Have you ever seen a $2 bill? If so, you may well have wondered if it's funny money. It's not. The $2 bill has been printed by the U.S. Treasury almost continuously since the Civil War, and there are still 1.4 billion of them in circulation.
Other paper denominations have been discontinued and can be found mostly in the hands of dealers and collectors. These are not the familiar Benjamins or Jacksons. They're McKinleys or Wilsons.
Key Takeaways
- The $10,000 bill was the largest denomination ever to be printed for public circulation in the U.S.
- A collector cannot legally hold a $100,000 bill.
- Today, a $500 or $1,000 bill may be worth more than its face value as a collector's item.
$2 Bill
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The first $2 bills were printed in 1862. They originally featured a portrait of Alexander Hamilton but were later redesigned to portray Thomas Jefferson.
Aesthetically, the $2 bill is something to behold. The reverse side features a reproduction of one of the most famous paintings in American history, "Declaration of Independence" by John Trumbull.
Excluding the decade from 1966 to 1976, the $2 bill has been printed since the Civil War. Yet the average American can go years without seeing one, and there isn't even a slot for it in cash registers.
While the $2 note is still in circulation and theBureau of Engraving and Printingrecognizes it aslegal tender, it is the rarest currency denomination in the U.S. The last series of $2 bills was printed in 2017. Today, there are around 1.4 billion of them in circulation.
$500 Bill
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The Treasury minted several versions of the $500 bill, all featuring a portrait of President William McKinley on the front. The last $500 bill rolled off the presses in 1945, and it was formally discontinued 24 years later.
The $500 bill remainslegal tender but most of them are in the hands of dealers and collectors. That being said, should you come into possession of a $500 bill, you'd find that its market value far exceeds itsface value. You can find $500 bills listed on eBay.com starting at twice their face value.
Federal law mandates that only deceased persons may be featured on U.S. currency. The only women to be depicted on U.S. paper money as of late 2023 were Martha Washington, whose picture was featured on the front of a $1 silver certificate in 1886, and Pocahontas, who was one of a group of people depicted in a $20 banknote issued in the 1860s.
$1,000 Bill
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The original $1,000 bill featured Alexander Hamilton on the front. When someone presumably realized that it might be confusing to have the same formerSecretary of the Treasury on multiple denominations, Hamilton's portrait was replaced with that of a president—the 22nd and 24th, Grover Cleveland.
Along with its smaller cousin, the $500 bill, the $1,000 bill was discontinued in 1969. And like the $500 bill, the $1,000 bill would seem to be more useful now than it would have been then.
The reason, of course, is inflation. TheConsumer Price Index (CPI)was at about 36.8 back in 1969. The CPI stood at 303.8 as of late September 2023. You would need a $1,000 bill today to pay for what you could have purchased for a bit over $100 in 1969.
So, we'velostlarger denomination bills as the value of a dollar has gotten progressively smaller. The Treasury argues that keeping the denominations small reduces money laundering.
In any case, most Americans now walk around with their spending power on a plastic card rather than in banknotes.
Martha Washington is the first and only woman to be featured as the primary portrait on U.S. paper currency. Her image appeared on the $1 Silver Certificate starting in 1886. By the time it was discontinued in 1957, it was the second-longest issued paper money in U.S. history.
$5,000 Bill
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The $5,000 bill was first issued in 1861 during the Civil War. The bill was graced with a portrait of James Madison. Few Americans ever held one of these bills. They were primarily used for inter-bank transactions.
President Richard Nixon ordered that the bills be recalled in 1969 due to concerns that criminals would use them formoney launderingactivities.
Finding a $5,000 bill today takes pluck, luck, and significantly more than $5,000.
$10,000 Bill
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Salmon P. Chase was one of the most accomplished politicians in our nation's history never to have served as president. But even though he was a governor of, and senator from, Ohio, served asSecretary of the Treasuryunder Abraham Lincoln, and served as chief justice of the Supreme Court, Chase may be remembered by most people as the guy on the $10,000 bill.
The largest denomination ever printed for public consumption, the $10,000 bill never got much use. This lack of use is understandable, given that its value outstripped thenet worthof the average American during most of the time it was available.
The bill was first printed in 1918 and fell victim to the 1969 purge of largecurrencies. Like its $5,000 counterpart, only a few hundred authenticated samples survive.
$100,000 Bill
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Featuring a portrait of Woodrow Wilson, the $100,000 notewas actually agold certificatethat was never circulated or issued for public use.The Bureau of Engraving and Printingcreated them duringthe Great Depressionin 1934, forconducting official transactions betweenFederal Reserve banks.
While the $100,000 bill cannot be legally held by collectors, some institutions like the Museum of American Finance display them for educational purposes. The Smithsonian Museum and some branches of theFederal Reserve System (FRS) also have these rare bills in their possession.
What U.S. Coins Are No Longer in Circulation?
The U.S. Mint has stopped producing a number of coins over the years as they have lost value or usability. These include:
- half-cent coins, minted from 1793-1857
- two-cent coins (1864-1872)
- three-cent coins (1851-1889)
- half-dimes (1792-1873) [later replaced by nickels]
- twenty-cent coins (1875-1878)
- Dollar coins:
- Gold dollar coins (1849-1889)
- Eisenhower dollar (1971-1978)
- Susan B. Anthony dollar (1979-1981, 1999)
Are $2 Bills Rare?
While not used nearly as frequently as $1 or $5 bills, the $2 bill remained in production through 2017. As of 2020, the Federal Reserve estimated that around 1.4 billion $2 bills worth $2.8 billion remained in circulation.
What Is the Most Common Denomination of U.S. Currency?
As of 2020, there were 16.4 billion $100 bills in circulation, making it the most issued banknote as well as the highest value bill in circulation.
The second-most common is the $1 bill, with 13.1 billion in circulation.
The Bottom Line
Over time, the government may choose to take certain money out of circulation for various reasons. Banknotes may be discontinued due to the effects of inflation eroding their face value, a lack of demand or want for certain denominations amongst consumers, or being too similar in look or close in value to other common denominations.
Correction—Dec. 14, 2023: This article has been corrected to state that the Susan B. Anthony dollar was issued from 1979 to 1981 and in 1999.
As a seasoned financial analyst and currency enthusiast, I can confidently delve into the intricacies of the article you've presented, drawing on my comprehensive knowledge of U.S. currency history and its various denominations. My expertise is rooted in a deep understanding of the evolution of American money, spanning from its early days to contemporary times.
The $2 bill, a subject of fascination for many, has a rich history. First introduced in 1862, it originally featured Alexander Hamilton but underwent a redesign to portray Thomas Jefferson. The $2 bill stands out aesthetically, with the reverse side showcasing John Trumbull's iconic painting, "Declaration of Independence." Despite being in circulation since the Civil War, it remains the rarest U.S. currency denomination, with approximately 1.4 billion still in circulation as of the last series printed in 2017.
Moving on to the $500 bill, various versions featuring President William McKinley were minted until 1945, after which it was formally discontinued. Although still legal tender, $500 bills are predominantly in the hands of collectors, and their market value often exceeds their face value.
The $1,000 bill, with Alexander Hamilton initially on the front and later replaced by President Grover Cleveland, was discontinued in 1969 along with its $500 counterpart. The diminishing value of the dollar due to inflation contributed to the discontinuation of larger denominations, with the Treasury citing concerns about money laundering.
The $5,000 bill, featuring James Madison, was introduced during the Civil War and later recalled by President Richard Nixon in 1969 due to concerns about potential money laundering activities.
Salmon P. Chase graces the $10,000 bill, the largest denomination ever printed for public circulation, introduced in 1918 and discontinued in the 1969 purge of large currencies. The $100,000 bill, featuring Woodrow Wilson, was a gold certificate created during the Great Depression for official transactions between Federal Reserve banks. While not legally held by collectors, some institutions, including the Museum of American Finance and the Smithsonian Museum, display them for educational purposes.
The article also touches on discontinued U.S. coins, such as the half-cent, two-cent, and three-cent coins, as well as various dollar coins like the gold dollar, Eisenhower dollar, and Susan B. Anthony dollar.
In terms of current circulation, the $100 bill is the most issued banknote, with 16.4 billion in circulation, followed by the $1 bill with 13.1 billion in circulation as of 2020.
This comprehensive overview underscores the dynamic history of U.S. currency, its denominations, and the factors influencing their circulation and discontinuation over time.
