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The $100,000 bill is one of the most iconic and rare forms of currency ever issued by the United States government. Featuring the portrait of Woodrow Wilson, the 28th President of the United States, this bill was never intended for public circulation and was used primarily for large-scale transactions between banks. Today, it holds a special place in both historical and collector circles. But as a piece of American currency, who owns the $100,000 bill today, and how does one acquire such a rare and valuable piece of U.S. history? In this article, we will explore the history, rarity, and ownership of the $100,000 bill.
The History of the $100,000 Bill
Issuance of the $100,000 Bill
The $100,000 bill was first issued in 1934 as part of the U.S. Treasury’s efforts to address the growing complexity of interbank transactions. Officially known as the “Gold Certificate,” it was a high-denomination note designed for use primarily between Federal Reserve Banks rather than by the general public.
Portrait of Woodrow Wilson: The $100,000 bill features the portrait of President Woodrow Wilson, marking it as one of the highest-value bills ever to bear the likeness of a U.S. president.
Purpose of the Bill: The $100,000 note was used for large-scale transactions, particularly to settle balances between Federal Reserve banks. It was not meant for public circulation and was never widely available to individuals or businesses. The bill’s main function was to facilitate the movement of large sums of money between banks, simplifying and speeding up interbank transfers.
At the time, high-denomination bills like the $100,000 note were part of the broader set of large denomination currency notes that included $500, $1,000, $5,000, and $10,000 bills, all of which were used for large business transactions.
Withdrawal of High-Denomination Bills
In 1969, due to concerns about crime, money laundering, and the increasing reliance on checks and electronic transactions, the U.S. government officially discontinued the circulation of high-denomination bills, including the $100,000 note. The bill was withdrawn from circulation, and since then, it has become an object of great rarity and value for collectors and historians alike.
Despite the withdrawal, the $100,000 bill remains legal tender, though it is practically never used in day-to-day transactions. The U.S. government decided that the bill’s primary purpose—facilitating large interbank transactions—was no longer necessary with the advent of modern banking technologies and electronic funds transfers.
Characteristics of the $100,000 Bill
The Design and Features
The $100,000 bill was printed in a very limited run, with only a few hundred notes being produced. Its design features the portrait of President Woodrow Wilson on the front, and like other U.S. currency of its era, it incorporates a number of security features to prevent counterfeiting, such as intricate engravings and a unique serial number. Some of the key characteristics include:
Portrait of Wilson: The image of Woodrow Wilson, the 28th president of the United States, is featured on the front of the bill, unlike most U.S. currency, which typically features portraits of Founding Fathers or other notable figures.
Gold Certificate: The $100,000 bill was a gold certificate, meaning it was backed by gold held in the U.S. Treasury, providing a guarantee of its value.
Size and Color: The bill is larger than modern currency and features a distinctive yellowish hue due to its status as a gold certificate.
These design elements make the $100,000 bill not only a high-denomination note but also a fascinating artifact of U.S. currency history.
Rarity and Value
Given the limited number of $100,000 bills ever printed, they are extremely rare. The rarity of the bill, coupled with its historical significance, makes it highly valuable in the eyes of collectors and investors. The value of the bill depends largely on its condition and provenance, but even in less-than-ideal condition, it can fetch a high price at auction.
Condition Matters: Like all rare currency, the condition of the $100,000 bill is a critical factor in determining its value. A well-preserved note in near-mint condition can sell for significantly more than one that is worn or damaged.
Auction Prices: While there is no fixed market price, $100,000 bills have been sold at auctions for millions of dollars, depending on the note’s rarity, condition, and historical significance.
For example, one note from the 1934 series of $100,000 bills was sold for more than $2 million at auction in 2014, highlighting the tremendous value placed on this historical currency by collectors and investors.
Who Owns the $100,000 Bill Today?
Private Collectors and Institutions
Given their extreme rarity, most of the surviving $100,000 bills are now owned by private collectors, financial institutions, or museums. While these bills are legal tender, they are rarely used for transactions and are typically kept as collectible items or displayed as part of a historical collection. The ownership of a $100,000 bill is generally limited to a few wealthy individuals or institutions that are able to afford such a rare and valuable artifact.
Private Collectors: Many private collectors who own $100,000 bills are wealthy individuals with an interest in U.S. currency and historical artifacts. These collectors often purchase the bills at auction or through private sales, paying substantial amounts to add them to their collections.
Financial Institutions: Some banks or financial institutions may possess $100,000 bills, often as part of their collections or for use as historical artifacts. These institutions may have obtained the bills when they were originally issued or through private sales or auctions in the years since.
Museums and Public Institutions: Various museums, including the Smithsonian Institution, have displayed $100,000 bills as part of their exhibits on U.S. history and currency. These institutions do not “own” the bills in the traditional sense, but they are responsible for preserving and showcasing them to the public.
Notable Sales and Owners
One of the most well-known $100,000 bills was sold at auction in 2014 by the Heritage Auction House. The bill, which had been issued in 1934, fetched a price of $2.2 million, setting a record for a bill of this denomination. The bill was reportedly owned by a private collector before being sold at auction, though its current owner is not publicly known.
In addition to private collectors, some financial institutions and museums may have possession of the bills, though these are less commonly sold or put on display. Public entities tend to preserve such notes for educational purposes, rather than for personal profit.
Are $100,000 Bills Used Today?
While the $100,000 bill remains legal tender, it is practically never used for everyday transactions. The vast majority of the $100,000 bills are locked away in private collections or historical archives. Today, the bills are more likely to be part of a private investment portfolio, a museum exhibit, or a high-profile auction sale than to be used as currency in commerce.
The Federal Reserve continues to hold some of these notes in its vaults, but it is unlikely that any will ever be used for practical transactions again. With the advent of electronic banking and digital transactions, the role of such high-denomination bills has been largely relegated to history.
Conclusion
The $100,000 bill is a fascinating piece of American history that offers a glimpse into the financial practices of the early 20th century. While it was once used as a means for large interbank transactions, today it is a rare and valuable collector’s item, owned primarily by wealthy individuals, financial institutions, or museums. Its extremely limited circulation and the withdrawal of high-denomination bills from circulation in 1969 have made it one of the most coveted pieces of U.S. currency. For those who are fortunate enough to own one, a $100,000 bill represents both an incredible investment and a unique connection to a bygone era in American financial history.
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