“Money is the root of all evil,” we often hear this saying. But no matter what your opinion is about money, it remains a necessity in today’s world.
The 100,000 USD bill, the highest denomination in the US.
Wars, people killing each other, families torn apart, and friends drifting away – all because of money. Sometimes, those with money believe that it makes them better than someone who has worked hard all their life yet still has none. The obsession with money has become a kind of plague.
According to The Vintage News, the first paper currency in the US was a 2 USD bill issued in 1776. In 1861, during the Civil War, the US Department of the Treasury issued blue Demand Notes, nicknamed “greenbacks.” By 1862, US currency began to be issued with serial numbers and seals from the Department of the Treasury.
USD bills feature various decorative engravings; therefore, the government began to organize the design of money. During the Civil War, the Confederate States of America issued their own currency, but these notes quickly became worthless after the war ended. The Confederate States of America existed only from 1861 to 1865. The currency they issued was known as the Confederate States dollar.
The 50 USD Confederate States dollar from 1778.
However, some of these notes remain, and many years later, they have increased in value, especially if they feature images related to the Confederate States of America or slavery. A Confederate bill from 1864 depicting General Stonewall Jackson with a denomination of 500 USD can currently fetch anywhere from 200 USD to thousands of USD, depending on the condition of the note.
The 2 USD bill, issued in November 1862.
According to the American Currency Education Program, all types of US currency issued since 1861 can still be exchanged for valid currency; however, they can also be sold to collectors for a profit.
After the war, the Bureau of Engraving and Printing was established with the primary mission of focusing on currency issuance. In 1889, Congress officially required the names of individuals to be printed under their portraits on all bills. The cost of producing paper money continued to rise, so by 1929, the size of the bills was reduced by about 30%, and the design was standardized to make counterfeiting easier to detect.
At that time, the largest denominations issued were 10,000 USD featuring the portrait of Salmon P. Chase, Secretary of the Treasury during President Abraham Lincoln’s term, the 500 USD bill featuring President Grover Cleveland, the 5,000 USD bill with President James Madison’s image, and the highest denomination ever issued in US currency history: the 100,000 USD gold certificate printed in 1934 bearing President Woodrow Wilson’s image on the front.
Most high-denomination currency was used only for transactions between banks and the government. High-denomination bills were rarely issued, and by 1969, the Treasury completely ceased their production. Although the government still accepts these bills, if sold to collectors, a 100,000 USD note could fetch up to 140,000 USD. If a high-denomination bill remains in circulation, the Treasury will recall and destroy it.
Front and back of the 100,000 USD bill.
In 1955, the US government mandated that all bills issued from 1957 onwards, starting with the 1 USD bill, must include the phrase “In God We Trust.” By 1963, all USD bills were required to feature this phrase. From 1914 to 1933, individuals could redeem their paper money for equivalent values in gold or silver. After 1933, people could only exchange money for silver.
Before 1965, all coins were made of silver, but President Lyndon Johnson called for the production of coins with less than 40% silver content, resulting in the “sandwich” coins we see today, incorporating another base metal. By 1968, currency was no longer redeemable for any precious metals. In 1996, US currency was redesigned with larger portraits and enhanced security features.
Coins come and go depending on their popularity. The silver dollar featuring President Dwight D. Eisenhower was used in the 1970s, as was the half dollar featuring President John F. Kennedy.
Both coins were large and heavy but did not gain public favor. The 1 USD Susan B. Anthony coin, released in 1979, was not well received due to frequent confusion with the quarter. The Sacagawea gold dollar, while still in circulation, is also not very popular, with some people commenting that it resembles play money.
The US currency will continue to evolve as counterfeiters become more sophisticated and realistic in their reproductions. But the conclusion is, regardless of your preference for paper or coin money, it will likely always be necessary in today’s world.
