Is the US $10,000 Bill Still Legal Tender?

Tuesday, March 6th, 2007

Of course it is. . . if it is a Federal Reserve Note.

The $10,000 bill came in two forms: the Federal Reserve Note and the gold certificate.

The gold certificate was actually backed by US gold bullion and could be exchanged for gold coin.

$10,000 Gold Certificate

 

The Federal Reserve Note is fiat money — like we  use today — and is still worth its face value.

$10,000 Federal Reserve Note

 

The gold certificate was never publicly circulated, but used between banks back in the “olden” days. In 1933, the Gold Reserve Act required banks to hand these back over to the government and made the possession of them illegal. However, in 1964, they were made legal again but no longer redeemable for gold. Because of this, $10,000 gold certificates only have numismatic value, which I have seen one selling for over $7,000. Of course, due to the rarity of a $10,000 Federal Reserve Note, it would trade for more than its face value. Salmon P. Chase, was on the Federal Reserve note, while President Andrew Jackson graced the gold certificate.

Interestingly to note, the largest denomination issued was actually the $100,000 gold certificate, featuring President Woodrow Wilson. (There was no Federal Reserve Note counterpart.)

 

The Faces of Currency

http://www.beeslife.com/currency/faces.php

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