Fun facts about big, big bank notes

His name might not be as familiar as those of the presidents featured on other big bills, but Chase was a big wheel in 19th-century American politics. In 1861, Chase, as secretary of the Treasury, was in charge of designing and popularizing the new currency. The politically ambitious Chase had to pick a portrait subject for the first $1 bill, and he chose himself. Although putting his face in everyone's wallet never propelled Chase to the presidency, when the Treasury issued $10,000 bills in 1928, it put Chase's portrait on the obverse to honor the man who helped introduce modern bank notes. Even if you don't have a $10,000 bill, Chase's name might still be in your wallet. Chase National Bank, the forerunner to Chase Manhattan Bank, was named in his honor.

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When the Treasury started printing these giant bills, their main purpose was making transfer payments between banks and other financial institutions. Before sophisticated wire transfer systems were fully developed, it was apparently easier and safer to fork over a $5,000 bill to settle up with a fellow bank. Once transfer technology became safer and more secure, there really wasn't much need for the big bills.

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The biggest bill ever was the Series 1934 $100,000 gold certificate. The Bureau of Engraving and Printing made these notes only during a three-week stretch in December 1934 and January 1935. Even the few plutocrats who had that much cash during the Depression couldn't carry one of the $100,000 bills, though. They were used only for official transactions between Federal Reserve banks, and the Treasurer of the United States issued them only to Fed banks that had an equal amount of gold in the Treasury. The note featured a picture of Woodrow Wilson.

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Don't expect to get a $500 bill the next time you make an ATM withdrawal. The Treasury announced on July 14, 1969, that it would quit issuing the $500, $1,000, $5,000 and $10,000 notes immediately, since the bills were so sparsely circulated. The bills hadn't seen an actual print run since 1945. When the Treasury discontinued the bills, they rapidly fell out of circulation. However, a few are still lingering; as of May 2009, there were still 336 $10,000 bills at large. At the same time, Slate reported that there were also 342 $5,000 bills and 165,732 $1,000 bills still floating around.

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Although the Treasury is no longer issuing these bills, according to the Fed they're still legal tender. So although it would probably raise some eyebrows, you could walk into Best Buy and plunk down a $1,000 bill to pay for a new plasma TV. That wouldn't be the smartest move, though. Most of the high-denomination bills that are left in circulation are in collectors' safes, and at auction the bills tend to fetch prices that far exceed their face values. For instance, a pristine $10,000 bill can command a price as high as $140,000 on the open market.

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If you put your big bill in your safety deposit box, it will be safe. Deposit the historical loot into your checking account, though, and you will get only the face value. Since the 1969 order to stop distributing big bills, Fed banks have been pulling the notes from circulation and destroying them whenever they are received. There are other potential pitfalls to depositing a big bill. Last February, three teenagers in Texas Township, Mich., swiped one of their parents' safes and drove to Birmingham, Ala., with their booty. They were nabbed when they tried to change an antique $1,000 bill from the safe.

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The government has never printed a $1 million bill, but that doesn't mean people haven't tried to make one. In 2004, a woman in Covington, Ga., tried to pay a $1,675 tab at a local Wal-Mart with a forged $1 million bill featuring a picture of the Statue of Liberty. Police quickly arrested her. It's hard to say what's more ludicrous: trying to pass off a $1 million bill or thinking that Wal-Mart would just fork over $998,325 in change. Novelty $1 million bills are legal as long as you don't try to spend it or deposit them.

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On the other side of the coin, so to speak, is the $2 bill. Although rarely seen, it's still a circulating denomination of U.S. currency. According the Treasury, more than $1.5 billion worth of $2 bills is currently circulating around the world. However, since the bill changes hands less frequently than other denominations, it's not printed as often, either. The Treasury hasn't whipped up a batch of twofers since 2003.

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