Does anyone on here have large denomination currency (>$100 bill)? I almost bought one of those $500 bills once with Pres. McKinley on the obverse.
I know of a dealer , Jhon E. Cash that deals in high denomination notes.......cool notes, but not for the faint of heart.
I have 2 $1,000 bills in the safety deposit box and a $500 bill that i picked up off of craigslist (it's authenticated by PCGS) for $650. I'm waiting for the paper money market to make a come back! I try to get them when i see them at auction, but sometimes the prices they go for is crazy!
large denomination, not large-size. Large denomination notes are those greater than $100 ($500; $1,000; $5,000; $10,000) anyway, to answer the question: no, but I wish I did!
I'd like to pick up a $500. Actually, might be near the top of my list of "relatively expensive things I want to get" now.
Banks historically have had to maintain a minimum amount of cash on hand, to abide by various rules and regulations. A pack of $1000 notes takes up way less room in a vault than 100 packs of $10 notes. So banks tended to hoard high denomination notes. Even after the Treasury recalled high denomination notes in 1969 (as part of the War on Drugs), banks hung on to them for expediency's sake. As a result, there are many more $500 and $1000 notes around than you might expect.
This is a common urban legend, I'm afraid. The high denominations were discontinued simply due to lack of demand, not due to concerns about who was using them.... Once wire transfers and such became available, the usage of high-denomination notes declined greatly. The last printing of $500's and higher was in 1946, and they saw so little use that it took until 1969 for enough of them to wear out that the supply was running low. At that point, the Treasury and Federal Reserve jointly decided that the costs of creating new-series $500 plates weren't worthwhile for the small printing that would be needed, so the high-denomination notes were discontinued instead. The press release announcing the decision presented it as a cost-saving measure, not as a crime-fighting measure. Some years later, in the '80s, there was a proposal in Congress to end production of the $100 denomination, because of concerns about money laundering, the drug trade, and the like. That's probably what led people to start believing that similar considerations had brought about the end of the $500 and up as well.
Seeing that this is only printed on one side ....I can dream about it ,but that's about it for me....lol
Remember that the 1969 order required banks to return high denomination notes to the Fed, rather than issue them to customers. The claim that there was little demand for such notes is the opposite of the claim that new plates would have to be made to meet the demand for them. The fact is that the government decided to define transactions involving high denomination notes as a priori suspect, and therefore resolved to eliminate them from "legitimate" commerce.
RickieB always recommended to me and many other "you can't go wrong with Professor Don C Kelly" of The Paper Money Institute ,so I did it & agree. http://www.donckelly.com/. Made my Christmas ,now the 1899 $5 Chief Running Antelope. F277. Parker-Burke. He's got quite a few but not this month. Merry Christmas & Happy Holidays.
