U.S. currency denominations smaller than they used to be

In the continuing battle with high prices, most people need more of it. And many think that corporate America has too much of it.

In 2022, about $2.26 trillion in U.S. currency was in circulation but in smaller denominations than in past years. Since July 14, 1969, the largest bill that has been issued is the $100.

From a dollar standpoint, there are more of those Benjamins in circulation today than any other bill – more than $1.8 trillion. A handful of the larger bills are still floating around, although these days, it’s unlikely anyone has too many of them, let alone seen one.

The $500 bill, adorned by William McKinley, totaled $142 million in circulation in 2018, while the $1,000, decorated by Grover Cleveland, had $165 million in total circulation. Only $1.8 million worth of the $5,000 bill, with James Madison’s likeness, was around in 2018, while the $10,000 bill, featuring Salmon Chase, totaled $3.5 million.

The days of these larger bills are numbered, as the Federal Reserve pulls them from circulation when they are received. They are later destroyed.

Incredibly, there is such a thing as a $100,000 bill, which carries Woodrow Wilson’s image. For 23 days starting in mid-December 1934, those monster bills were issued to an equal amount of gold bullion held by the U.S. Treasury. The bills are only used for transactions between Federal Reserve banks and have never been in public circulation.

The stepchild of them all is the $2 bill, which was last printed in 2003. Although $2 bills are as regular as any other denomination, and $3 billion of them are around today, many Americans cast a wary eye on these oddballs, believing them to carry bad luck or other stigma.

While many still think that presidents alone grace our paper currency, several bills carry images of nonpresidential types. On the $10 is Alexander Hamilton, credited by many as the father of our financial system.

Franklin, the colonial patriot and yeoman inventor on the $100, also was on 50-cent pieces from 1948 to 1963. Chase, who served as Treasury secretary and chief justice of the Supreme Court in the Lincoln administration, is on the $10,000.

In many ways, coins have reflected the value of the American dollar more than bills. Until 1857, half-cents were minted, as many consumer prices were measured in such fractions. Two-cent pieces were minted from 1864 to 1873, while 3-cent pieces were issued from 1851 to 1873.

One version of the 5-cent piece was minted as a “half-dime” until 1873, while a 20-cent piece was around from 1875 to 1878. Coins in denominations of 1, 5, 10, 25 and 50 cents, as well as $1, have been around since before 1800.

To some today, dollar coins are the metal equivalent of the $2 bill. The recent Susan B. Anthony and Sacajawea dollar pieces were met with indifference by most consumers.

Gold coins were in U.S. circulation through 1933, when the gold standard was abolished. Many were based on the $10 “eagle,” with corresponding quarter-eagles of $2.50, half-eagles of $5, and double-eagles of $20, along with 1-dollar gold pieces. Three- and 4-dollar gold pieces also were minted at various times.

The Coinage Act of 1792 established a U.S. Mint and the federal monetary system, with set denominations for coins and currency. However, states and individual banks issued their own currency for decades, creating confusion and ease of counterfeiting.

The U.S. Secret Service, which now protects the president, was founded in 1865 to fight counterfeiting. In recent years, American currency has been officially altered in various ways in the never-ending battle against fakes.

Mints today exist in Philadelphia and Denver as well as San Francisco, which has mainly produced proof sets since 1975. Another facility at West Point produces only commemoratives.

Past branch mints also were established in Charlotte and Dahlonega, Georgia, from 1838 to 1861, mainly to meet the needs of nearby gold booms, while a mint in Carson City from 1870 to 1893 was founded to address the Nevada silver rush of that era. There also was a mint in New Orleans from 1838 to 1909.

Tom Emery is a freelance writer and historical researcher from Carlinville, Ill. He can be reached at 217-710-8392 or ilcivilwar@yahoo.com.