How Much Would You Spend on a Rare $10,000 Bill?

how much would you spend on a rare $10,000 bill?

A man offering us dollars

If someone were to ask you what the largest dollar bill in the U.S. was what would you say? Many might answer that the largest bill is the $100. However, while that is the largest bill currently being printed in the U.S., the U.S. treasury has printed a variety of larger denominations at different times in the past. It’s good to know what to look for, because finding one can be like striking gold. Some of these bills, such as the rare $10,000 bill, can sell at auction for much more than their nominal value.

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Is There a $10,000 Dollar Bill in the United States?

The U.S. Treasury printed $10,000 bills multiple times during the 20th century. The $10,000 bill featured the portrait of Salmon P. Chase, the Treasury Secretary to Abraham Lincoln during the American Civil War. Chase had a large role in the introduction of modern banknotes and was involved in the design of the first $1 bill​​​​.

These $10,000 bills were used for interbank transactions and large-scale transfers. The last printing of the $10,000 dollar bill was in 1945, and they were officially discontinued by the U.S. Treasury in 1969 due to lack of use.

Despite their discontinuation, $10,000 bills are still considered legal tender in the United States. This means that if you ever found a genuine $10,000 bill you could go to your bank and deposit it into your account. However, if you do ever find one, hold on to it — it could be worth much more than its face value.

$10,000 bills are extremely rare and have thus become valuable collector’s items. For example, no more than 336 of the 1928 and 1934 series $10,000 Federal Reserve notes are known to have survived. Prices for notes in poor condition can start at $30,000 [6]. Recently one 1934 $10,000 note was sold at auction for $480,000.

What Determines The Price of a Rare Dollar Bill?

The number of bills in circulation and the bill’s condition both affect its value. Bills in pristine condition (uncirculated or with minimal handling) fetch higher prices. The grading system, ranging from 1 (poor) to 70 (perfect), assesses the bill’s condition based on factors like folds, creases, tears and printing quality. The $10,000 bill from 1934 which recently sold for $480,000 at auction, had been graded Uncirculated 64 with Exceptional Paper Quality.

How Do You Know if A $10,000 Bill Is Authentic?

Authenticating a $10,000 bill requires careful examination because older banknotes like the $10,000 bill do not have modern security features. Each series of older banknotes has unique design elements that can help in authentication​​. For example, $10,000 notes from 1918 feature a blue seal, while later printings have a green seal.

For certain series of $10,000 bills, specific serial numbers are known to be held in museums and are not in circulation. For example, if you have a $10,000 bill from 1918 with serial numbers like B1A, B420A, D1A, L204, or L1957A, it’s a counterfeit, as these are known to be held in museums. Additionally, bills like the $10,000 bill from 1878 are fakes, as all authentic examples of this series have been redeemed​​.

If you are unsure about the authenticity of a bill, the best course of action is to consult a professional. You may be able to take the bill to a Treasury building or financial institution for an expert evaluation. Currency dealers and auction houses that specialize in rare and valuable currency may also provide authentication services. Given the rarity and value of the $10,000 bill, it is highly advisable to seek professional assistance in authenticating it.

FAQ

  • Is there a $1 million dollar note?
    • No, the U.S. Treasury has never issued a $1 million dollar note. The highest denomination ever printed was the $100,000 gold certificate, which was used to transfer funds between Federal Reserve banks. Any $1 million dollar bills you may see are likely novelty items or props, not legal tender.
  • How rare is a $2 dollar bill?
    • Unlike the $10,000 bill, $2 bills are still being actively printed by the U.S. Treasury. According to the Treasury, there were 1.2 billion $2 notes in circulation as of 2017. However, while a regular $2 bill isn’t rare, some printings do sell for a premium. For example, some $2 bills printed before 1917 can sell for over $1,000.

This article originally appeared on GOBankingRates.com: How Much Would You Spend on a Rare $10,000 Bill?

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