The $1000 dollar bill is a real bill that had been in circulation for a long time. Here we examine its history, the different series, and what the current values are.
There were many different series of $1000 dollar bills, but the man pictured on the most common series is President Grover Cleveland. Therefore he is considered to be the face of the $1000 dollar bill. Alexander Hamilton was also featured on several different series.
The 1000 dollar bill has a long history dating back hundreds of years. The Confederacy issued out their own 1000 dollars bills during the Civil War and the US federal government started issuing them out nationally in the 1860s. Back then, these bills were only handled by banks and rich individuals. There was no need for an individual to store or save them because currency wasn't collectible at the time and the value of the bills could be earning interest.
The gold standard was repealed in 1933 by President Franklin Roosevelt. As a response, the government issued out 1934 gold certificates which included a $1000 dollar denomination. These high-value gold certificates were used between banks and they were not issued out to the public. Although collectors can find them for sale today.
The 1934A series was the last issued series for $1000 dollar bills. However these bills remained in circulation for many years later. They were still in circulation up to around the early 1970s. For those reasons, most $1000 dollar bills are not as valuable as you would expect. Although they still sell above face value and there are some rare series.
The $1000 bill wasn't the only large-denomination bill printed by the US government. There was also the $500 bill, $5,000 bill, and $10,000 bill. Large denomination bills are not used today for a few different reasons. The main reasons include potential issues with counterfeiting and the rise of electronic cash. Inflation has risen over the years but there still isn't much of a need for large denominations because most financial transactions are now digital. Instead of making a $1000 purchase with cash, the majority of people elect to use a credit card while others write a check.
There are rare $1000 bill series and then there are common ones. The rare series are extremely rare and only come up at exclusive auctions where the prices will exceed $100,000.
For the most common series (1928, 1934, or 1934A Federal Reserve notes) there isn't a significant price difference. But it's still important to know the series type because there are some rare varieties for these series. The common series sell for around $2300 to $3000 in lightly circulated condition, and much more in uncirculated condition.
Besides condition, there are other factors which can affect the value. For example there are star notes which are bills with a star after the serial number. These notes are very rare. In addition, notes with serial numbers under 100, known as low serial numbers, command a premium. Keep reading below to learn more about some of the most common series.
One thousand dollar bills came in several different series. Some series are extremely rare with only a handful known to exist. Therefore we are going to examine the more common series that you can buy today on the open market.
1918 $1000 Federal Reserve Note
This is the most common large size note but it's still very rare. The 1918 $1000 Federal Reserve note features Alexander Hamilton on the front and a large bald eagle on the reverse side.
In poor condition the value starts at $8,000 and the price greatly increases with each grade up.
1928 $1000 Gold Certificate
The 1928 $1000 Gold Certificate is unique looking because there is a large empty space on the front right side of the bill. Some people may think of it as a misprint but its actually the standard design.
These bills are very rare. The government printed 84,000 but there are most likely only a few hundred in existence today. There are no varieties or star notes so condition is the only valuation factor. In circulated condition you can buy them for under $10,000. The price would increase significantly for bills in uncirculated condition.
1928 $1000 Federal Reserve Note
A little over 1.1 million 1928 $1000 Federal Reserve notes were printed and there are estimated to be about 68,000 still in existence today. So this is a relatively common one-thousand dollar bill. All 12 federal reserve banks issued this note. The Boston district is the most rare and valuable.
In lightly circulated condition the value can reach $3,000. Star notes are rare and they can sell for more than $10,000.
The seal color can also make a difference in value. The light green seals (LGS) are a little more valuable. They were issued from the banks of St. Louis, Richmond, San Francisco and Kansas City.
1934 1000 Dollar Federal Reserve Note
The US government issued out both the 1934 series and the 1934A series. There is not much difference between the two series and they both have the same design as the 1928 series. In total there were about 1.5 million of these notes printed.
In lightly circulated condition these notes sell for around $2300. Uncirculated notes are rare to come across and they will sell for much more money.
Star notes are available for both series and they are very rare. For that reason they will be much more valuable than the standard issue notes.
The seal type can also have an impact on value. There are two different seal types for the 1934 series: light green seals and dark green seals. The light green seals are much more rare and normally they are only seen on notes with serial numbers under 10,000. The 1934A series only has the dark seal type.
The $1000 dollar bill can be quite valuable. If you own one then it's important to do your research and find out if you have a rare variety or not. We at Silver Recyclers are part-time buyers of rare currency. If you are interested in selling then you can contact us here.