💰 Moneypublished 2w ago
Why the US Pulled Bills Larger Than $100 from Circulation
Until 1969, the Federal Reserve issued banknotes in denominations of $500, $1,000, $5,000, and $10,000. Originally printed to transfer massive sums between banks before modern digital wire networks existed, these high-value notes saw dwindling public use as electronic accounting took over. On July 14, 1969, the Treasury and the Fed halted their distribution to curb money laundering and organized crime. While still technically legal tender, most were destroyed or bought by collectors.
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