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Why are $100 bills called C notes?

The bills are also commonly referred to as "Bens", "Benjamins", or "Franklins", in reference to the use of Benjamin Franklin's portrait by the French painter Joseph Duplessis on the denomination, as "C-Notes" or "Century Notes", based on the Roman numeral for 100, or as "blue faces", based on the blue tint of Benjamin ...

en.wikipedia.org - United States one-hundred-dollar bill - Wikipedia

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Current denomination of United States currency

The United States one-hundred-dollar bill ($100) is a denomination of United States currency. The first United States Note with this value was issued in 1862 and the Federal Reserve Note version was launched in 1914, alongside other denominations.[2] Statesman, inventor, diplomat, and American founding father Benjamin Franklin has been featured on the obverse of the bill since 1914.[3] On the reverse of the banknote is an image of Independence Hall in Philadelphia, which has been used since 1928.[3] The $100 bill is the largest denomination that has been printed and circulated since July 13, 1969, when the larger denominations of $500, $1,000, $5,000, and $10,000 were retired.[4] As of December 2018, the average life of a $100 bill in circulation is 22.9 years before it is replaced due to wear. The bills are also commonly referred to as "Bens", "Benjamins", or "Franklins", in reference to the use of Benjamin Franklin's portrait by the French painter Joseph Duplessis on the denomination, as "C-Notes" or "Century Notes", based on the Roman numeral for 100, or as "blue faces", based on the blue tint of Benjamin Franklin's face in the bill's current design. The bill is one of two denominations printed today that does not feature a president of the United States, the other being the $10 bill, featuring Alexander Hamilton. It is also the only denomination today to feature a building not located in Washington, D.C., that being Independence Hall located in Philadelphia on the reverse. The time on the clock of Independence Hall on the reverse, according to the U.S. Bureau of Engraving and Printing, showed approximately 4:10.[5] It has been suggested this may refer to 4/10, or April 10, the 100th day of the year. The newer colorized notes show 10:30. The Series 2009 $100 bill redesign was unveiled on April 21, 2010, and was issued to the public on October 8, 2013. The new bill costs 12.6 cents to produce and has a blue ribbon woven into the center of the currency with "100" and Liberty Bells, alternating, that appear when the bill is tilted. As of June 30, 2012, the $100 bill comprised 77% of all US currency in circulation.[6] Federal Reserve data from 2017 showed that the number of $100 bills exceeded the number of $1 bills. However, a 2018 research paper by the Federal Reserve Bank of Chicago estimated that 80 percent of $100 bills were in other countries. Possible reasons included $100 bills being used as a reserve currency against economic instability that affected other currencies, and use of the bills for criminal activities.[7]

History [ edit ]

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Large size notes [ edit ]

(approximately 7.4218 × 3.125 in ≈ 189 × 79 mm)

1863 $100 Legal Tender note The first $100 Gold Certificates were issued with a bald eagle to the left and large green 100 in the middle of the obverse. 1880 $100 Legal Tender (1869 version) A new $100 United States Note was issued with a portrait of Abraham Lincoln on the left of the obverse and an allegorical figure representing architecture on the right. Series 1878 $100 silver certificate The first $100 silver certificate was issued with a portrait of James Monroe on the left side of the obverse. 1914 $100 Federal Reserve Note The first $100 Federal Reserve Note was issued with a portrait of Benjamin Franklin on the obverse and allegorical figures representing labor, plenty, America, peace, and commerce on the reverse. 1922 $100 Gold Certificate The Series of 1880 Gold Certificate was re-issued with an obligation to the right of the bottom-left serial number on the obverse.

Small size notes [ edit ]

(6.14 × 2.61 in ≅ 157 × 66 mm)

Both views (obverse and reverse) of the Series 1934 $100 Gold Certificate.

Obverse of a Series 2006A $100 note.

Joseph-Siffred Duplessis portrait of Benjamin Franklin used on the $100 bill from series 1928 until series of 1995. H.B.Hall engraving of Joseph-Siffred Duplessis portrait of an older Benjamin Franklin used on the current $100 bill since series of 1996.

Comparison between a Series 1990 note and a 2013 note.

Small size [ edit ]

Removal of large denomination bills ($500 and up) [ edit ]

The Federal Reserve announced the removal of large denominations of United States currency from circulation on July 14, 1969. While larger denominations remained legal tender,[13] with their removal the one-hundred-dollar bill was the largest denomination left in circulation. All the Federal Reserve Notes produced from Series 1928 up to before Series 1969 (i.e. 1928, 1928A, 1934, 1934A, 1934B, 1934C, 1934D, 1950, 1950A, 1950B, 1950C, 1950D, 1950E, 1963, 1966, 1966A) of the $100 denomination added up to $23.1708 billion.[14] Since some banknotes had been destroyed, and the population was 200 million at the time, there was less than one $100 banknote per capita circulating. As of June 30, 1969, the U.S. coins and banknotes in circulation of all denominations were worth $50.936 of which $4.929 was circulating overseas.[15] So the currency and coin circulating within the United States was $230 per capita. Since 1969, the demand for U.S. currency has greatly increased. The total amount of circulating currency and coin passed one trillion dollars in March 2011.

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Despite the degradation in the value of the U.S. $100 banknote (which was worth about $738.93 in 1969), and despite competition from some more valuable foreign notes (most notably, the 500 euro banknote), there are no plans to re-issue banknotes above $100. The widespread use of electronic means to conduct high-value transactions today has made large-scale physical cash transactions obsolete and therefore, from the government's point of view, unnecessary for the conduct of legitimate business. Quoting T. Allison, Assistant to the Board of the Federal Reserve System in his October 8, 1998 testimony before the U.S. House of Representatives, Subcommittee on Domestic and International Monetary Policy, Committee on Banking and Financial Services: There are public policies against reissuing the $500 note, mainly because many of those efficiency gains, such as lower shipment and storage costs, would accrue not only to legitimate users of bank notes but also to money launderers, tax evaders and a variety of other lawbreakers who use currency in their criminal activity. While it is not at all clear that the volume of illegal drugs sold or the amount of tax evasion would necessarily increase just as a consequence of the availability of a larger dollar denomination bill, it no doubt is the case that if wrongdoers were provided with an easier mechanism to launder their funds and hide their profits, enforcement authorities could have a harder time detecting certain illicit transactions occurring in cash.[16]

References [ edit ]

en.wikipedia.org - United States one-hundred-dollar bill - Wikipedia

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