 | N/A |
The largest U.S. bills provide a unique glimpse into American financial history. Initially, they served an important role in facilitating large-scale transactions.
However, due to the risks of illegal activities and the rise of digital banking, high-denomination bills were phased out in 1969. Today, these rare bills are valued collector’s items, representing a fascinating part of U.S. currency history.
1. Why did the U.S. issue bills over $500?
The U.S. issued large bills for big financial transactions, mainly between banks, to make it easier to transfer large sums of money.
2. Can I still use a $1,000 bill?
No, bills over $100 are no longer in circulation and were discontinued in 1969. They are now collector’s items.
3. Who appeared on the largest U.S. bill?
Woodrow Wilson appeared on the $100,000 bill, which was the largest denomination ever printed by the U.S.
4. Are large U.S. bills legal for collectors to own?
The $500, $1,000, $5,000, and $10,000 bills are legal to own, but the $100,000 bill is not allowed for private collectors.
5. Why were high-denomination bills discontinued?
High-denomination bills were discontinued in 1969 to prevent money laundering and other illegal activities, as well as due to advances in electronic banking.
