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Healthy debate about retiring the 100 dollar bill

Posted on: 08-30-2024 by Floor Covering Media

There is some chatter on the subject of retiring the one-hundred-dollar bill. There are points and counterpoints to be made about such an action. According to Wikipedia, this U.S. currency denomination was first issued in 1862. The first Federal Reserve Note version of this bill was first produced in 1914 (see the obverse and reverse depictions of this currency denomination):

Has the one-hundred-dollar bill always been the largest one in circulation? While the $100 bill has been the largest printed denomination in circulation for decades, it wasn't always the largest. The $100 bill actually became the largest denomination by default back on July 13, 1969 when the larger denominations (the $500, $1,000, $5,000, and $10,000 bills) were all retired.

Historically, there was an even larger denomination: the $100,000.00 bill. Although, it is important to remember that this particular denomination of U.S. currency was never in public circulation and cannot legally be privately held.

Most of the denominations of U.S. currency, which are currently in circulation, display a U.S. president on its obverse side with two exceptions: Benjamin Franklin and Alexander Hamilton; neither of whom were U.S. Presidents. Displayed below are the U.S currency denominations currently in circulation including Franklin (upper left) and Hamilton (second down from the top right).

By any objective measure, the one-hundred-dollar bill is not an unpopular denomination. According to an analysis, the $100 bill represented about 77% of US currency in circulation. Data revealed that $100 bills exceeded $1 bills.

Curiously, a 2018 research paper that the Federal Reserve Bank of Chicago prepared contended that most of the $100 bills in circulation are outside of our borders. The paper estimated that 80 percent of $100 bills in other countries are being used as a reserve currency in the event of an economic instability affecting other currencies and a few other reasons. Learn more at Wikipedia.

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