$100 bill now the largest denomination

Everyone is familiar with the paper dollar denominations, and that the man on the $100 bill is Ben Franklin. These denominations have been in circulation for most of the century. What most do not know is that the $100 denomination was hardly the highest in the land, and that others as high as $10,000 were in circulation until 1969.

On this day, July 14, in 1968, the United States recalled all bills higher than $100, taking them out of circulation. The act applied to five bills commonly used in those years: $500 with William McKinley on the portrait; $1,000 with Grover Cleveland; $5,000 with James Madison; $10,000 with Salmon P. Chase; and $100,000 with Woodrow Wilson.

For the most part, these were used only by banks for internal transfers, but all but the $100,000 were available to the general public. The $100,000 bill was really a gold certificate, never released outside the financial institution circles. Though if you happen to find one in your grandfather’s archive, rest assured the United States still considers it legal tender.