United States Paper Money is currently printed in $1, $2, $5, $10, $20, $50, and $100 bills. This is not always the way it was. In 1861, when U.S. currency started being printed, in addition to the current bills, there were $500, $1,000, and $5,000 bills being printed as interest bearing notes. Later, in 1865, $10,000 Gold Certificates started being put out into circulation.

These bills were printed as small-sized notes starting in 1929. The $500 bill had a portrait of the twenty-fifth U.S. President, William McKinley. The $1,000 bill showed a picture of Grover Cleveland, the twenty-second and twenty-fourth U.S. President. The $5,000 bill had a picture of James Madison, fourth President of the United States. Salmon P. Chase, a American Politician, was shown on the $10,000 bill. These bills were printed mainly in green and black ink. Production of these bills ended in 1945 and on July 14, 1969, the Federal Reserve System officially discontinued them. Today, these bills are super rare and worth quite a lot of money.

The last of the Former United States Paper Money is the $100,000 bill. It displayed a portrait of twenty-eighth U.S. President, Woodrow Wilson, on the obverse and was printed in orange ink on the reverse. This bill was made only as a Gold Certificate of Series of 1934 and used for only government business. The series stopped being printed in 1940.

These bills were mainly printed for the use of banks and the Federal Government for big financial trades. It is unlikely that bills this large will ever be produced again because of all the problems related to counterfeiting and bad use like illegal drug deals. Credit cards and electronic money have provided another reason that making these bills would be pointless.

Collecting cash is a well-established hobby and has been enjoyed by numerous people for decades. That is, collecting old money. We all collect money-or at least try to before bills come in-but how many of us collect money, the antique range from previous decades or even centuries?

Old money collectors of the paper variety, even though not fairly as common as coin collectors, still are active and manage to find some rare items from time to time. This variety could include pre US colonial currency, obsolete money from the 1800s, currency from the Confederate States of America, and souvenir cards of older money that’s too rare to actually find and purchase.

One such collector’s item in older money is called fractional currency. During and after the Civil War, the United States began to run short on change so started printing paper money worth less than a dollar. 50 cents, 25 cents, 15 cents, 10 cents and 5 cents were all denominations printed because of the lack of coins. They are presently much sought after collectibles.

Another interesting type of money to consider: private banknotes from the 1800’s. Before the US government created a national banknote, many private banks issued their own paper money without government backing. These banks eventually closed and those banknotes were counterfeited and altered. When the national bank system was created, privately issued bank money was excessively taxed to the point of being outlawed. While US government money has always retained monetary value, obsolete old bills from closed banks are worth nothing. Yet, they remain an interesting collector’s item.

Obviously a lot of old money is very expensive in this day and age. Authentic old money and notes from the 1800’s and early 1900s are for the most part out of the price spectrum of casual collectors. This is why collecting souvenir cards are becoming popular as you can collect a piece of history without paying an astronomical price.

Where can you find this type of money? It’s not an easy task. While you still might be able to collect a Thomas Jefferson 2 dollar bill, the really unique old money collectibles cannot and will not be easily found or purchased. The finest route to find older money nowadays is through dealers, collectors, auctions and old money paper shows.

One useful contact would be the International Bank Note Society’s journal and webpage which offer not only contact information for trades and auctions, but also let’s you preview images of old currency on their website. Old money collecting is a unique and interesting hobby. More fun than it’s really worth in dollar amount.

Mitch Hampson writes for
Auctions

Article Source: http://www.coin-articles.com

The U.S. $1 bill is the most common amount of United States money. It became a Federal Reserve Note in 1963. The design of the bill is the second oldest of U.S. currency currently being printed, coming short only to the United States $2 bill. The front of the bill has a painting by Gilbert Stuart of George Washington, the first U.S. president, and the reverse has a picture of the Great Seal of the United States. About 45% of all U.S. money made today are $1 bills and according to the Bureau of Engraving and Printing, the life span of a $1 bill in circulation is 21 months before it is too worn out and is replaced.

There have been two sizes of U.S. $1 bills: the large size notes and the current small size notes. The first $1 bill was issued in 1862 as a Legal Tender Note. From that time on, the $1 bill had variety of designs including the popular silver certificate, which was first issued in 1886 with Martha Washington, the first woman on U.S. currency on the front of it. The small size notes were first introduced in 1929 and it was issued as a silver certificate under the Series of 1928. Around World War II, in 1942, special issues of one-dollar bills were started. These included special $1 Silver Certificates for Hawaii in case of Japanese invasion which had Hawaii printed vertically on the left and right side with a brown seal and serial number. Another special $1 Silver Certificate for the payment of Allied troops in North Africa about to start an assault in Europe, which had a yellow seal. These two special Silver Certificates could be claimed as worthless enemy troops got a hold of them. One-dollar Federal Reserve Notes started being printed in 1963, therefore ending the production of the Silver Certificate.

The United States $10 Bill is another denomination of U.S. money. On the front of the bill is a portrait of Alexander Hamilton, the first U.S. Secretary of the Treasury, and on the back of the bill is a picture of the U.S. Treasury. According to the Bureau of Engraving and Printing, the life span of a circulated $10 bill is about 18 months before it is replaced because of wear. About 11% of all newly printed U.S. paper currency are $10 bills and all $10 bills released today are Federal Reserve Notes.

The first $10 bill was released in 1861 as a Large-Sized Demand Note with a picture of Abraham Lincoln and a rhetorical figure representing art on the obverse. When 1862 came around, the first $10 United States Notes were issued with a front design similar with that of the 1861 Demand Note, but a partially revised back side. The first $10 Silver Certificate was released in 1878 printed in all black and had the word SILVER in large block letters. In 1886 another $10 Silver Certificate was issued containing a portrait of Thomas A. Hendricks on it. Michael Hillegas was featured on the obverse of the first $10 Gold Certificate released in 1907. Andrew Jackson was shown on the front of the first $10 Federal Reserve Note issued in 1914. The bill had vignettes, or pictures, of farming and industry on the back. The $10 Federal Reserve Bank Notes were released by 4 individual Federal Reserve Banks in 1915 and then reissued again in 1918 and they could only be redeemed at the identical bank at which it was released. Andrew Jackson became the new face of the $10 United States Note after it was redesigned in 1923.

In 1929, all U.S. money was changed to its current size because of the series of 1928. Under this, all $10 bills were to have a portrait of Alexander Hamilton on the front and the U.S. Treasury on the back. It was issued as a Federal Reserve Note that had a green seal and serial numbers and also as a Gold Certificate on which the serial numbers and seal were a golden color. Having a blue seal and serial numbers, the first small-sized $10 Silver Certificates were released in 1933 and then redesigned in 1934. During World War II, in 1942, special $10 bills were released for Hawaii and U.S. troops in North Africa. Both were printed so that if an enemy of the U.S. were to get a hold of it, it could be said to have no value. On a $10 Federal Reserve Note, HAWAII was printed on the obverse and reverse and the seal and serial numbers were turned brown. The serial numbers and seal were yellow instead of blue on the $10 Silver Certificates sent to North Africa.

Throughout the years, the $10 bills were changed slightly, especially in more recent years to prevent counterfeiting, but they still kept the same overall design. The newest $10 was released in 2006 with enhanced background colors and more features to prevent counterfeiting.

The United States $100 Bill is the largest denomination of U.S. money currently being printed. The famous U.S. inventor, diplomat, and U.S. statesman, Benjamin Franklin is on the face of the bill with Independence Hall on the reverse. About 7% of all bills made in this time are $100 bills and according to the Bureau of Engraving and Printing, the life span of a circulating $100 bill is 60 months.

The Bald Eagle was featured on front of the first Large-sized $100 United States Note released in 1862; this bill had two reverse design variations. The $100 United States Note was redesigned in 1869 with Abraham Lincoln on the front and in 1875 the back was redesigned again; it was then redesigned again in 1914 having Benjamin Franklin on the obverse and symbolic designs on the back representing work, abundance, America, peace, and business. In 1863, the first $100 Gold Certificate was released containing a bald eagle and big green 100 on the front with an orange reverse side. In 1870, the bill was redesigned to be one-sided and had Thomas Hart Benton’s portrait on it; it kept Benton’s picture on it when the bill was changed in 1882. James Monroe was shown on the first $100 Silver Certificate released in 1878. In 1891, the $100 Silver Certificate was redesigned and the black reverse was changed to green. The $100 bill was issued as Federal Reserve Note for the first time in the year 1914. The face contained a picture of Benjamin Franklin and the back had symbolic designs showing labor, abundance, America, peace, and trade.

In 1929, all United States bills were switched to the current size. All $100 bills had Franklin on the front and on the back, it had Independence Hall. On the $100 Federal Reserve Note, the seal and serial numbers were green and on the $100 Gold Certificate, the seal and serial numbers were a golden color. In 1966, for the first and only time, the $100 bill was released as a Small-sized United States Note. Starting in the 1990s, the $100 bill started getting changes made to prevent counterfeiting. These included a watermark, a plastic security thread, microscopic printing, and a Federal Reserve Seal replacing the Federal Reserve Bank Seal.

The United States $2 Bill is one of the smallest denominations of U.S. Paper Money. The obverse has the oldest design of any current U.S. currency and was adopted in 1929. This is a picture of the third U.S. President, Thomas Jefferson. On the reverse of the bill, the second oldest design adopted in 1976, is the painting, The Declaration of Independence by John Trumbull.

The first year that the United States $2 Bill was printed was 1862 as a Large Size Legal Tender Note. It originally had a portrait of Alexander Hamilton and then was later redesigned in 1869 with Thomas Jefferson’s picture. In 1886, the $2 Silver Certificate was issued and it had a portrait of U.S. Civil War General Winfred Scott Hancock. Over the years, the $2 Silver Certificate was redesigned and issued out. One of the most famous was the “Educational Series” Silver Certificate in 1896.

In 1929, all U.S. currency was changed to its smaller, current size and the $2 bill was kept as United States Note also known as a Legal Tender Note. The obverse had Thomas Jefferson on it and on the reverse was his home, the Monticello. On this note, the seal and serial number were both red. The $2 bills were officially discontinued in August 1966 after being changed in 1953 and 1963.

The $2 bill was redesigned and reissued as a Federal Reserve Note for the United States’ Bicentennial in 1976 ($2.00 = 200 cents). This is the same design that the current $2 bills have today.

Today, $2 bills are rarely found in circulation but are considered collectible. Collectible $2 bills include large size notes, red seal small-sized $2 Federal Reserve Notes , $2 Federal Reserve notes not put into circulation, and notes in Series 1976 $2 bills with canceled stamps.

The United States $20 Bill is currently one of the largest denominations of U.S. Paper Money. It is also the most common of all high denomination notes used by Americans everyday.This is because ATMs primarily dispense it and it is also mostly used for withdrawals and check cashing. The seventh President of United States, Andrew Jackson, is featured on the obverse side of the bill, while on the reverse side of the bill shows a picture of the White House. Because Andrew Jackson is on the $20 bill, it is often referred to as a “Jackson”. About 22% of all U.S. paper money currently printed are $20 bills and according to the Bureau of Engraving and Printing the life span of a $20 bill in circulation is 25 months before is replaced from being too worn out.

In 1861, the $20 bill was released as a Large-Sized Demand Note; on the obverse was Lady Liberty with a sword and shield, and the reverse printed in green ink, is a general design, nothing special. In 1862, a very similar $20 United States Note was released with a different reverse design. The first $20 Gold Certificate was released in 1863 and had a picture of an eagle on the front and an orange back with a $20 gold coin; the $20 Gold Certificate was redesigned in 1882 with a picture of James Garfield on the obverse and the reverse was orange with an eagle on it. The $20 United States Note was redesigned in 1869; it had Andrew Jackson and the Roman goddess of victory, Victoria, holding a sword and shield, on the front of it and it had a green back design. Stephen Decatur was featured on front of the first $20 Silver Certificate, which had a black back design; the $20 Silver Certificate was released in 1886 with Daniel Manning on the front. Again, in 1905, the Gold Certificate was redesigned with George Washington on the front with an orange reverse side. The first $20 Federal Reserve Note started being issued in 1914; had both twenty-second and twenty-fourth U.S. President, Grover Cleveland, on the obverse and a steamship and steam locomotive on the reverse.

In 1928, the $20 Federal Reserve Note was changed to its smaller, current size. It was redeemable in both gold and silver. Andrew Jackson was on the front and the White House was on the back. During World War II, the$20 Federal Reserve Note was designed special to circulate on the Hawaiian Islands in case an enemy seized it, then it could claimed as worthless. The $20 Federal Reserve Note had HAWAII printed on the front and back of it and it had brown serial numbers. Over the years, the $20 bill was edited in small ways, with an updated White House picture and new treasury seal, but overall it kept the same design. Starting in the 1990’s new security features were added, like microprinting, a watermark, and color-shifting ink, to prevent counterfeiting.

The United States $5 bill is relatively small denomination of U.S. currency. The obverse of the bill currently shows a portrait of the sixteenth President of the United States, Abraham Lincoln and the back of the bill has the Lincoln Memorial on it. The life span of a $5 bill in circulation is 16 months according to the Bureau of Engraving and Printing. $5 bills currently make up about 9% of all the paper currency printed by the Bureau of Engraving and Printing.

The first $5 bill was released in 1861 as a Large-Size Demand Note. It had a small portrait of Alexander Hamilton and rhetorical statue representing freedom on the obverse. In 1862, the $5 bill was revised on the reverse side and it was released as an United States Note. The first $5 Silver Certificate was released in 1886 with Ulysses S. Grant on the front of it and five Morgan Silver Dollars on the back. Later, in 1896, the “Educational Series” Silver Certificate was issued. In 1914, the first $5 Federal Reserve Notes were issued. These showed a portrait of Abraham Lincoln on the obverse and vignettes of Columbus sighting land and the Pilgrim’s landing on the reverse. In 1923, the $5 Silver Certificate was changed, making the words The United States of America circular around Lincoln’s picture. This bill was nicknamed a “porthole” silver certificate because of it.’

All U.S. notes became small-sized notes in 1929 under the Series of 1928. The $5 bill was released as a United States note with a red seal and serial numbers and as a Federal Reserve Note with green serial numbers and a green seal. These had Lincoln on the front and the Lincoln Memorial on the back. In 1934, the first $5 Silver Certificates were released and they had a blue seal, blue serial numbers, and blue 5 on the front. Special currency was issued for World War II so that if the enemy got a hold of the money, it could be declared as worthless. One variation of these bills had Hawaii Printed on the front and the back of the bill and the seal and serial numbers went from green to brown in color. Another variation of $5 silver certificate had a yellow seal instead of a blue seal and were for U.S. troops in North Africa. In 1967, the $5 United States Notes stopped being produced.

The $5 bill was recently redesigned and started being issued on March 13, 2008 with more and better security features to avoid counterfeiting. This includes watermarks, security thread, microprinting, Federal Reserve indicators, and a shift of the serial number placement. New design features included bigger portraits and historical pictures and The Great Seal of the United States, an eagle and a shield, is printed on the background of the bill’s obverse in purple.

The United States $50 Bill is currently the second largest denomination of United States Paper Currency. The eighteenth president of the United States, Ulysses S. Grant is shown on the front of the bill and the U.S. Capitol is pictured on the back of it. All $50 bills printed today are Federal Reserve Notes. About 5% of all U.S. paper currency printed today are $50 bills, and According to Bureau of Engraving and Printing, the life span of a $50 bill being circulated is 55 months before it has gotten too worn out and is replaced.

The first $50 bill was placed into circulation in 1862 and it was a large-sized bill. In 1869, a new $50 United States Note featuring Henry Clay and a mythical figure grasping a laurel branch on the face. This was replaced in 1874 with another $50 United States Note with Benjamin Franklin and Lady Liberty on the front of it. In 1878, Edward Everett starred on obverse of the first $50 Silver Certificate while the reverse of the bill was in black ink. This bill was revised and redesigned in both 1880 and 1891. Containing a portrait of American democratic politician, Silas Wright, on the face and a Bald Eagle sitting on top of an American flag, the first $50 Gold Certificate was released in 1882. This bill was revised in 1913 when Ulysses S. Grant’ s picture appeared on the front. In 1914, the first $50 Federal Reserve Note featured Ulysses S. Grant on the front and a mythical design of Panama between an armored warship and a merchant on the back.

The design of the $50 Federal Reserve Note contained a portrait of Ulysses S. Grant on the obverse and a picture of the U.S. Capitol on the reverse, when all U.S. money was switched to its smaller, current size. The $50 Federal Reserve Note had a green seal and serial numbers, while the $50 Gold Certificate had a golden-color seal and serial numbers. As the years went by, the lay out of the $50 bill changed slightly but it kept the same basic design. In 1991, new security features such as microprinting and a plastic security strip were added. Then in later years, more security features such as a watermark and glow-in-the-dark security thread included.

One of the most common hobbies is collecting money. Many people have enjoyed this activity for decades and money collecting is thriving even today. As a hobby, collecting money means collecting old money. Otherwise, we are all trying to collect money before the bills come. However, do you know how many people collect old money, antique notes and coins from previous decades and even centuries?Coin collectors are much more common than old money collectors of the paper variety, though the latter are still quite active and manage to find some rare items occasionally. That paper variety may include pre US colonial currency, money from the beginning of the 19th century, currency from the Confederate States of America and also some souvenir cards of old money as the money itself are almost impossible to find and twice as hard to purchase.

If you are keen on collecting old money you will probably know that a collector’s item of old money is called fractional currency. I was really intrigued when I learnt that during the Civil War the United States began printing 50 cents, 25 cents, 15 cents, 10 cents and 5 cents paper money as they run short on change. Now such weird banknotes are highly desired by any true collector.

There is also other interesting fractional currency which is much sought after. These are private banknotes from the 1800s. Before the US government created a national banknote there were some banks issuing their own money without government backing. However, it was not long before these banks were closed down and the banknotes were counterfeited and altered.

Once the national bank system was established, privately issued bank money was declared to be illegal. Ever since US government money was issued it has retained monetary value. However, it is not the same case with the obsolete old bills from closed banks and this is the prime reason why these banknotes are worth finding. Actually private banknotes from the 1800s have remained an interesting item for collectors throughout the centuries.

It is pretty evident that a lot of old money has significant value nowadays. It is true that casual collectors cannot afford to have any authentic old money and notes from the 1800s and early 1900s as their value and consequently price are too high. That’s how collecting souvenir cards are becoming more and more popular. Having them you can collect a piece of history without actually paying a high price for it.

If you are wondering where you can find old money, you probably won’t like my answer. It is really difficult to find old money. Of course, you might still be able to collect a Thomas Jefferson two dollar bill, but those antique coins and notes you are seeking won’t be easily found, nor purchased. The easiest way to satisfy your desire to collect old money is through dealers, collectors, auctions and old money paper shows.

You might also find the International Bank Note Society’s Journal and webpage not only very interesting but useful, as well. They offer contact information for trades and auctions and what is the best, they provide you with images of old currency on their website. In conclusion, old money collecting is a unique and fun hobby. It has its challenges but it there is no doubt it is worth taking.

About the Author

Morgan Hamilton offers expert advice and great tips regarding all aspects concerning credit. Learn more at Collecting Old Money