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Why Is a $100,000 Bill on a Billboard in New York?

Photo by Friends of the High Line, Courtesy of John Baldessari and Marian Goodman Gallery

There's a big $100,000 bill plastered on a billboard near the High Line in New York. This raises several questions, which we'll try to answer here.

Who plastered a big $100,000 bill on a billboard near the High Line in New York?

"The First $100,000 I Ever Made" is the work of John Baldessari. The 25'-by-75' billboard is next to the High Line at West 18th Street. According to Cecilia Alemani, Curator and Director of High Line Art, it's the first in a new series called High Line Billboard.

Was there ever really a $100,000 bill?

Yes — the Series 1934 $100,000 gold certificate. The Bureau of Engraving and Printing only made these notes during a three-week stretch during December 1934 and January 1935. Even the few plutocrats who had that much cash during the Depression couldn't carry one of the $100K bills, though. They were only used for official transactions between Federal Reserve Banks, and the Treasurer of the United States only issued them to Fed banks that had an equal amount of gold in the Treasury. The note featured a picture of Woodrow Wilson.

What other big bills has the U.S. issued?

high-denomination-currency

In 1928, the federal government overhauled its system of printing banknotes. It shaved about an inch of length and just under a half of an inch in width off of the bills and issued the new smaller bills in the $1 to $100 denominations with which we're familiar. However, the Treasury also issued larger denominations. They featured William McKinley ($500), Grover Cleveland ($1,000), James Madison ($5,000), and Salmon P. Chase ($10,000).

Who the heck was Salmon P. Chase?

chase-10000

His name might not be as familiar as those of the Presidents featured on the other big bills, but once upon a time Chase was a big wheel in American politics. Chase, a mid-19th century politician, served as Chief Justice of the United States, spent stints as Ohio's governor and senator, and was Lincoln's first Secretary of the Treasury.

Nice resume. But how did Chase end up on the $10,000 bill?

He was in the right place at the right time. When the federal government started issuing greenback notes in 1861, Chase, as Secretary of the Treasury, was in charge of designing and popularizing the new currency. The politically ambitious Chase had to pick a portrait subject for the first $1 bill, and he chose ... Salmon P. Chase.

Although putting his face in everyone's pocketbooks never propelled Chase to the presidency, when the Treasury started issuing the new $10,000 bills in 1928 they put Chase's portrait on the obverse to honor the man who helped introduce modern banknotes.

Even if you don't have a $10,000 bill Chase's name might still be in your wallet. Chase National Bank, the forerunner to Chase Manhattan Bank, was named in his honor.

Why on earth was the government printing such giant bills in the first place?

Believe it or not, it wasn't just to save space in fatcats' wallets. When the Treasury started printing these giant bills, their main purpose was making transfer payments between banks and other financial institutions. Before sophisticated wire transfer systems were fully developed, it was apparently easier and safer just to fork over a $5,000 bill to settle up with a fellow bank. Once transfer technology became safer and more secure, there really wasn't much need for the big bills anymore.

Are any of these bills left in circulation?

There are, but don't expect to find a $500 bill the next time you make an ATM withdrawal. The Treasury announced on July 14, 1969, that it would quit issuing the $500, $1,000, $5,000, and $10,000 notes immediately, since the bills were so sparsely circulated. It's not like the Bureau of Engraving and Printing had to stop the presses, either; the bills hadn't seen an actual print run since 1945.

When the Treasury discontinued the bills, they rapidly fell out of circulation. However, a few are still lingering; as of May 2009, there were still 336 $10,000 bills at large. At the same time, Slate reported that there were also 342 $5,000 bills and 165,732 $1,000 bills still floating around.

If they're out of circulation, can you still spend them?

Although the Treasury is no longer issuing these bills, according to the Fed they're still legal tender. So yes, although it would probably raise some eyebrows, you could walk into Best Buy and plunk down a $1,000 bill to pay for a new plasma TV.

That wouldn't be the smartest move, though. Most of the high-denomination bills that are left in circulation are in collectors' safes, and at auction the bills tend to fetch prices that far exceed their face values. For instance, a pristine $10,000 bill can command a price as high as $140,000 on the open market.

What happens if you bring one of these big bills to a bank?

If you put it in your safety deposit box, your bill will be safe. Chase Bank actually acquired one of the $10,000 bills in its currency collection when a deceased customer's family found the bill in her deposit box and traded it for $10,000 in cash. Deposit the historical loot into your checking account, though, and it's bad news for the bill. You'll get the cash deposited in your account, but since the 1969 order to stop distributing these bills, Fed banks have been pulling the notes from circulation and destroying them whenever they are received.

Of course, there are other potential pitfalls to depositing a big bill, like blowing your cover when you're on the lam. Last February, three teenagers in Texas Township, Michigan, swiped one of their parents' safes and drove to Birmingham, Alabama, with their booty. Their downfall came when they tried to change an antique $1,000 bill from the safe at a bank. The police nabbed the thieves after a call from a suspicious teller.

So there was never a real $1 million bill?

million-dollar-billNope, but that doesn't mean that people haven't tried to make one. In 2004, a woman in Covington, Georgia, tried to pick up a $1,675 tab at a local Wal-Mart with a forged $1 million bill featuring a picture of the Statue of Liberty. Police quickly arrested her. It's hard to say what's more ludicrous: trying to pass off a million-dollar bill or thinking that Wal-Mart would just fork over $998,325 in change.

Someone gave me a fake $1 million bill as a joke"¦was that illegal?

As long as you don't try to spend it or deposit it, you're in the clear. Gag makers and some religious and political groups have printed novelty $1 million bills for decades. In 1982, these novelty bills came to the attention of the Secret Service, which ruled that since there wasn't a real $1 million bill, these joke versions weren't technically forgeries or violations of any laws.

Where can I find out more about that billboard and the artist?

Try here.

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25 Regal Facts About Queen Elizabeth II
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In February 2017, Queen Elizabeth II celebrated her Sapphire Jubilee, marking her 65-year reign as Queen of England. Her Majesty surpassed her great-great-grandmother, Queen Victoria, who reigned for 63 years, as Britain's longest-ruling monarch, and now also holds the title of the world's longest-reigning monarch. Here are 25 more royal facts about Queen Elizabeth, to celebrate her 92nd birthday (her real one—she has two, after all).

1. SHE WASN'T BORN AN HEIR APPARENT TO THE THRONE.

The Queen Elizabeth (3rd-L, future Queen Mother), her daughter Princess Elizabeth (4th-L, future Queen Elizabeth II), Queen Mary (C) , Princess Margaret (5th-L) and the King George VI (R), pose at the balcony of the Buckingham Palace in December 1945.
The Queen Elizabeth (3rd-L, future Queen Mother), her daughter Princess Elizabeth (4th-L, future Queen Elizabeth II), Queen Mary (C) , Princess Margaret (5th-L) and the King George VI (R), pose at the balcony of the Buckingham Palace in December 1945.
AFP, Getty Images

For the first 10 years of her life, Princess Elizabeth was a relatively minor royal—her status was akin to Princesses Beatrice and Eugenie of York today—but that all changed with the death of her grandfather, King George V, in 1936.

The next in the line of royal succession was Elizabeth's uncle, Edward VIII, who abdicated the throne less than a year after taking it so that he could marry an American socialite named Wallis Simpson. Edward didn't have any children at the time, so his brother Albert (Elizabeth’s father) ascended to the throne, taking the name George VI and making the then-10-year-old Elizabeth the first in line to become Queen.

2. HER YOUNGER SISTER GAVE HER A FAMILY NICKNAME.

Princesses Margaret and Elizabeth in 1933.
Princesses Margaret and Elizabeth in 1933.
AFP/Getty Images

Elizabeth and Margaret were the only children of Queen Elizabeth the Queen Mother and King George VI, who said of his daughters: "Lilibet is my pride, Margaret my joy." "Lilibet," of course, is Elizabeth, who earned her nickname because Margaret—whom the family affectionately called Margot—constantly mispronounced her big sister’s name.

3. SHE DIDN'T GO TO SCHOOL.

Princesses Elizabeth (right) and Margaret at Waterloo Station, London, 1939.
Princesses Elizabeth (right) and Margaret at Waterloo Station, London, 1939.
Fox Photos, Hulton Archive/Getty Images

Heirs apparent don’t just show up to primary school like normal kids. Instead, Elizabeth was tutored at home during sessions by different teachers like Henry Marten, vice-provost of Eton College (which is still for boys only), and was also given private religion lessons by the Archbishop of Canterbury.

4. BUT SHE AND MARGARET TECHNICALLY DID HAVE A TEACHER.

Stamps from 1937 featuring Princesses Elizabeth and Margaret Rose, The Coronation Chair, Westminster Abbey, The Coronation Coach, The Houses of Parliament, Windsor Castle, King George VI and Queen Elizabeth to commemorate the King's Coronation.
Stamps from 1937 featuring Princesses Elizabeth and Margaret Rose, The Coronation Chair, Westminster Abbey, The Coronation Coach, The Houses of Parliament, Windsor Castle, King George VI and Queen Elizabeth to commemorate the King's Coronation.
London Express, Getty Images

Just because she didn't attend school doesn't mean that Elizabeth didn't receive an education. She received the bulk of it through her nanny, Marion Crawford, who the royal family referred to as "Crawfie." Crawford would eventually be ostracized by the royal family for writing a tell-all book in 1953 called The Little Princesses without their permission; the book recounted Crawford's experiences with Elizabeth during her younger days.

5. SHE WANTED TO GO TO WAR, BUT WAS TOO YOUNG.

Queen consort Elizabeth holds Princess Margaret's hand as Princess Elizabeth follows, in 1936.
Queen consort Elizabeth holds Princess Margaret's hand as Princess Elizabeth follows, in 1936.
Central Press, Hulton Archive/Getty Images

When World War II broke out in 1939, Elizabeth—then just a teenager—begged her father to join the effort somehow. She started out by making radio broadcasts geared toward raising the morale of British children. During one of the broadcasts, the 14-year-old princess reassured listeners, "I can truthfully say to you all that we children at home are full of cheerfulness and courage. We are trying to do all we can to help our gallant sailors, soldiers, and airmen and we are trying too to bear our own share of the danger and sadness of war."

6. SHE EVENTUALLY SERVED IN WORLD WAR II.

Princess Elizabeth changing the tire of a vehicle as she trains at as ATS Officer during World War II in April 1945.
Princess Elizabeth changing the tire of a vehicle as she trains at as ATS Officer during World War II in April 1945.
Central Press, Hulton Archive/Getty Images

Despite the risks, Elizabeth eventually joined the women's Auxiliary Territorial Service and trained as a truck driver and mechanic in 1945, when she was 18 years old.

Queen Elizabeth remains the only female royal family member to have entered the armed forces, and is currently the only living head of state who officially served in World War II.

7. SHE CELEBRATED THE END OF THE WAR BY PARTYING LIKE HER SUBJECTS.

Princesses Elizabeth and Margaret in 1947.
Princesses Elizabeth and Margaret in 1947.
William Vanderson, Fox Photos/Getty Images

When then-Prime Minister Winston Churchill announced that the war in Europe was over on May 8, 1945, people poured out into the streets of London to celebrate—including Princesses Elizabeth and Margaret. The sheltered duo were allowed to sneak out of Buckingham Palace to join the revelers at their father's behest.

"It was a unique burst of personal freedom," recalled Margaret Rhodes, their cousin who went with them, "a Cinderella moment in reverse."

8. SHE MARRIED HER COUSIN.

Then-Princess Elizabeth and Prince Philip, following their wedding ceremony in November 1947.
Then-Princess Elizabeth and Prince Philip, following their wedding ceremony in November 1947.
AFP, Getty Images

Prince Philip, Duke of Edinburgh and Queen Elizabeth are third cousins; both share the same great-great-grandparents: Queen Victoria and Prince Albert.

9. ELIZABETH AND HER HUSBAND HAVE KNOWN EACH OTHER SINCE CHILDHOOD.

A family portrait in the Throne Room at Buckingham Palace on the wedding day of Princess Elizabeth (future Queen Elizabeth II) and Philip, Duke of Edinburgh on November 20, 1947.
A family portrait in the Throne Room at Buckingham Palace on the wedding day of Princess Elizabeth (future Queen Elizabeth II) and Philip, Duke of Edinburgh on November 20, 1947.
STR/AFP/Getty Images

Philip, son of Prince Andrew of Greece and Denmark and Princess Alice of Battenberg, first met Elizabeth when she was only eight years old and he was 14. Both attended the wedding of Princess Marina of Greece (Prince Philip's cousin) and Prince George, the Duke of Kent (Elizabeth’s uncle).

Five years later the pair met again when George VI brought Elizabeth to tour the Royal Naval College in Dartmouth, where Philip was a cadet. In a personal note, Elizabeth recalled falling for the young soldier-in-the-making: "I was 13 years of age and he was 18 and a cadet just due to leave. He joined the Navy at the outbreak of war, and I only saw him very occasionally when he was on leave—I suppose about twice in three years," she wrote. "Then when his uncle and aunt, Lord and Lady Mountbatten, were away he spent various weekends away with us at Windsor."

10. SHE DIDN'T TELL HER PARENTS SHE WAS GETTING HITCHED.

Princess Elizabeth, Philip Mountbatten, Queen Elizabeth (the future Queen Mother), King George VI, and Princess Margaret pose in Buckingham Palace on July 9, 1947, the day the engagement of Princess Elizabeth & Philip Mountbatten was officially announced.
Princess Elizabeth (future Queen Elizabeth II), Philip Mountbatten (also the Duke of Edinburgh), Queen Elizabeth (future Queen Mother), King George VI, and Princess Margaret pose in Buckingham Palace on July 9, 1947, the day the engagement of Princess Elizabeth and Philip Mountbatten was officially announced.
AFP/Getty Images

In 1946, Philip proposed to Elizabeth when the former planned a month-long visit to Balmoral, her royal estate in Scotland. She accepted the proposal without even contacting her parents. But when George VI finally caught wind of the pending nuptials he would only officially approve if they waited to announce the engagement until after her 21st birthday.

The official public announcement of the engagement finally came nearly a year later on July 9, 1947.

11. SHE HAS A VERY ROYAL NAME.

Princess Elizabeth (left) and her mother, Queen consort Elizabeth, in 1951.
Princess Elizabeth (left) and her mother, Queen consort Elizabeth, in 1951.
Reg Speller, Fox Photos/Getty Images

She's the second British monarch named Elizabeth, but Elizabeth II wasn't named after Henry VIII's famous progeny. Queen Elizabeth II's birth name is Elizabeth Alexandra Mary, after the names of her mother, Elizabeth, her paternal great-grandmother, Queen Alexandra, and her paternal grandmother, Queen Mary.

12. SHE GOT TO CHOOSE HER OWN SURNAME.

Queen Elizabeth and Prince Philip with two of their children, Prince Charles and Princess Anne, circa 1951.
Queen Elizabeth and Prince Philip with two of their children, Prince Charles and Princess Anne, circa 1951.
OFF, AFP/Getty Images

Technically, the Queen's last name is "Windsor," which was first chosen by George V in 1917 after the royal family wanted to distance themselves from "Saxe-Coburg-Gotha"—the dynasty to which they belonged—for sounding too Germanic during World War I.

But as a way to distinguish themselves from the rest of the royal family, in 1960 Elizabeth and Philip adopted the official surname Windsor-Mountbatten. (Fans will surely remember that the surname drama was briefly discussed in Netflix’s series The Crown.)

13. SHE HAS TWO BIRTHDAYS.

Princess Elizabeth just before her 21st birthday in April 1947.
Princess Elizabeth just before her 21st birthday in April 1947.
AFP/Getty Images

Like most British monarchs, Elizabeth gets to celebrate her birthday twice, and the reason why boils down to seasonably appropriate pomp and circumstance.

She was born on April 21, 1926, but April was deemed too cold and liable to fall during inclement weather. So instead, her official state-recognized birthday occurs on a Saturday in late May or June, so that the celebration can be held during warmer months. The specific date varies year to year in the UK, and usually coincides with Trooping the Colour, Britain’s annual military pageant.

14. HER CORONATION WAS TELEVISED AGAINST HER WISHES.

Queen Elizabeth's coronation, June 1953
Queen Elizabeth's coronation, June 1953.
AFP, Getty Images

Elizabeth officially ascended to the throne at just 25 years of age when her father, George VI, died on February 6, 1952. Elizabeth was in Kenya at the time of his death and returned home as her country's Queen. As fans of The Crown will remember, the hubbub surrounding her coronation was filled with ample amounts of drama.

The notoriously camera-shy Elizabeth—who didn't even allow photos to be taken of her wedding—didn't want the event televised, and others believed that broadcasting the coronation to commoners would break down upper-class traditions of only allowing members of British high society to witness the event. A Coronation Commission, chaired by Philip, was set up to weigh the options, and they initially decided to only allow cameras in a single area of Westminster Abbey "west of the organ screen," before allowing the entire thing to be televised with one minor caveat: no close-ups on Elizabeth's face.

15. SHE PAID FOR HER WEDDING DRESS USING WAR RATION COUPONS.

A 1947 sketch of Princess Elizabeth's wedding dress by Norman Hartnell.
A 1947 sketch of Princess Elizabeth's wedding dress by Norman Hartnell.
Central Press, Getty Images

Still reeling from an atmosphere of post-war austerity, Elizabeth used ration coupons and a 200-coupon supplement from the government to pay for her wedding dress. But don't be fooled, the dress was extremely elegant; it was made of ivory duchesse silk, encrusted with 10,000 imported seed pearls, took six months to make, and sported a 13-foot train. (It cost just under $40,000 to recreate the dress for The Crown.)

16. SHE DOESN'T NEED A PASSPORT TO TRAVEL.

Queen Elizabeth II in Nuku'alofa, Tonga in December 1953.
Queen Elizabeth II in Nuku'alofa, Tonga in December 1953.
STRINGER, AFP/Getty Images

Elizabeth II is the world's most well-traveled head of state, visiting 116 countries between 265 official state visits, but she doesn't even own a passport. Since all British passports are officially issued in the Queen’s name, she technically doesn't need one.

17. SHE DOESN'T NEED A DRIVER'S LICENSE EITHER.

Queen Elizabeth II drives a car in 1958.
Queen Elizabeth II drives a car in 1958.
Bob Haswell, Express/Getty Images

It's not just because she has a fleet of chauffeurs. Britain also officially issues driver's licenses in Elizabeth’s name, so don’t expect her to show off her ID when she gets pulled over taking other heads of state for a spin in her Range Rover.

Sir Sherard Cowper-Coles, former British ambassador to Saudi Arabia, recounted to The Sunday Times the time when Elizabeth drove former Saudi crown prince Abdullah around the grounds of Balmoral: "To his surprise, the Queen climbed into the driving seat, turned the ignition and drove off," he said. "Women are not—yet—allowed to drive in Saudi Arabia, and Abdullah was not used to being driven by a woman, let alone a queen."

18. SHE DOESN'T HAVE TO PAY TAXES (BUT CHOOSES TO ANYWAY).

Queen Elizabeth rides in a carriage in 2000.
ODD ANDERSEN, AFP/Getty Images

Queen Elizabeth has voluntarily paid income and capital gains taxes since 1992, but has always been subject to Value Added Tax.

19. SHE SURVIVED AN ASSASSINATION ATTEMPT.

Britain's Queen Elizabeth II rides a horse side saddle and salutes during a Trooping of the Colour ceremony in London in 1952.
Britain's Queen Elizabeth II rides a horse side saddle and salutes during a Trooping of the Colour ceremony in London in 1952.
STRINGER, AFP/Getty Images

During the 1981 Trooping the Colour, the Queen led a royal procession on horseback down the Mall toward Buckingham Palace when shots rang out. A 17-year-old named Marcus Sarjeant, who was obsessed with the assassinations of figures like John Lennon and John F. Kennedy, fired a series of blanks toward Elizabeth. Sarjeant—who wrote in his diary, "I am going to stun and mystify the whole world with nothing more than a gun"—was thankfully unable to purchase live ammunition in the UK. He received a prison sentence of five years under the 1848 Treason Act, but was released in October 1984.

20. SHE ALSO SURVIVED AN INTRUDER COMING INTO HER BEDROOM.

Queen Elizabeth II in Australia in 1954.
Queen Elizabeth II in Australia in 1954.
Fox Photos, Hulton Archive/Getty Images

A year after the Trooping the Colour incident, Elizabeth had another run-in. But instead of near Buckingham Palace, this time it was inside Buckingham Palace. On July 9, 1982, a man named Michael Fagen managed to climb over the Palace's barbed wire fence, shimmy up a drain pipe, and eventually sneak into the Queen's bedroom.

While reports at the time said Fagen and the Queen had a long conversation before he was apprehended by palace security, Fagen told The Independent the Queen didn't stick around to chat: "She went past me and ran out of the room; her little bare feet running across the floor."

21. SHE TECHNICALLY OWNS ALL THE DOLPHINS IN THE UK.

The HMAS Vengeance seen from a helicopter, as the Australian Naval crew spell out the signature of Queen Elizabeth II on the deck, in 1954.
The HMAS Vengeance seen from a helicopter, as the Australian Naval crew spell out the signature of Queen Elizabeth II on the deck, in 1954.
Keystone, Hulton Archive/Getty Images

In addition to owning all of the country's dolphins, she owns all the sturgeon and whales, too. A still-valid statute from the reign of King Edward II in 1324 states, "Also the King shall have ... whales and sturgeons taken in the sea or elsewhere within the realm," meaning most aquatic creatures are technically labeled "fishes royal," and are claimed on behalf of the Crown.

As the song goes, "Rule, Britannia! Britannia rules the waves!"

22. SHE HAS HER OWN SPECIAL MONEY TO GIVE TO THE POOR.

Queen Elizabeth II hands out maundy money in 2004.
Queen Elizabeth II hands out maundy money in 2004.
PHIL NOBLE, AFP/Getty Images

Known as "maundy money," the Queen has silver coins—currently with Elizabeth's likeness on the front—that are given to pensioners in a ceremony called Maundy Thursday. The royal custom dates back to the 13th century, in which the royal family was expected to wash the feet of and distribute gifts to penniless subjects as a symbolic gesture to honor Jesus’s act of washing the feet of the poor in the Bible. Once the 18th century rolled around and washing people's dirty feet wasn't seen as befitting of a royal, the act was replaced with money allowances bequeathed by the monarch.

23. GIN IS HER DRINK OF CHOICE.

Queen Elizabeth II sipping a drink.
RUSSEL MILLARD, AFP/Getty Images

The Queen drinks gin mixed with Dubonnet (a fortified wine) and a slice of lemon on the rocks every day before lunch. She also reportedly drinks wine at lunch and has a glass of champagne every evening.

24. SHE CREATED HER OWN BREED OF DOGS.

Queen Elizabeth with her dog Susan, circa 1959.
Queen Elizabeth with her dog Susan, circa 1959.
AFP, Getty Images

Elizabeth has a famous, avowed love of Corgis (she has owned more than 30 of them during her reign; her last dog, Willow, recently passed away), but what about Dorgis? She currently owns two Dorgis (Candy and Vulcan), a crossbreed she engineered when one of her Corgis mated with a Dachshund named Pipkin that belonged to Princess Margaret.

25. SHE'S ON SOCIAL MEDIA … KIND OF.

Queen Elizabeth II tours a Canadian Blackberry factory in 2010.
Queen Elizabeth II tours a Canadian Blackberry factory in 2010.
John Stillwell, Pool/Getty Images

The Queen joined Twitter in July 2009 under the handle @RoyalFamily, and sent the first tweet herself, but hasn't personally maintained the page since then. In fact, a job listing went up in 2017 looking for an official royal Digital Communications Officer to help out. She's also on Facebook (and no, you cannot poke The Royal Family).

This story originally ran in 2017.

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