Yea, as you probably already know, the Federal Reserve circulated genuine $1000 dollar bills back in the day. I forget when exactly they began printing these large bills, but the Federal Reserve stopped circulating them in 1969.
In fact, they stopped distributing the $5,000 and $10,000 dollar bills as well.
They stopped circulating them because large bills weren’t needed anymore with advances in banking technology. Too bad. It would be nice to buy a car with a $5,000 bill.
What’s more sad is that the Federal Reserve destroys these bills as they receive them. NOOO! You wouldn’t catch a collector paying for goods with these bills though, but you never know…
So they are fairly rare, but not too rare that you couldn’t get your hands on one if you really wanted one.
Though they are worth $1000 and can be used legally for it’s face value, these rare $1000 bills are worth much more than the number stated on its paper.
You can purchase $1000 bills in fair condition for around 1.5x it’s price. That’s not too too bad for an extinct collectors item.
By the way, if you were wondering why the Federal Reserve would print such large bills, you’re not the only one. I had to do a bit of research to find the answer to this. So it looks like they printed these $1000 bills for larger purchases for people who were a little more affluent than your average Joe.
Usually private transaction for purchases like real estate or businesses. And it looks like these bills weren’t really circulated among every day people, thought it wasn’t impossible to see it in regular people’s hands. Imagine coming across a $1000 bill though. I’ve only seen one once in my lifetime. My dad showed me.
Anyways, you’re wondering what’s on the $1000 bill, so maybe I should answer that question.
If you guessed a really old man… well, you’re half way there lol.
The $1,000 Note has a picture of President Grover Cleveland. You may have heard of him…. lol. Not the most popular president, but an important one none the less. I guess all of them were important.
On the back of the thousand dollar bill, there is some artwork which isn’t very exciting.
I definitely feel rare bills are fun to collect. And I feel a bill like this will only appreciate in value over time. It goes without saying the more rare and old something is, the more its typically worth. But at the end of the day, a bill is only worth what someone is willing to pay for it. So I digress.