What's the largest bill in circulation? It is not the $100 bill.

There is a news report today about a man getting arrested because he tried to use a $1,000,000 bill to pay for some merchandise at a Wal-Mart.

Well, one million dollar bills are not real. They never were. You've probably seen novelty bills made to look like million dollar bills but they are of different size and design from legitimate U.S. currency -- and to make a novelty bill it can't be the same size or design of U.S. currency.

The news report said that the largest bill in circulation today is the $100 bill. And that's not true. There are in fact $500 and $1,000 bills in circulation and very much legal to own. However, you'd be nuts to spend one because collectors will pay you more than the face value of a $500 or $1,000 bill because they are rare and very collectible.

Every time I go into a casino -- where they have lots of $100 bills -- I always stop by the casino cage (the cashier or bank) and ask if they have any $500 or $1,000 bills-- and sometimes someone not knowing any better brings one to a casino to have a big party.

Of course these days the answer is "no" to my question but a couple of years ago at Caesars Palace a cashier told me that they did get a $500 bill but it was snapped up by one of the savvy employees working there.

In 2006 I cashed a $1000 bill at the Luxor cage. I got it in Paraguay from one of our company's agents who owed it to us for overpayment of commission. It caused quite a commotion with the cashiers and their supervisors. But I knew that would happen. It was like I was cashing a personal check--id's, thumbprint, and the third degree.

Wow, did you not know that the $1,000 bill could probably be sold for upwards of $1,500 ?? They "retail" for $2,000 and up and as I write this there's one on eBay with a "buy it now" price of $1,799. Even in 2006 these bills commanded a premium and I wouldn't be surprised if the price was about the same then-- give or take a couple of Benjamins.

I thought about that but I had it for 10 years & it was at home out of sight/out of mind until one day I found it while looking for something else. I should have been a little less anxious to cash it in.

There are actually $10,000 bill out there. http://en.wikipedia.org/wiki/Large_d...tates_currency

KailynLaw thanks for the post and the reference. The $10,000 bills were never meant for consumers or business use, but for bank use. But you are correct that a few $10,000 bills are in the hands of collectors.

I remember --- a long, long time ago --- before there were credit cards and businessmen carried wads of $100 bills in their pockets. My Dad was in the restaurant business (as well as being a lawyer) and I remember he would sometimes bring home a stack of $100 bills that would go to the bank the next morning.

I also remember when businesses would have couriers who would carry stacks of $100 bills to banks -- all before credit cards.

Yes, I know that the $10,000 was never in circulation but I felt that because it was technically legal currency that it was in the spirit of the original question.

It's been more than two years since the original post and not much has changed, but there has been a lot of talk.

What has changed is that the new $100 bills are in circulation. And there has been a lot of talk about having $500 bills printed again. Personally, I would like to see the $500 bill return but only if it was printed to honor President Ronald Reagan. If anyone deserves to belong on a $500 bill its Reagan who led this country in some of its most prosperous years.

But I don't think a $500 note would be very practical at all. Really... who is going to use a $500 bill except for a gambler or someone doing something illegal? I rarely carry more than sixty-dollars cash in my wallet and for any large purchase I use a credit card or a debit card.

For more about a new $500 bill please see: http://alanbestbuys.com/id324.html

For updates about the new $100 bill please see: http://alanbestbuys.com/id239.html

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Originally Posted by Alan Mendelson

It's been more than two years since the original post and not much has changed, but there has been a lot of talk.

What has changed is that the new $100 bills are in circulation. And there has been a lot of talk about having $500 bills printed again. Personally, I would like to see the $500 bill return but only if it was printed to honor President Ronald Reagan. If anyone deserves to belong on a $500 bill its Reagan who led this country in some of its most prosperous years.

But I don't think a $500 note would be very practical at all. Really... who is going to use a $500 bill except for a gambler or someone doing something illegal? I rarely carry more than sixty-dollars cash in my wallet and for any large purchase I use a credit card or a debit card.

For more about a new $500 bill please see: http://alanbestbuys.com/id324.html

For updates about the new $100 bill please see: http://alanbestbuys.com/id239.html

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I disagree.

We badly need the $500 bill back.

Would you have supported the elimination of the $100 bill in the early 1970s?

Probably not.

$500 today is worth less than $94 in 1973 dollars.

The $100 is like the $20 of the early-mid '70s.

Time to restore the $500 bill in the US.

Dan why would you carry a $500 bill when you can carry a credit card or a debit card?

Large currency was essential when there were no credit cards, no debit cards, no electronic transactions and you didn't want to risk checks.

I think in a few years normal paper currency as we know it will be replaced with electronic payments from your cell phone.

I also favor the $500 Bill. I'd use it all the time. There's always some type of annoying issues going on with debit & credit cards these days, and they'll only get worse as the crooks get technologically more sophisticated. I carried and used 500 Euro bills the years I lived in Europe. It's the same old paranoia principle at work just as with people who think it's unthinkable to carry a lot of cash around casinos, of all places. No one knows who has what. I'd carry $1000 bills if they had them.

Suppose you had a $500 bill, Rob, don't you think that outside of a casino or a car dealer or a jeweler you'd have a hard time using it?

Honestly, you couldn't expect McDonald's to give you change back from your $500 after you ordered a Big Mac, fries and coke?

Quote:

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Originally Posted by Alan Mendelson

KailynLaw thanks for the post and the reference. The $10,000 bills were never meant for consumers or business use, but for bank use. But you are correct that a few $10,000 bills are in the hands of collectors...

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I know this is an old thread, but if you remember, the original Binions $1,000,000 display was 100, $10,000 bills. I also favor the $500 being returned.

I want the $500 bill returned too jbjb -- but only to put Ronald Reagan on it. If they can find a place for Reagan on a lower denomination bill that would be fine for me.

Now that the Treasury Department is into "sharing" with a woman sharing honors on the $10 bill with Hamilton, perhaps Reagan can share a spot on one of our existing bills? I would suggest Washington-Reagan but I think there is a policy NOT to redesign the $1 bill.

Quote:

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Originally Posted by Alan Mendelson

Honestly, you couldn't expect McDonald's to give you change back from your $500 after you ordered a Big Mac, fries and coke?

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They don't do it for $50's or $100's.

I don't care who they put on it. What I don't want to see is any reference to any form of religious figure. It's 2015, and it's time to realize that there is no such thing. But that's for another thread.

Quote:

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Originally Posted by jbjb

I don't care who they put on it. What I don't want to see is any reference to any form of religious figure. It's 2015, and it's time to realize that there is no such thing. But that's for another thread.

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Well ,that eliminates Ronaldo Maximus.

1,000,000 bills never existed in circulation, but the Fed Banks used to produce 100,000 notes and circulated them between banks before the electronic age. It would be cool to get ahold of one of those old notes. http://currencies.wikia.com/wiki/Uni...ollar_banknote

Hajila thanks for joining and posting. From time to time the Bureau of Engraving and Printing exhibits some $100,000 bills. Usually at a big numismatic convention.

Now there is talk about ELIMINATING the $100 bill. See my article here: http://alanbestbuys.com/id239.html