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The United States dollar, one of the most recognized and influential currencies globally, has a rich and fascinating history. Among its denominations, the $100 bill holds a particular prestige and allure. Known today for featuring the likeness of Benjamin Franklin, this note has evolved significantly since its inception. This article delves into the origins, evolution, and historical significance of the oldest $100 bill, tracing its journey through American history.
The Birth of the $100 Bill
The $100 bill’s story begins in the late 18th century, amid the early years of the United States. The very first $100 notes were issued by the Continental Congress during the American Revolutionary War, around 1775-1779. These bills were part of a series of paper currency known as “Continentals,” which were issued to finance the war effort. However, due to rampant inflation and counterfeiting, Continentals quickly lost their value and were phased out.
The true beginning of the modern $100 bill came with the establishment of the First Bank of the United States in 1791. This institution, spearheaded by Alexander Hamilton, aimed to stabilize the American economy by creating a centralized banking system. Although the First Bank issued notes, these were more akin to banknotes and did not constitute a formal national currency.
The Demand Notes and Legal Tender
The oldest $100 bill that we recognize today as part of the U.S. currency system was introduced during the Civil War under the administration of President Abraham Lincoln. In 1861, to finance the Civil War, the U.S. Treasury began issuing “Demand Notes.” These notes were among the first instances of federal paper money, as opposed to the myriad of state and private banknotes circulating at the time. The $100 Demand Note featured a portrait of Abraham Lincoln and was printed in green ink on the back, leading to the term “greenbacks.”
In 1862, the Demand Notes were replaced by United States Notes, also known as “Legal Tender Notes,” under the Legal Tender Act of 1862. These were the first national currency issued by the federal government that was not backed by gold or silver but by the credit of the United States. The $100 Legal Tender Note continued to feature Abraham Lincoln, maintaining continuity from the Demand Notes.
Evolution Through the 19th and 20th Centuries
The $100 bill saw several design changes and innovations throughout the late 19th and early 20th centuries. In 1869, a new series of Legal Tender Notes was issued, featuring a portrait of Thomas Hart Benton, a prominent Senator and advocate for hard currency. The 1880 series reintroduced a portrait of Abraham Lincoln, signifying the shifting political and historical priorities reflected in the currency designs.
By the 1914 series, with the establishment of the Federal Reserve System, the $100 bill underwent a significant transformation. The Federal Reserve Notes, issued by the newly created Federal Reserve Banks, became the standard form of U.S. currency. The 1914 series $100 bill featured a portrait of Benjamin Franklin, a design choice that endures to this day. The obverse of these notes depicted Franklin, while the reverse featured allegorical figures symbolizing labor, plenty, America, and peace.
The Modern $100 Bill
The $100 bill we recognize today has its roots in the 1929 redesign, which standardized the size of all U.S. currency to the familiar dimensions we use now. This redesign also introduced the famous green color to the front of the notes and a more complex, detailed engraving process to prevent counterfeiting. Benjamin Franklin’s portrait was retained, solidifying his association with the $100 denomination.
Significant security features began to be incorporated into the $100 bill in the latter half of the 20th century. In 1991, a security thread and microprinting were introduced to deter counterfeiters. The 1996 series saw even more sophisticated changes, including a larger, off-center portrait of Franklin, a watermark, color-shifting ink, and a security thread visible under UV light.
The most recent major redesign came in 2013, with the Series 2009 $100 bill. This note introduced a range of advanced security features, such as a 3D security ribbon with moving images and a color-changing bell in an inkwell. The design also incorporated a portrait watermark and raised printing to enhance tactile feedback. These features collectively aimed to make the bill more secure and harder to counterfeit while preserving its recognizable aesthetic.
Historical Significance and Collectibility
The $100 bill holds a unique place in American culture and history. It is the highest denomination currently in circulation, making it a symbol of wealth and financial stability. The choice of Benjamin Franklin, a Founding Father renowned for his contributions to American society, science, and diplomacy, underscores the bill’s importance.
For collectors, the oldest $100 bills are highly prized. Early Demand Notes and Legal Tender Notes from the Civil War era are particularly valuable due to their historical significance and rarity. These notes provide a tangible connection to pivotal moments in American history and the evolution of its financial system.
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Conclusion
The oldest $100 bill is more than just a piece of currency; it is a testament to the resilience and adaptability of the United States. From its origins during the Civil War to its current status as a global icon of financial trust, the $100 bill has undergone numerous transformations, each reflecting the economic, political, and technological advancements of its time. As we look to the future, the $100 bill will undoubtedly continue to evolve, embodying the dynamic spirit of American innovation and history.
