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Some Interesting Facts


Rhino
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Hey, just thought I'd share a few facts that were included in the latest issue of Time magazine here in the States:

 

Since Federal Reserve Chairman Ben Bernanke was the person of the year for 2009, Time decided to visit his office and show was was in it. Well, it appears that Bernanke might be a coin and banknote collector! On the shelf he has a 50 Dirham banknote from Morocco (not familiar with those, rare? Any significance?), a coin from the Chinese Olympic games, and a few other coins and banknotes in cases that I cannot identify (Time took the pictures from too far away). I can see there are about 9 or 10 cases for coins...

 

Also, in the meeting room of the Fed, there is 2-ton, 27 foot long mahogany table for all the attending members to sit. What's interesting, though, is that in that same room there are only a few things on the wall: A 1937 map of the US highlighting the 12 districts, and underneath it, in 5 large frames around the room, are collections of rare old US currency ;)There are 48 notes that I can count from the pictures (not detailed enough to see what they are) but one of the bills in the frames is a $500 bill (year unknown?).

 

Thought it was interesting :ninja:

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My last post made me think: does anyone here own one of those $500 notes :ninja: ?

 

They're still legal tender...

 

Yes, I own both a $500 and a $1000. A lot of people may own them. Now, if only I could somehow get the other two high denominations ;).

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Ten years ago I could have had a $500 note for $550 but I didn't have the cash at hand. I still see them from time to time with small markups over face value, rarely do I see the $1000 notes though...and never a 5000 or 10000.

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Ten years ago I could have had a $500 note for $550 but I didn't have the cash at hand. I still see them from time to time with small markups over face value, rarely do I see the $1000 notes though...and never a 5000 or 10000.

 

I'm pretty sure only the US government and a VERY select few collectors worldwide have one of the $100,000 bills... Extremely rich collectors are the only ones who would be able to afford the face value of it to start. THAT would be a jaw-dropping banknote to have hanging in your home...

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I'm pretty sure only the US government and a VERY select few collectors worldwide have one of the $100,000 bills... Extremely rich collectors are the only ones who would be able to afford the face value of it to start. THAT would be a jaw-dropping banknote to have hanging in your home...

 

I have seen the $5000 and $10000 at the last ANA show in Portland. The $100000 gold certificate was displayed at the BEP booth. I believe it is illegal for individuals to own the $100000 note.

 

$500 and $1000 are easily available on ebay, but with a high markup.

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I have seen the $5000 and $10000 at the last ANA show in Portland. The $100000 gold certificate was displayed at the BEP booth. I believe it is illegal for individuals to own the $100000 note.

 

$500 and $1000 are easily available on ebay, but with a high markup.

 

Very interesting that it might be illegal to own that $100,000 banknote :ninja: I've never heard of it being illegal to own a certain banknote (not saying it's not true, it's just unusual, it's not like it's some sort of weapon or illegal item that we're normally used to).

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Very interesting that it might be illegal to own that $100,000 banknote :ninja: I've never heard of it being illegal to own a certain banknote (not saying it's not true, it's just unusual, it's not like it's some sort of weapon or illegal item that we're normally used to).

 

 

The reason is this note was never issued as a circulating note, all other notes were circulating currency. Here is the BEP link which mention this fact.

 

http://bep.gov/100000goldcertificate.html

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Found some information on the large denomination notes of the US:

 

http://en.wikipedia.org/wiki/Large_denomin...States_currency

 

http://purpleslinky.com/offbeat/500-to-100...states-history/

 

The second link is a nice article, has a large photo of each bill and an explanation of an example of when one would circulate and what its fate was after a recall of the large notes in 1969. Wikipedia gives some good info:

 

"Circulation of high-denomination bills was halted in 1969 by executive order of President Richard Nixon, in an effort to combat organized crime. The Federal Reserve began taking high-denomination bills out of circulation that year; as of May 30, 2009, there were only 336 of the $10,000 bills in circulation; 342 remaining $5,000 bills; and 165,372 $1,000 bills still being used.[2] Due to their rarity, collectors will pay considerably more than the face value of the bills to acquire them." :ninja:

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I have owned several $500's and $1000's over the past couple of years. Really other than the novelty of the denomination they really are not that pretty as banknotes and not artistic.

 

But they are impressive when you think of the sheer amount of money they represented when they were issued. Back then my Great grandmother was making $20 a month working for the Wabash Railroad as a cook:

 

1934amnotecleveland800.jpg

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