Discontinued High Denominations: $500, $1,000, $5,000, $10,000, $100,000

For much of American history, the government issued banknotes in denominations far larger than the $100 maximum of today. These high-denomination notes served specific commercial and governmental purposes and were withdrawn — not because of any scandal — but simply because electronic funds transfer had made them obsolete.

The High-Denomination Notes

The following large-denomination Federal Reserve Notes were in circulation until 1969:

• $500 (William McKinley) — Issued 1928–1945; the portrait changed over time; last printed in 1945. Approximately 900,000 were printed in the last series; around 75,000 are estimated to survive.
• $1,000 (Grover Cleveland) — Issued 1928–1945; approximately 165,000 survive. Value today: $2,500–$5,000+ in circulated condition.
• $5,000 (James Madison) — Extremely rare; only about 342 are known to exist today. Value: $50,000–$200,000+.
• $10,000 (Salmon P. Chase) — The largest denomination ever in general circulation. Only 336 are known today. These rarely appear at auction but have sold for $400,000–$500,000+.
• $100,000 (Woodrow Wilson) — Gold Certificates, Series of 1934. NEVER issued to the public; used only for transactions between Federal Reserve Banks and the Treasury. None are legally available to collectors; all are held by Federal Reserve Banks or the Smithsonian.

Why They Existed

High-denomination notes served the commercial needs of an era before electronic wire transfers. Banks used them for interbank transactions, large commercial settlements, and moving large sums of money between institutions. Before the Federal Reserve's wire transfer system matured, physically moving $10,000 in $100 bills required 100 notes and a significant security operation. A single $10,000 note was far more convenient.

Withdrawal in 1969

On July 14, 1969, the Federal Reserve and Treasury announced that $500, $1,000, $5,000, and $10,000 notes would be withdrawn from circulation. The official reason was that electronic funds transfer had rendered them unnecessary for their original commercial purpose. A secondary concern — though not publicly stated as the primary reason — was that large-denomination notes were useful for criminal enterprises, tax evasion, and illegal transfers of value.

The notes were not "cancelled" — they remained legal tender. But as they returned to banks and Federal Reserve offices, they were not reissued. Today, any high-denomination note that enters a bank is automatically withdrawn from circulation and sent to the Federal Reserve for destruction.

Collectors who own these notes can legally keep and sell them. The surviving notes are increasingly rare, and their values have appreciated significantly over the decades.

Source: Federal Reserve: High Denomination Currency FAQs