ho doesn't love the $1000 dollar bill, right? Believe it or not, a lot of people have asked me if there's such thing that as that. Learn everything you need to know about this big denomination.
We often see money in the form of a few hundred dollars bills, direct deposit, check or something else.
But one thing that we don't often see or have not seen in a while is $1000 dollar bill.
Sure, we see $100 dollar bill, but not the one with 3 zeros before the one.
At one point, I asked myself this question: Do big dollar denomination bills even exist?
I know you're probably asking this question, too.
If you're ready:
What are the benefits of reading this article?
If you read the article from start to end without skipping on any step, then, you'll know the important things like:
- Does a $1000 dollar bill even exist?
- What is the current value of a thousand dollar bill?
- Where can you find or get this denomination?
- Questions/answers related to this denomination
- And many more
The history behind the $1,000 bill
The Continental Congress – a body of delegates that represented the 13 colonies – started issuing paper money. This included the $1,000 bill.
Why? It's because the Congress needed to help finance the Revolutionary War.
The $1K bill wasn't actually printed out until the Civil War.
Is there a $1000 dollar bill?
Believe it or not:
The $1000 dollar bill is real and even considered a legal tender. Yes, it is still considered as a legal tender.
What is legal tender?
A legal tender is any official payment medium that is considered legal or recognized by law. This is used for payment for products, services, and debt, and a means to meet a financial obligation.
The $1,000 dollar bill was last printed in 1946 and was discontinued in 1969. According to the U.S. Treasury, Americans continue to hold the notes.
Can you still use it?
While this bill has been discontinued, it is a legal tender and can be used for transactions.
Where can I see one of these thousand dollar bills?
Unfortunately, the chances of you seeing one in the circulation are pretty slim.
As of 2009, there were only around 165,000 pieces of thousand dollar bills known to exist. Most of them of which are found in museums or are in the hands of a very few currency collectors.
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Who is on the $1000 dollar bill?
Two people were featured on the $1000 dollar bill (they're not sharing the spot in a single portrait) – Alexander Hamilton and President Grover Cleveland.
That means, each of them is featured in different $1000 dollar bills.
The First $1,000 Series 1918 Blue Seal Bill
The very first $1000 dollar bill was actually printed and went into circulation around 1910s.
President Alexander Hamilton was featured on this bill.
Who is he?
Alexander Hamilton – regarded as one of America's Founding Fathers – was the one who convinced New Yorkers to agree to ratify the US Constitution.
He was also known for founding the country's financial system.
The $1000 Series 1928 Green Seal Bill
The second $1000 bill first circulated in 1928. Who is on the thousand dollar bill this time?
This time, the bill's face was President Grover Cleveland.
Originally, President Cleveland was the face of the $20 bill – issued in 1914. His face was swapped in 1929 for President Jackson, and Cleveland, then, moved to the $1000 bill.
Why Grover Cleveland?
He was the 22nd and 24th president – the only person who served two non-consecutive terms in the office (1885–1889 and 1893–1897).
He was known as a political reformer.
Last printed in circa 1940s, the one thousand dollar bill notes were mostly intended to be used to transactions between banks and not between or among people.
When someone asks you “Who is on the $1000 dollar bill?”, the simple answer is both Presidents Hamilton and Cleveland (but they're not in the same picture).
How much is a one thousand dollar bill worth?
So, you may be asking what the 1000 dollar bill value is now.
Technically, a thousand dollar bill is still $1K bill. Most $500 and $1,000 bills are more common that the $100,000 bill. They can typically worth over their face value (depending on the condition).
That said, this denomination is by a stretch a rare denomination. It's rare that you could only see them in museums, open market, or in auctions.
In actuality, a rarer $1,000 dollar bill was auction for over $2 million. That's millions of dollars.
It was sold in Baltimore. The note was sold to a buyer (anonymous) at the Winter Whitman expo.
It’s some of the most expensive money that money can buy: A rare $1,000 bill sold at auction Thursday night in Baltimore for $2.04 million.
The note was nicknamed “the grand watermelon.” That's because the zeroes on that bill were ornately designed to defer counterfeiting, and actually resembled that fruit.
So, what does this mean?
It means that finding that elusive, rare $1000 dollar bill is hard (if not impossible) even in auctions. That's most probably why it fetched for over $2M.
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Why were $1000 dollar bills discounted and are no longer in circulation?
Since it was designed to be used for bank-to-bank transactions in certain cases of large transactions, there was a lack of use of it.
In July 14, 1969, that Treasury indicated that it would quit issuing notes such as $500, $1,000, $5,000, and $10,000 notes immediately because the bills were so sparsely circulated.
This means that there hasn't been an actual print run of these bills since 1945.
Would these notes be valuable today in circulation?
Probably not. With the introduction and adoption of electronic money system – no need to make paper transactions between banks and the government-, there may no longer be a need to use these high dollar denominations.
That means there's probably no major use for a $1000 dollar bill.
In addition, since a lot of denominations have been counterfeited time and time again, counterfeiting these denominations could be costly for those who get them.
$1000 Bill: Final Thoughts
Is there a thousand dollar bill? Absolutely yes.
That said, finding it is difficult, and may even be impossible unless you have access to an auction and has a few million dollars to shell out.
They were plenty in circulation back in the old days, but not anymore.
It has become a rare collection that it is valued more than what the face value is.
Have you seen a $1000 dollar bill? Did you see it in a museum, auction, or somewhere else? Please let me know your thoughts.