The $1,000 Bill: Grover Cleveland Notes From 1928 and 1934

Why would anyone have a $1,000 bill?

Before wire transfers and electronic payments, big sums often moved as cash. Banks used $1,000 notes to settle accounts with each other, businesses used them for large payments and some people kept savings in them. Printing stopped at the end of 1945 and on July 14, 1969 the Treasury and the Federal Reserve announced the high denominations were discontinued because they were hardly used.

Many families held onto them through the Depression and the war years, which is why they still turn up in safe deposit boxes and estates.

Small-size $1,000 notes you may find

How do I read the series and signatures?

Find the series near Cleveland's portrait. It will read SERIES OF 1928, SERIES OF 1934 or SERIES OF 1934 with a letter after it. Then check the two signatures at the bottom against the table. Treasurer Woods and Secretary Mellon signed the 1928 notes. Treasurer Julian and Secretary Morgenthau signed the 1934 and 1934A. Later letters were printed in tiny numbers and are almost never seen.

Next, read the obligation at the upper left. A 1928 note promises payment in gold at the Treasury or in gold or lawful money at any Federal Reserve Bank. The 1934 dropped the gold promise after the 1933 gold recall and promises lawful money instead.

What does the district seal tell me?

The black seal on the left shows which Federal Reserve Bank issued the note, with a letter from A to L. The letter starts the serial number as well. Some banks ordered many $1,000 notes and some very few, so the district can make a real difference to a collector. Write the district letter down when you record the note.

What about the gold certificate $1,000?

A $1,000 with a gold-orange seal and serial numbers is a gold certificate. The 1928 version circulated before the 1933 recall and was illegal to hold from late 1933 until 1964. It's a much scarcer note than the green seal versions. Series 1934 gold certificates, including a $1,000, were made only for transactions inside the Federal Reserve System and were never meant for public hands, so treat any claimed 1934 gold certificate with great caution.

Is it real?

Check the basics first. Genuine notes measure about 6.14 by 2.61 inches and are printed on cotton and linen paper with tiny red and blue fibers. The engraving is sharp under a magnifier, with no dots or pixel patterns. The back is a green ornamental design with the denomination spelled out. Replicas often get the paper or the back wrong, or carry the word COPY.

Because of what's at stake, have any $1,000 note authenticated by an established dealer or a third-party grading service before you sell it. Graded and encapsulated notes also sell more easily.

What affects the value?

Every genuine example is worth a collector premium at the very least. From there:

• Condition: crisp, unfolded notes are scarce; most survivors show folds and wear
• Type: a 1928 gold certificate stands well above a Federal Reserve note
• Series: 1928 Federal Reserve notes are scarcer than 1934 and 1934A
• District: notes from banks that issued few are more desirable
• Seal shade and mules on 1934 notes interest specialists
• Star notes and very low serial numbers are rare and command strong premiums

What should I do if I inherit one?

Keep it private and safe. Photograph both sides, note the serial and district and store the note flat in a sleeve inside a safe or deposit box. Don't deposit it: a bank will credit only face value and the note would probably be retired and destroyed. Contact a reputable paper money dealer or auction firm, ask about authentication and grading and get more than one opinion. For estate paperwork, a written appraisal listing type, series, district, serial and grade is the record you want.

Frequently asked questions