Thursday, August 12, 2010

Money Fair Showcases $100,000 Wilson

I am sure that everyone knows that President Wilson is on the $100,000 bill right? After all, we get change for that bill almost everyday. OK, maybe not.

Rodrique Ngwoi wrote an article about a money fair that showcased several of the rare Wilson bills. It is titled Money fair showcases $100,000 bill, rare coins. Ngwoi wrote, "It also includes sheets of America's largest denomination currency, the $100,000 bill, which is said to be worth about $1.6 million today. The gold certificate note, which bears President Woodrow Wilson's portrait, was used only for official transactions between Federal Reserve Banks. It was not circulated among the general public and cannot be legally held by currency note collectors."

I realize I can not legally own this bill but I would still love to see the clerk's face at Wal-Mart if I pulled one of these out.

1 comment:

Scott said...

Gold certificates were demonetized in 1933 when the US was taken off the gold standard during the FDR administration.

Other presidents on large denomination currency include:

$500: William McKinley
$1,000: Grover Cleveland
$5,000: James Madison

Salmon P. Chase appeared on the $10,000, but he wasn't a president!

The Bureau of Engraving and Printing stopped printing large denomination notes in 1969 because of their lack of use. As checking accounts became more available to the ordinary consumer, consumers stopped carrying large notes for major transactions. It was easier to write a check.