How much is 100 $100 bills

A curious thing has happened in US currency: the $100 bill recently overtook the ubiquitous $1 bill in circulation volume, for the first time in history. In other words, the most valuable banknote in the United States became the most widely circulated.

As we show in our chart of the week, based on an article in the IMF’s Finance & Development magazine, there are more $100 bills circulating now than ever before, roughly doubling in volume since the global financial crisis.

So what explains this boom in Benjamins, as the bills are known, especially when cashless options are increasing by the day? In this age of digital everything, are Americans suddenly growing nostalgic for greenbacks in high denominations?

Not exactly. While overall demand for US currency is indeed on the rise, most $100 bills are held abroad. According to the Federal Reserve Bank of Chicago, nearly 80 percent of $100 bills—and more than 60 percent of all US bills—are overseas, up from roughly 30 percent in 1980.

The most valuable banknote in the United States became the most widely circulated.

Geopolitical instability could be one reason behind the surge in $100 bills, according to Fed economist Ruth Judson. “Overseas demand for US dollars is likely driven by its status as a safe asset,” Judson told the Richmond Fed’s Econ Focus in 2018.

According to a 2017 paper by Judson, international demand for US dollars increased over the 1990s and into the early 2000s, and then stabilized or declined after the 2002 debut of the cash euro. This decline in demand continued until late 2008, when the global financial crisis triggered renewed demand for US banknotes.

Harvard University’s Kenneth Rogoff says big banknotes and illicit activity are closely linked. “Worldwide, high-value currency notes are mainly used to avoid taxes and regulation, and for illegal activity,” he observes. “Apartments and houses in major cities all over the world are paid for with suitcases of cash every day, and it is not because the buyers are afraid of bank failures.”

Another factor may be at play, Rogoff says. “Underground demand for paper currency has been surely rising in part because interest rates and inflation are exceptionally low.”

But why the dollar? Its role as the dominant international reserve currency may be the key, according to Rogoff.

By 1862, the Demand Notes incorporate fine-line engraving, intricate geometric lathe work patterns, a U.S. Department of the Treasury seal, and engraved signatures to aid in counterfeit deterrence. To this day, U.S. currency continues to add features to deter counterfeiting.

In her lifetime, Dame Nellie Melba achieved international recognition as a soprano. Melba debuted in 1887 in Verdi's Rigoletto in Brussels and went on to sing with great success in London, Paris, Milan, New York and other major cities. Her most famous role was Mimi in Puccini's La Bohème. Although she toured the world, Melba found time for civic work in Australia, including raising funds for war charities. Dame Nellie's homecoming in 1902 involved an Australian and New Zealand concert tour (the tour program is depicted on the banknote).

Sir John Monash, a soldier, engineer and administrator, was one of Australia's greatest military commanders. During World War I, Monash served in Gallipoli and on the Western Front. His greatest victory was at Hamel. This battle inspired a succession of victories, culminating in the breaking of the Hindenburg Line. Throughout the 1920s, Sir John maintained a strong public profile, represented returned soldiers and frequently advised on military and engineering matters. He held a number of prominent civilian positions, including head of Victoria's State Electricity Commission. Towards the end of his life, Sir John was instrumental in the building of the Shrine of Remembrance in Melbourne.

Date of First Issue

The $100 polymer banknote was first issued on 15 May 1996.

Did you know?

Dame Nellie Melba was born Helen Porter Mitchell. After travelling to Europe in 1886, she adopted the stage name ‘Melba’ in homage to her home town.

As Director-General of Repatriation and Demobilisation, Sir John Monash streamlined procedures for the repatriation of Australian soldiers and presided over the Australian Imperial Forces Education Scheme, which assisted their transition to civilian life.

The United States one-hundred-dollar bill ($100) is a denomination of United States currency. The first United States Note with this value was issued in 1862 and the Federal Reserve Note version was launched in 1914, alongside other denominations.[2] Statesman, inventor, diplomat, and American founding father Benjamin Franklin has been featured on the obverse of the bill since 1914.[3] On the reverse of the banknote is an image of Independence Hall in Philadelphia, which has been used since 1928.[3] The $100 bill is the largest denomination that has been printed and circulated since July 13, 1969, when the larger denominations of $500, $1,000, $5,000, and $10,000 were retired.[4] As of December 2018, the average life of a $100 bill in circulation is 22.9 years before it is replaced due to wear.

The bills are also commonly referred to as "Bens", "Benjamins", or "Franklins", in reference to the use of Benjamin Franklin's portrait by the French painter Joseph Duplessis on the denomination, as "C-Notes" or "Century Notes", based on the Roman numeral for 100, or as "blue faces", based on the blue tint of Benjamin Franklin's face in the bill's current design. The bill is one of two denominations printed today that does not feature a president of the United States, the other being the $10 bill, featuring Alexander Hamilton. It is also the only denomination today to feature a building not located in Washington, D.C., that being Independence Hall located in Philadelphia on the reverse. The time on the clock of Independence Hall on the reverse, according to the U.S. Bureau of Engraving and Printing, showed approximately 4:10.[5] It has been suggested this may refer to 4/10, or April 10, the 100th day of the year. The newer colorized notes show 10:30.

The Series 2009 $100 bill redesign was unveiled on April 21, 2010, and was issued to the public on October 8, 2013. The new bill costs 12.6 cents to produce and has a blue ribbon woven into the center of the currency with "100" and Liberty Bells, alternating, that appear when the bill is tilted.

As of June 30, 2012, the $100 bill comprised 77% of all US currency in circulation.[6] Federal Reserve data from 2017 showed that the number of $100 bills exceeded the number of $1 bills. However, a 2018 research paper by the Federal Reserve Bank of Chicago estimated that 80 percent of $100 bills were in other countries. Possible reasons included $100 bills being used as a reserve currency against economic instability that affected other currencies, and use of the bills for criminal activities.[7]

History[edit]

Large size notes[edit]

(approximately 7.4218 × 3.125 in ≈ 189 × 79 mm)

• 1861: Three-year 100-dollar Interest Bearing Notes were issued that paid 7.3% interest per year. These notes were not primarily designed to circulate and were payable to the original purchaser of the dollar bill. The obverse of the note featured a portrait of General Winfield Scott.
• 1862: The first $100 United States Note was issued.[3] Variations of this note were issued that resulted in slightly different wording (obligations) on the reverse; the note was issued again in Series of 1863.
• 1863: Both one and two and one half year Interest Bearing Notes were issued that paid 5% interest. The one-year Interest Bearing Notes featured a vignette of George Washington in the center, and allegorical figures representing "The Guardian" to the right and "Justice" to the left. The two-year notes featured a vignette of the U.S. treasury building in the center, a farmer and mechanic to the left, and sailors firing a cannon to the right.
• 1863: The first $100 Gold Certificates were issued with a bald eagle to the left and large green 100 in the middle of the obverse. The reverse was distinctly printed in orange instead of green like all other U.S. federal government issued notes of the time.
• 1864: Compound Interest Treasury Notes were issued that were intended to circulate for three years and paid 6% interest compounded semi-annually. The obverse is similar to the 1863 one-year Interest Bearing Note.
• 1869: A new $100 United States Note was issued with a portrait of Abraham Lincoln on the left of the obverse and an allegorical figure representing architecture on the right. Although this note is technically a United States Note, TREASURY NOTE appeared on it instead of UNITED STATES NOTE.
• 1870: A new $100 Gold Certificate with a portrait of Thomas Hart Benton on the left side of the obverse was issued. The note was one-sided.
• 1870: One hundred dollar National Gold Bank Notes were issued specifically for payment in gold coin by participating national gold banks. The obverse featured vignettes of Perry leaving the USS St. Lawrence and an allegorical figure to the right; the reverse featured a vignette of U.S. gold coins.
• 1875: The reverse of the Series of 1869 United States Note was redesigned. Also, TREASURY NOTE was changed to UNITED STATES NOTE on the obverse. This note was issued again in Series of 1878 and Series of 1880.
• 1878: The first $100 silver certificate was issued with a portrait of James Monroe on the left side of the obverse. The reverse was printed in black ink, unlike any other U.S. Federal Government issued bill.
• 1882: A new and revised $100 Gold Certificate was issued. The obverse was partially the same as the Series 1870 gold certificate; the border design, portrait of Thomas H. Benton, and large word GOLD, and gold-colored ink behind the serial numbers were all retained. The reverse featured a perched bald eagle and the Roman numeral for 100, C.
• 1890: One hundred dollar Treasury or "Coin Notes" were issued for government purchases of silver bullion from the silver mining industry. The note featured a portrait of Admiral David G. Farragut. The note was also nicknamed a "watermelon note" because of the watermelon-shaped 0's in the large numeral 100 on the reverse; the large numeral 100 was surrounded by an ornate design that occupied almost the entire note.
• 1891: The reverse of the Series of 1890 Treasury Note was redesigned because the Treasury felt that it was too "busy" which would make it too easy to counterfeit. More open space was incorporated into the new design.
• 1891: The obverse of the $100 Silver Certificate was slightly revised with some aspects of the design changed. The reverse was completely redesigned and also began to be printed in green ink.
• 1902: An extremely rare National Banknote was issued. It had a blue seal, and John J. Knox on the obverse, and two men and an eagle on top of a shield on the reverse.
• 1914: The first $100 Federal Reserve Note was issued with a portrait of Benjamin Franklin on the obverse and allegorical figures representing labor, plenty, America, peace, and commerce on the reverse.
• 1922: The Series of 1880 Gold Certificate was re-issued with an obligation to the right of the bottom-left serial number on the obverse.

• 1863 $100 Legal Tender note The first $100 Gold Certificates were issued with a bald eagle to the left and large green 100 in the middle of the obverse.

• 1880 $100 Legal Tender (1869 version) A new $100 United States Note was issued with a portrait of Abraham Lincoln on the left of the obverse and an allegorical figure representing architecture on the right.

• Series 1878 $100 silver certificate The first $100 silver certificate was issued with a portrait of James Monroe on the left side of the obverse.

• 1914 $100 Federal Reserve Note The first $100 Federal Reserve Note was issued with a portrait of Benjamin Franklin on the obverse and allegorical figures representing labor, plenty, America, peace, and commerce on the reverse.

• 1922 $100 Gold Certificate The Series of 1880 Gold Certificate was re-issued with an obligation to the right of the bottom-left serial number on the obverse.

Small size notes[edit]

(6.14 × 2.61 in ≅ 157 × 66 mm)

• Both views (obverse and reverse) of the Series 1934 $100 Gold Certificate.

• Obverse of a Series 2006A $100 note.

• Comparison between a Series 1990 note and a 2013 note.

• 1929: Under the Series of 1928, all U.S. currency was changed to its current size and began to carry a standardized design. All variations of the $100 bill would carry the same portrait of Benjamin Franklin, same border design on the obverse, and the same reverse with a vignette of Independence Hall. The $100 bill was issued as a Federal Reserve Note with a green seal and serial numbers and as a Gold Certificate with a golden seal and serial numbers.
• 1933: As an emergency response to the Great Depression, additional money was pumped into the American economy through Federal Reserve Bank Notes issued under Series of 1929. This was the only small-sized $100 bill that had a slightly different border design on the obverse. The serial numbers and seal on it were brown.
• 1934: The redeemable in gold clause was removed from Federal Reserve Notes due to the U.S. withdrawing from the gold standard.
• 1934: Special $100 Gold Certificates were issued for non-public, Federal Reserve bank-to-bank transactions. These notes featured a reverse printed in orange instead of green like all other small-sized notes. The wording on the obverse was also changed to ONE HUNDRED DOLLARS IN GOLD PAYABLE TO THE BEARER ON DEMAND AS AUTHORIZED BY LAW.
• 1950: Many minor aspects on the obverse of the $100 Federal Reserve Note were changed. Most noticeably, the treasury seal, gray numeral '100', and the Federal Reserve Seal were now smaller with small "spikes" added around the Federal Reserve seal, like the Treasury seal.
• 1963: Because dollar bills were no longer redeemable in silver, beginning with Series 1963A, WILL PAY TO THE BEARER ON DEMAND was removed from the obverse of the $100 Federal Reserve Note and the obligation was shortened to its current wording, THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE. Also, IN GOD WE TRUST was added to the reverse.
• 1966: The first and only small-sized $100 United States Note was issued with a red seal and serial numbers. It was the first of all United States currency to use the new U.S. treasury seal with wording in English instead of Latin. Like the Series 1963 $2 and $5 United States Notes, it lacked WILL PAY TO THE BEARER ON DEMAND on the obverse and featured the motto IN GOD WE TRUST on the reverse. The $100 United States Note was issued due to legislation that specified a certain dollar amount of United States Notes that were to remain in circulation. Because the $2 and $5 United States Notes were soon to be discontinued, the dollar amount of United States Notes would drop, thus warranting the issuing of this note. $100 United States Notes were last printed in 1969 and last issued in 1971.
• 1990: The first new-age anti-counterfeiting measures were introduced under Series 1990 with microscopic printing around Franklin's portrait and a metallic security strip on the left side of the bill.
• March 25, 1996: The first major design change of the $100 note since 1929 took place with the adoption of a contemporary style layout. The main intent of the new design was to deter counterfeiting, which had become more rampant following the rise of computer printing and Image scanning technology.[8] New security features included a watermark of Franklin to the right side of the bill, optically variable ink (OVI) that changed from green to black when viewed at different angles on the lower right corner '100', an enlarged and different portrait of Franklin, and hard-to-reproduce fine line printing around Franklin's portrait and Independence Hall. Older security features such as interwoven red and blue silk fibers, microprinting, and a plastic security thread (which now glows pink [nominally red] under a black light) were kept. The individual Federal Reserve Bank Seal with district letter was changed to a unified Federal Reserve System Seal along with an additional prefix letter being added to the serial number, w. The first of the Series 1996 bills were produced in October, 1995.[9]
• February 2007: The first $100 bills (a shipment of 128,000 star notes from the San Francisco FRB) from the Western Currency Facility in Fort Worth, Texas are produced, almost 16 years after the first notes from the facility were produced. The shipment makes the $100 bill the most recently added production to the facility's lineup. 4.6 billion notes were produced at the facility with series 2006 and Cabral and Paulson signatures, including about 4.15 million star notes.[10]
• October 8, 2013: The newest $100 bill was announced on April 21, 2010, and, because of printing problems, did not enter circulation until nearly three and a half years later, on October 8, 2013.[11] In addition to design changes introduced in 1996, the obverse features the brown quill that was used to sign the Declaration of Independence; faint phrases from the Declaration of Independence; a bell in the inkwell that appears and disappears depending on the angle at which the bill is viewed using optically variable ink (OVI) and changes from copper to green; teal background color; a borderless portrait of Benjamin Franklin; a blue "3D security ribbon" (trademarked "Motion" by Crane Currency[12]) on which images of Liberty Bells shift into numerical designations of '100' as the note is tilted; and to the left of Franklin, small yellow 100s whose zeros form the EURion constellation. The reverse features a large gradient '100' printed vertically on the right side, small yellow EURion 100s and has the fine lines removed from around the vignette of Independence Hall. These notes were issued as Series 2009A with Rios-Geithner signatures. Many of these changes are intended not only to thwart counterfeiting but to also make it easier to quickly check authenticity and help vision-impaired people.[13]

Small size[edit]

Removal of large denomination bills ($500 and up)[edit]

The Federal Reserve announced the removal of large denominations of United States currency from circulation on July 14, 1969. While larger denominations remained legal tender,[14] with their removal the one-hundred-dollar bill was the largest denomination left in circulation. All the Federal Reserve Notes produced from Series 1928 up to before Series 1969 (i.e. 1928, 1928A, 1934, 1934A, 1934B, 1934C, 1934D, 1950, 1950A, 1950B, 1950C, 1950D, 1950E, 1963, 1966, 1966A) of the $100 denomination added up to $23.1708 billion.[15] Since some banknotes had been destroyed, and the population was 200 million at the time, there was less than one $100 banknote per capita circulating.

As of June 30, 1969, the U.S. coins and banknotes in circulation of all denominations were worth $50.936 of which $4.929 was circulating overseas.[16] So the currency and coin circulating within the United States was $230 per capita. Since 1969, the demand for U.S. currency has greatly increased. The total amount of circulating currency and coin passed one trillion dollars in March 2011.

Despite the degradation in the value of the U.S. $100 banknote (which was worth about $738.93 in 1969), and despite competition from some more valuable foreign notes (most notably, the 500 euro banknote), there are no plans to re-issue banknotes above $100. The widespread use of electronic means to conduct high-value transactions today has made large-scale physical cash transactions obsolete and therefore, from the government's point of view, unnecessary for the conduct of legitimate business. Quoting T. Allison, Assistant to the Board of the Federal Reserve System in his October 8, 1998 testimony before the U.S. House of Representatives, Subcommittee on Domestic and International Monetary Policy, Committee on Banking and Financial Services:

There are public policies against reissuing the $500 note, mainly because many of those efficiency gains, such as lower shipment and storage costs, would accrue not only to legitimate users of bank notes but also to money launderers, tax evaders and a variety of other lawbreakers who use currency in their criminal activity. While it is not at all clear that the volume of illegal drugs sold or the amount of tax evasion would necessarily increase just as a consequence of the availability of a larger dollar denomination bill, it no doubt is the case that if wrongdoers were provided with an easier mechanism to launder their funds and hide their profits, enforcement authorities could have a harder time detecting certain illicit transactions occurring in cash.[17]

How many $100 bills make a million?

A United States $100 bill is . 0043 inches thick. Ten thousand $100 bills equals $1 million (10,000 x $100 = $1,000,000).

How many $100 bills?

How many dollar bills are in circulation? There are approximately 11.7 billion one dollar bills in circulation in the US, with 8.9 billion 20 dollar bills and 11.5 billion 100 dollar bills.

How many $100 bills in a bundle?

A bundle consists of 1,000 notes of the same denomination in ten equal straps of 100 notes each.

How much is 100 100s?

$10,000. A packet of one hundred $100 bills is about an inch thick.