Today, the $100 bill is the largest denomination used across the US. But, did you know that there was a time when $500, $1,000, and even $10,000 bills were in circulation? You wouldn’t have had to carry around a thick wallet to have funds because, back then, a single $1,000 bill was enough for any major purchases.
So, who’s on the thousand-dollar bill and why is it no longer used? Keep reading to know more.
Is There a $1,000 Bill?
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Not anymore. But, there was once a $1,000 bill that was in circulation. Large-denomination bills, including $1000, were in circulation for many years before getting discontinued.
Four series of $1000 bills were released — 1918 $1000 Federal Reserve Note, 1928 $1000 Gold Certificate, 1928 $1000 Federal Reserve Note, and the 1934 1000 Dollar Federal Reserve Note.
History Behind The $1,000 Bill
The first recognized use of the $1,000 bill coincides with the beginnings of the United States of America. The Continental Congress, which is a representative organization for the 13 colonies, started to issue paper money such as the $1,000 bill.
The primary purpose was to help with the financing of the Revolutionary War, but the $1,000 bill was worth less than its value back then. It was used more to purchase ammunition for the ongoing war. And by the 1860s, the US Federal government began issuing the bills nationally, but they were primarily controlled by the banks and the rich.
Although the Continental Congress printed numerous $1000 bills, they failed to add gold or silver reserves, resulting in the value of these bills depreciating rapidly.
In 1933, President Franklin Roosevelt repealed the gold standard, resulting in the US government distributing 193 gold certificates that included a $1,000 denomination. Such high-value denominations continued to be used among banks but were not publicly issued.
The 1943A denomination series was the last issued chain for the $1,000 bills and remained in circulation for many years up until the 1970s.
Whose Face Is On The Thousand-Dollar Bill?
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The initial $1,000 bill that was released featured Alexander Hamilton. However, due to some questions regarding why the previous Secretary of the Treasury was the face of many US denominations, Hamilton was replaced by the 22nd and the 24th US President Grover Cleveland who has since been the face of the $1,000 bill.
Why Was The $1,000 Bill Discontinued?
The $1,000 bill, similar to the $500 bill, was discontinued in 1969.
The US ceased printing this bill and other large-value denominations by 1945. However, they remained in circulation for a few more years until they were entirely recalled in 1969.
Back then, President Richard Nixon thought that these high-value denominations made it easier to launder money and ordered these bills to be completely eliminated. Additionally, churning these bills was not cost-efficient because the government had to engrave new plates to produce the bills, which was expensive, especially since the production runs were minimal.
Does The $1,000 Bill Hold Any Value Today?
The $1,000 notes that were heavily circulated back then may be worth $2,000 today, with the value increasing based on the bill’s condition.
Bills in fairly good or decent conditions can be valued up to $5,000 to $12,000, while uncirculated notes can fetch up to $10,000. Among the four $1,000 series, the 1928 $1000 Federal Reserve Note is the most valuable and rare.
If you come across this series, primarily if it was issued by the Federal Reserve Banks of Atlanta, Boston, Dallas, San Francisco, and Kansas City with a star symbol succeeding the serial number, then you’re in luck.
In mint condition, this bill has a value of up to $60,000.