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Giving Money For Christmas?

Denominations

What are denominations of currency in circulation today? Will any new denominations be produced?

The present denominations of our currency in production are $1, $2, $5, $10, $20, $50 and $100. The purpose of the United States currency system is to serve the needs of the public, and these denominations meet that goal. Neither the Department of the Treasury nor the Federal Reserve System has any plans to change the denominations in use today.

What was the most significant currency denomination ever produced?

The most significant denomination of currency ever printed by the Bureau of Engraving and Printing (BEP) was the $100,000 Series 1934 Gold Certificate featuring the portrait of President Wilson. The government published the notes from December 18, 1934, through January 9, 1935, and were issued by the Treasurer of the United States to Federal Reserve Banks only against an equal amount of gold bullion held by the Treasury Department. The notes were used for official transactions between Federal Reserve Banks and not circulated among the general public.

What denominations of currency notes is the Treasury Department no longer printing?

On July 14, 1969, David M. Kennedy, the 60th Secretary of the Treasury, and officials at the Federal Reserve Board announced that they would immediately stop distributing currency in denominations of $500, $1,000, $5,000 and $10,000. Production of these ended during World War II. Their primary purpose was for bank transfer payments. With the arrival of more secure transfer technologies, however, they were no longer needed for that use. While these notes are legal tender and may still be found in circulation today, the Federal Reserve Banks remove them from circulation and destroy them as they are received.

Did the Treasury Department ever produce a $1 million currency note? I have one that I want to know about its authenticity.

We receive many inquiries asking if the Treasury Department ever produced a $1 million currency note. People have sent in copies of these bills. We have found that they are nonnegotiable platinum certificates known as a “One Million Dollar Special Issue.” These notes were from a particular limited copyrighted art series initially sold by a Canadian firm for $1.00 each as a collectible item. They are not official United States currency notes manufactured by our Bureau of Engraving and Printing (BEP). As such, they are not redeemable by the Department of the Treasury.

You may be interested to know that the BEP learned of these certificates in the spring of 1982. All related correspondence was forwarded to the United States Secret Service to decide if there were any violations of Federal currency laws. The Secret Service subsequently advised, however, that these certificates did not violate any United States law.

Why did the Treasury Department remove the $2 bill from circulation?

The $2 bill has not been removed from circulation and is still a circulating denomination of United States paper currency. The Federal Reserve System does not, however, request the printing of that bill as often as the others. The Series 2003 $2 bill was the last printed and bears the names of former Secretary of the Treasury John W. Snow and Treasurer Rosario Marin. As of April 30, 2007, there was $1,549,052,714 worth of $2 bills in circulation worldwide.

The key to successfully circulating the $2 bill is for retailers to use them just like any other denomination in their daily operations. Also, most commercial banks will readily supply their retail customers with these bills if their customers request them in sufficient volume to justify stocking them in their vaults. However, neither the Department of the Treasury nor the Federal Reserve System can force the distribution or use of any denomination of currency on banks, businesses or individuals.