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Some U.S. currency denominations are genuinely discontinued, while others are simply uncommon in everyday transactions. The distinction matters: the $2 note is still an active denomination, the $500 through $10,000 notes were discontinued in 1969, and the $100,000 Gold Certificate was never issued for public use.
What U.S. Banknote Denominations Are Issued Today?
The Federal Reserve Board currently issues $1, $2, $5, $10, $20, $50, and $100 notes. Therefore, a denomination should not be described as discontinued merely because it is rarely seen in a cash drawer. This is especially important for the $2 note.
6 Discontinued and Uncommon U.S. Currency Denominations
1. The $2 Note: Uncommon, but Not Discontinued
The $2 note is a current U.S. denomination and remains legal tender. The first federal $2 notes were issued in 1862, while the current-size Federal Reserve note features Thomas Jefferson on the front. Its reverse shows a representation of the presentation of the Declaration of Independence.
The current design was introduced in 1976, but production did not end in 2017. Notes are printed according to Federal Reserve demand, so the series date on a note should not be treated as the date on which the denomination was discontinued. As of December 31, 2024, approximately 1.7 billion $2 notes were in circulation. They may be less common in daily change, but they are not inherently rare.
2. The $500 Note
The familiar Series 1928 and Series 1934 $500 Federal Reserve notes feature President William McKinley. The denomination was mainly useful for large payments and bank transactions at a time when electronic transfers were not widely available.
The last $500 notes were printed in 1945. In 1969, the federal government discontinued the $500, $1,000, $5,000, and $10,000 denominations because of declining use. Genuine surviving $500 notes are still legal tender, but collectors may value them above $500 depending on their series, condition, seal, serial number, and rarity.
3. The $1,000 Note
The best-known small-size $1,000 Federal Reserve notes feature President Grover Cleveland, not a Treasury secretary. Like the $500 note, the $1,000 denomination supported high-value transfers before modern electronic banking became standard.
Its last printing occurred in 1945, and it was discontinued in 1969 because it was no longer used often enough to justify continued issuance. A genuine $1,000 note remains legal tender, but spending or depositing one at face value could sacrifice substantial collector value.
4. The $5,000 Note
The Series 1928 and Series 1934 $5,000 Federal Reserve notes feature President James Madison. Contrary to a common online claim, the denomination was not created to finance the Revolutionary War, and it was not discontinued because the war had ended.
The $5,000 note followed the same modern timeline as the other publicly issued high-denomination notes: it was last printed in 1945 and discontinued in 1969 because of insufficient use. Surviving genuine examples are scarce and are generally encountered as collectible currency rather than payment.
5. The $10,000 Note
The best-known small-size $10,000 Federal Reserve notes feature Salmon P. Chase. Chase served as U.S. Treasury Secretary during the Civil War and later became Chief Justice of the United States.
The last $10,000 notes were printed in 1945, and the denomination was discontinued in 1969 because it was rarely used. Genuine notes remain legal tender, but their scarcity and historical interest mean that collector value can far exceed face value.
6. The $100,000 Gold Certificate
The Series 1934 $100,000 Gold Certificate features President Woodrow Wilson. It is the highest-denomination note ever produced by the U.S. government, but it was never released for public circulation. It was used only for official transactions between Federal Reserve Banks.
The certificate was printed for a short period from December 1934 to January 1935. Unlike the discontinued $500 through $10,000 notes, it is not a form of currency that members of the public can legitimately encounter as an ordinary collectible or use for payment. Examples are held by the federal government and may be displayed for educational purposes.
What Was Wrong With the Coin Claims?
The cent, nickel, and dime should not be grouped with obsolete coin denominations. Here is the accurate status of each coin mentioned in the earlier version of this article:
- 1-cent coin: It was not discontinued in 1959. The U.S. Mint ended production of circulating pennies in November 2025, but existing 1-cent coins remain legal tender, and the Mint may continue producing numismatic versions for collectors.
- 2-cent coin: This is a genuinely obsolete denomination. Congress authorized it in 1864, and it was discontinued in 1873. It was also the first U.S. coin to carry the motto “In God We Trust.”
- 5-cent coin: The nickel was not discontinued in 1965. The U.S. Mint still identifies it as a circulating coin.
- 10-cent coin: The dime was not discontinued in 1969. It remains a current circulating denomination.
For the current status and specifications of U.S. coins, consult the U.S. Mint's circulating coin guide. The Mint also explains that although circulating penny production ended in 2025, pennies already in circulation remain legal tender.
Are Discontinued High-Denomination Notes Still Legal Tender?
Yes. Genuine $500, $1,000, $5,000, and $10,000 notes remain legal tender even though they are no longer issued. The U.S. government did not recall or devalue them when the denominations were discontinued. However, face value and collector value are different: a bank normally credits currency at face value, while a specialist may value a scarce note much more highly.
Before depositing, exchanging, or spending an old high-denomination note, consider having it authenticated and evaluated by a reputable paper-money dealer or professional grading service. Do not clean, press, tape, laminate, or otherwise alter it, because those actions can reduce collector value.
What Should a Business Do When It Receives an Uncommon Note?
Retailers, banks, casinos, cash offices, and other cash-handling businesses may occasionally receive an older design or an uncommon denomination. A practical review process should include the following steps:
- Confirm the denomination and design. Compare the note with official U.S. Currency Education Program references rather than relying on memory or an image from social media.
- Follow the organization's cash-acceptance policy. Escalate unusual notes to a supervisor or trained cash-office employee when necessary.
- Inspect the note using the appropriate procedure. An unusual appearance does not automatically mean a note is counterfeit, and an old design is not invalid merely because staff members have not seen it before.
- Separate authenticity from collector value. A bank or retailer can assess whether to accept a note, but a currency specialist is better placed to estimate its numismatic value.
- Use official reporting channels for suspected counterfeits. Preserve the note as received, minimize handling, and follow the business's escalation and reporting procedure.
Can a Money Counter Identify Old or Rare U.S. Currency?
A money counter or sorter can improve the speed and consistency of routine cash processing, but it is not a currency appraisal service and should not be treated as absolute proof that a note is genuine. Compatibility depends on the machine model, its currency software, the denominations and note series in its library, sensor configuration, note condition, and available updates.
An older, heavily worn, folded, damaged, or unsupported note may be rejected even when it is genuine. Likewise, a machine's acceptance of a note does not replace trained review when authenticity is in doubt. Before selecting equipment, confirm the supported U.S. denominations and series, counterfeit-detection functions, update process, reject-pocket behavior, and manual-review workflow with the supplier.
What Determines the Collector Value of Old U.S. Currency?
Denomination alone does not determine value. Collectors and professional graders may consider authenticity, series and issuing district, seal color, serial-number characteristics, printing varieties, rarity, provenance, and physical condition. Online asking prices are not the same as completed sales, so they should not be used as the only basis for valuation.
Silver certificates and gold certificates are also frequently misunderstood. Their names describe historical monetary and redemption arrangements; the paper notes themselves are not made from silver or gold. Their value depends on the specific note, not simply on the word “silver” or “gold” in the title.
Frequently Asked Questions
Is the U.S. $2 bill discontinued?
No. The $2 note is one of the seven banknote denominations currently issued by the Federal Reserve Board. It is less commonly requested and used than some other denominations, but uncommon does not mean discontinued.
When were the $500, $1,000, $5,000, and $10,000 notes discontinued?
They were last printed in 1945 and officially discontinued in 1969 because of declining use. The official U.S. currency history records this timeline.
Can a $500 or $1,000 note still be used?
A genuine note remains legal tender. However, because an authentic high-denomination note may be worth more to collectors than its face value, professional authentication and valuation should be considered before it is spent or deposited.
Can the public own or spend a $100,000 Gold Certificate?
No. The $100,000 Gold Certificate was never issued for public circulation. It was created for official use between Federal Reserve Banks.
Are U.S. nickels and dimes discontinued?
No. Both remain current circulating coin denominations. Claims that the nickel ended in 1965 or the dime ended in 1969 are incorrect.
Does a rejected note mean a money counter found a counterfeit?
Not necessarily. Rejection can result from wear, folds, dirt, damage, incorrect feeding, sensor settings, or an unsupported note design. A rejected note should be reviewed according to the machine instructions and the business's cash-handling policy.
Conclusion
The $2 note is uncommon but current; the $500, $1,000, $5,000, and $10,000 notes were discontinued in 1969 but remain legal tender; and the $100,000 Gold Certificate was restricted to official Federal Reserve use. Understanding those differences helps collectors avoid misinformation and helps cash-handling businesses build a safer review process.
If your business processes mixed denominations or older note designs, review the supported currencies, denominations, series, detection functions, and software-update options before choosing a machine. Explore RIBAO currency counting and sorting solutions, and confirm the requirements of your specific cash environment with the supplier.