High Denomination, High Value Banknotes

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DOC
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High Denomination, High Value Banknotes

Post by DOC » 06 Apr 2019 12:33

This posting describes high denomination, high value notes printed by banks for inter-banking transactions rather than for general circulation. An example is the US $100,000 bill issued in 1934. This note was not intended for general circulation but was used as an accounting device between branches of The Federal Reserve. It is illegal to own one but an example is available for viewing at, the Smithsonian Institution in Washington D.C.
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USA 100,000 Dollars 1934 Series.jpg
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Re: High Denomination, High Value Banknotes

Post by DOC » 14 Apr 2019 19:38

Here is an example of a 1924 $50,000, Dominion of Canada banknote that was recently sold by Heritage Auctions. This note is known as a "bank legal" or "bank special" and intended only for transfer between banks. The Canadian bank specials were payable to the bearer, but only banks established under the Bank Act of Canada. The images shown are proof notes, with front and back printed separately. The pair commanded much interest and sold for $36,000.
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Dominion of Canada 50,000 Dollars Proof Front 2nd Jan. 1924.jpg
Dominion of Canada 50,000 Dollars Proof Front 2nd Jan. 1924.jpg (135.07 KiB) Viewed 1720 times
Dominion of Canada 50,000 Dollars Proof Reverse 1924.jpg
Dominion of Canada 50,000 Dollars Proof Reverse 1924.jpg (115.64 KiB) Viewed 1720 times

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Mac
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Re: High Denomination, High Value Banknotes

Post by Mac » 14 Apr 2019 20:42

The Bank of Ireland issued notes denominated up to £500, by far the highest denomination note issued by an Irish bank.
These notes were likely used for bank transfers in place of moving heavy actual gold sovereigns around.

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Re: High Denomination, High Value Banknotes

Post by DOC » 17 Apr 2019 20:30

Mac, that is an impressive note when you consider that £500 in 1869 would have an estimated purchasing power today of more than £45,000 or 50,000 euro ! It is unlikely that any individual would have a need for such a high denomination and such notes most likely resided within the banking system.

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Re: High Denomination, High Value Banknotes

Post by Vellakare » 18 Apr 2019 18:39

£500 in 1869 actually had a far different ‘psychological’ buying power when we compare wages, prices and the cost of living.

Let’s just say probably much closer to €150,000.

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Re: High Denomination, High Value Banknotes

Post by DOC » 18 Apr 2019 21:20

Seems like I was too conservative there. A note with extraordinary buying power !

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Re: High Denomination, High Value Banknotes

Post by Mac » 24 Apr 2019 17:27

One of the highest denomination notes ever produced, Zimbabwe 100 Trillion Dollar note!

Zimbabwe_100_trillion_dollars.jpg
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Re: High Denomination, High Value Banknotes

Post by DOC » 25 Apr 2019 19:34

That is an interesting inflation note. I think it is the highest denomination ever issued in which the denomination is given in numerals. When issued in 2008, it was estimated to be worth only about 40 US cents but since then it has appreciated considerably in value due to collector interest. These days, examples fetch more than 50 US dollars on ebay in UNC condition. A good investment for those with the foresight to buy them when first issued :)

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Re: High Denomination, High Value Banknotes

Post by DOC » 11 May 2019 21:52

Here are 1 million pound specimen notes known as “Giants” issued by The Bank of England. They are used within the UK banking system to back notes issued by banks in Scotland and Northern Ireland. It is made clear that they are intended for internal use only and not by members of the public. !
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Bank of England 1 Million Pounds Specimen 1968 Fforde.jpg
Bank of England 1 Million Pounds Specimen 1968 Fforde.jpg (102.27 KiB) Viewed 1383 times
Bank of England 1 Million Pounds Specimen ca.1993 Kentfield.jpg
Bank of England 1 Million Pounds Specimen ca.1993 Kentfield.jpg (84.86 KiB) Viewed 1383 times

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Re: High Denomination, High Value Banknotes

Post by DOC » 25 May 2019 12:44

Here is an example of an extraordinary high denomination note issued by the Bank of England for 100 million pounds. These notes are known as ‘Titans’ and like the ‘Giants’ are used to back the note issues of banks in Scotland and Northern Ireland.
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Bank of England 100 Million Pounds Specimen ca. 1993 Kentfield.JPG
Bank of England 100 Million Pounds Specimen ca. 1993 Kentfield.JPG (43.52 KiB) Viewed 1167 times

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