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View Full Version : Large US denominations still legal tender


Chaka
11-26-2005, 07:18 PM
http://searcht.netscape.com/ns/boomframe.jsp?query=new+iraqi+dinar&page=2&offset=0&result_url=redir%3Fsrc%3Dwebsearch%26requestId%3D9 fe176a6bb644ef7%26clickedItemRank%3D22%26userQuery %3Dnew%2Biraqi%2Bdinar%26clickedItemURN%3Dhttp%253 A%252F%252Fwww.exchangerate.com%252Firaq_currency_ exchange.html%26invocationType%3Dnext%26fromPage%3 DNSCPNextPrevB%26amp%3BampTest%3D1&remove_url=http%3A%2F%2Fwww.exchangerate.com%2Fira q_currency_exchange.html

LINK TO PHOTOS OF LARGE NOTES AND 1800'S FRACTIONAL CURRENCY NOTES(these are neat, my dad just bought a few of these- the 3 cent note is selling for around $ 100 depending on condition)



* Currency notes of denominations above $100 are not available from the Department of the Treasury, the Federal Reserve System, or the Bureau of Engraving and Printing. On July 14, 1969, the Department of the Treasury and the Federal Reserve System announced that currency notes in denominations of $500, $1,000, $5,000, and $10,000 (dinar notes also have these denominations.. hmmmmmmm)would be discontinued immediately due to lack of use. Although they were issued until 1969, they were last printed in 1945.

These notes are legal tender and may be found in circulation today; however, most notes still in circulation are probably in the hands of private numismatic dealers and collectors. If you are interested in purchasing these larger denominations, it is suggested that you contact private dealers or collectors who are usually listed in the classified section of the telephone directory under the headings of "Coins" and "Hobbies."

** Fractional Currency notes were issued August 21, 1862 through February 15, 1876. During the civil war, many people were hoarding coins and in some instances, melting them because the value of the metals was more than the face value. As a result, people were using postage stamps for change because of the massive shortage of coins. To deal with this problem, President Lincoln and Congress approved the Postage Currency Act July 17, 1862, which authorized the issue of 5, 10, 25, and 50 cent notes. The 1st Issues became known as Postage Stamp Currency. Postage Currency (1st Issue) were never legal tender but could be exchanged for United States Notes in $5 lots and receivable in payment of all dues to the United States, up to $5.

myranchretirement
11-26-2005, 07:31 PM
http://searcht.netscape.com/ns/boomframe.jsp?query=new+iraqi+dinar&page=2&offset=0&result_url=redir%3Fsrc%3Dwebsearch%26requestId%3D9 fe176a6bb644ef7%26clickedItemRank%3D22%26userQuery %3Dnew%2Biraqi%2Bdinar%26clickedItemURN%3Dhttp%253 A%252F%252Fwww.exchangerate.com%252Firaq_currency_ exchange.html%26invocationType%3Dnext%26fromPage%3 DNSCPNextPrevB%26amp%3BampTest%3D1&remove_url=http%3A%2F%2Fwww.exchangerate.com%2Fira q_currency_exchange.html

LINK TO PHOTOS OF LARGE NOTES AND 1800'S FRACTIONAL CURRENCY NOTES(these are neat, my dad just bought a few of these- the 3 cent note is selling for around $ 100 depending on condition)

* Currency notes of denominations above $100 are not available from the Department of the Treasury, the Federal Reserve System, or the Bureau of Engraving and Printing. On July 14, 1969, the Department of the Treasury and the Federal Reserve System announced that currency notes in denominations of $500, $1,000, $5,000, and $10,000 (dinar notes also have these denominations.. hmmmmmmm)would be discontinued immediately due to lack of use. Although they were issued until 1969, they were last printed in 1945.

These notes are legal tender and may be found in circulation today; however, most notes still in circulation are probably in the hands of private numismatic dealers and collectors. If you are interested in purchasing these larger denominations, it is suggested that you contact private dealers or collectors who are usually listed in the classified section of the telephone directory under the headings of "Coins" and "Hobbies."

** Fractional Currency notes were issued August 21, 1862 through February 15, 1876. During the civil war, many people were hoarding coins and in some instances, melting them because the value of the metals was more than the face value. As a result, people were using postage stamps for change because of the massive shortage of coins. To deal with this problem, President Lincoln and Congress approved the Postage Currency Act July 17, 1862, which authorized the issue of 5, 10, 25, and 50 cent notes. The 1st Issues became known as Postage Stamp Currency. Postage Currency (1st Issue) were never legal tender but could be exchanged for United States Notes in $5 lots and receivable in payment of all dues to the United States, up to $5.



And Whyyyyy were these notes used? Because there was no payment on line or with a debit card or with a credit card. There was no electronic banking. The large bills were taken out of circulation thru attrition. Same is what will happen (I think) with the large dinar bills.

Blue_Horseshoe
11-26-2005, 09:36 PM
And Whyyyyy were these notes used? Because there was no payment on line or with a debit card or with a credit card. There was no electronic banking. The large bills were taken out of circulation thru attrition. Same is what will happen (I think) with the large dinar bills.
Exactly, MRR. Checks and credit cards didnt really take off until the 1950's and especially 1960's. Debit cards took off, i believe, in the 1980's. I was reading an interesting statistic the other day that stated that out of the 3 trillion USD in our economy, only about(if I remember right)800 billion is in notes in coins. The rest is in checking accounts, saving accounts, cd' s etc. Thanks for the info, Chaka. I never knew that fractional notes existed.