Welcome to our top 10 old American bills and currencies – a whirlwind tour through the nation’s most curious, valuable, and downright strange pieces of money. From experimental metal cents to high‑value notes that never saw everyday circulation, each entry tells a tale of economics, politics, and a dash of serendipity that helped shape the United States’ financial story.

10 Silver Certificates

Silver certificates were minted in the United States from 1878 until 1964, serving as paper money that could be swapped for an equivalent amount of silver coins. While they functioned just like ordinary banknotes, the fine print proudly declared, “one dollar in silver payable to the bearer on demand.” Between June 1967 and June 1968, owners could exchange them for silver bullion, after which they became redeemable for standard banknotes.

Two particular $1 silver certificates – issued in 1886 and 1891 – hold a special place in numismatic lore because they were the first United States paper money to feature a woman’s portrait: Martha Washington, the nation’s inaugural First Lady. Collectors prize these notes, and an immaculate 1891 example can fetch around $1,500 on the market.

9 Continental Currency

The Continental Currency debuted on June 22, 1775, as the fledgling colonies rallied to fund the Revolutionary War. Issued by the Continental Congress – the highest governing body of the era – the paper money carried no backing beyond a promise of future tax revenue, leading to a rapid loss of public confidence and spiraling inflation.

Even George Washington lamented that a wagonload of Continental Currency couldn’t purchase a wagonload of supplies. Adding insult to injury, the British flooded the market with counterfeit notes, further eroding trust. The phrase “not worth a Continental” still echoes today, reflecting the currency’s notorious worthlessness.

By May 1781, the currency collapsed, saddling the nascent United States with massive war debt. This failure underscored the need for a stronger central government and delayed the nation’s own issuance of paper money until the Civil War era.

8 $100,000

In the throes of the Great Depression, President Franklin D. Roosevelt ordered every American to surrender gold coins, bullion, and certificates in 1933. With citizens hoarding gold and paper money losing its luster, the government needed a new high‑value instrument for large‑scale transactions.

The answer was a striking $100,000 bill, emblazoned with the portrait of Woodrow Wilson, the 28th president. Though visually impressive, the note was never intended for everyday commerce; it served exclusively as a settlement instrument among Federal Reserve banks.

This extraordinary denomination remains the highest single‑value bill ever printed in the United States, a testament to the nation’s monetary ingenuity during crisis.

7 Demand Notes

When the Civil War erupted in 1861, the federal government faced a depleted treasury and rampant inflation. Until then, the United States relied on gold and silver for transactions, while over 8,000 private banks issued their own paper notes.

Secretary of the Treasury Salmon P. Chase proposed a unified national paper currency, leading to the creation of Demand Notes – the first genuine government‑issued paper money. Ten million dollars’ worth were printed, redeemable for gold or silver, but they never gained traction because citizens hoarded precious metals.

In 1862, Congress authorized a new, non‑redeemable paper currency, laying the groundwork for today’s U.S. dollar. Demand Notes faded as this fresh money entered circulation, though their early volatility mirrored the Union’s military fortunes.

6 Fractional Currency

During the Civil War, Americans hoarded valuable coins, prompting the Treasury to issue fractional currency – paper notes ranging from one to fifty cents. The public despised these “shinplasters” because of the ultra‑thin paper, likening them to the plaster casts doctors used for broken limbs.

In 1865, Congress ordered a redesign of the three‑cent note, shifting from the original silver‑coin format to a nickel‑copper alloy. Congressman John Kasson, previously opposed to nickel in coinage, approved the metal as a lesser evil compared to the unpopular shinplaster.

The three‑cent nickel, three‑cent silver, and three‑cent fractional notes coexisted until the silver version vanished in 1873. The fractional notes were finally withdrawn in February 1876, while the three‑cent nickel lingered until 1889, when a reduction in postage rates led to its melting and recasting as the five‑cent nickel.

5 $1000

The $1,000 bill ranks among the rarest legal tenders in U.S. history. Though last printed in 1946, banks still accept them, forwarding any deposits to the Federal Reserve to keep them out of circulation.

The first $1,000 notes appeared during the Civil War, even though the Continental Currency had previously issued a $1,000 bill. The Union used these high‑value notes to buy ammunition and other wartime necessities.

After the war, the $1,000 bill became a tool for large‑scale transactions like interbank transfers and real‑estate deals. President Richard Nixon ordered a recall of all high‑denomination bills in 1969, fearing their use in money‑laundering schemes. Their scarcity today makes them prized collector items, often trading above face value.

4 $10,000

The $10,000 bill holds the distinction of being the highest legal tender ever printed for routine use in the United States. Unlike the $100,000 note, it was meant for everyday high‑value transactions, though it rarely appeared in public hands.

Portraiture on the bill showcases Salmon P. Chase, Lincoln’s Secretary of the Treasury, who championed a single, federally controlled paper currency. Chase’s influence earned him a place on this monumental denomination.

Only a few hundred of these notes survive today, making them coveted by collectors. A pristine example can command up to $140,000, while a well‑worn specimen might still fetch $30,000.

3 Double Eagle

The Double Eagle, a $20 gold coin minted from 1907 to 1932, vanished from circulation in 1933 when President Franklin Roosevelt prohibited private ownership of gold. Although 445,300 coins were struck after that date, they were never released and were melted into bullion by 1937.

Yet a handful of the 1933 Double Eagles escaped destruction. Legend says a mint cashier named George McCann swapped twenty post‑1933 coins for earlier versions, slipping them past inspectors.

Jeweler Israel Swift later possessed nineteen of these elusive coins, selling nine to private collectors. One found its way to King Farouk of Egypt, resurfaced after his deposition in 1952, only to disappear again. Decades later, a sting operation captured another in the hands of British dealer Stephen Fenton. After a protracted legal battle, the coin was stored at the World Trade Center, then moved to Fort Knox just before the 9/11 attacks. One such Double Eagle fetched a record $7,590,000, buyer’s premium included, plus its nominal $20 face value.

2 Treasury Notes

Also known as Coin Notes, Treasury Notes were issued in 1890 and 1891 in denominations ranging from $1 to $1,000. These notes emerged after the Legal Tender Act of July 14, 1890, which authorized the Secretary of the Treasury to print paper money to settle payments for silver bullion purchased by the government.

Each Treasury Note could be redeemed for either gold or silver coins, depending on the Treasury Secretary’s preference. Though a $500 version was planned, it never entered production beyond sample copies.

Collectors distinguish the 1890 series by its deep green reverse, while the 1891 series features a simpler green‑and‑white design. The 1890 notes are rarer and thus command higher prices in the numismatic market.

1 1974 Aluminum Cent

When copper prices spiked in 1973, the United States Mint explored cheaper alternatives and settled on aluminum. In 1974, raw aluminum alloy traveled from the Philadelphia Mint to Denver for shaping, then back to Philadelphia for stamping.

Although the Denver facility wasn’t authorized to produce any coins, an assistant superintendent seized the opportunity to strike a single aluminum cent, marked with a “D” to indicate Denver origin.

Philadelphia later minted roughly 1.5 million aluminum cents, distributing a handful to members of Congress as samples. However, Congress balked at authorizing the new metal, citing concerns from the vending‑machine industry that aluminum would jam their equipment.

Most of the experimental coins were melted down, but at least fifteen remain unaccounted for, residing with legislators who never returned their samples. The rogue “D” cent resurfaced when its creator’s son, Harry Edmond Lawrence, handed it back to the Mint after his father’s death.

Ah, good ol’ money. It’ll always be there, right? So long as we have enough of it, we can purchase goods, services, security…well, you get the idea.

Unfortunately, too many governments treat money like coffee—assuming they can always just make more. As we’ll see, this process of chasing increasingly bad money with even worse money can eventually lead to no money at all.

Here are ten times legal tender became legally dead

10 The Roman Denarius

An act of patriotic defiance during Rome’s battle against Hannibal in the Second Punic War, the denarius was introduced in the late third century BC. The coin consisted of almost pure silver and weighed 4.2 grams.

Its heyday came in the century following Rome’s mid-second century BC conquest of Macedonia, whose rich silver deposits allowed the money supply to increase tenfold. The denarius became so universal that, by the middle of the first century BC, the inscription “Roma” was removed for lack of necessity. Roman minters produced millions of denarii each year, which flowed freely—not only within the Empire but anywhere Romans traded.

Unlike later currencies, the denarius wasn’t BACKED by precious metals; it WAS one. Each denarius had a certain amount of silver, meaning citizens could see and feel its inherent worth.

However, as expenses grew—especially military costs—successive Roman leaders incrementally decreased the denarius’s silver content. As Rome’s reach waned in the third century AD, swaths of territory were lost along with their tax revenues. Holding outposts became more manpower-heavy while the coffers got lighter. As the denarius’s silver content dipped to just 5%, citizens began hoarding older coins for their higher silver content—a sign that trust in the currency was eroding.

Eventually, the Roman government lost faith in its own currency, insisting that taxes be paid either in gold or in kind. Citizens began unloading denarii in droves, driving up prices and hastening the currency’s demise.^[1]

9 The Chilean Escudo

The escudo was a short-lived currency sandwiched between two different pesos. It was introduced in 1960, partially to make up for the country’s lagging currency credibility. At its inception, one escudo equaled 1,000 pesos.

Things were going well enough until socialism came to town. After failing on three previous attempts, avowed Marxist Salvador Allende was elected Chile’s president in 1970. The Socialist Party leader quickly went about nationalizing industries and dramatically increasing social spending to redistribute wealth to the poor.

At first, the expansive monetary policy Allende adopted produced reasonable economic growth, but as is typically the case, it also fueled inflation. Rising prices were exacerbated by widespread labor strikes, which caused severe production drops and falling exports. In addition, price-fixing policies incorporated to combat inflation led to a sharp uptick in black market trading, dramatically reducing tax revenues.

Inflation reached 600% in late 1972 and, a year later, doubled again to 1200%. Unable to meet its financial obligations, Chile defaulted on debts owed to other countries and international banks. The Allende government was overthrown, and he committed suicide—the ol’ South American shuffle.

The escudo ended where it began: In 1985, it was replaced by the New Peso at a rate of—you guessed it—1,000 to 1. In short order, Chile became a democratic, economically liberal nation whose turnaround was so stark economist Milton Friedman dubbed it the Miracle of Chile.^[2]

8 The Peruvian Inti

The same year Chile birthed the New Peso and began emerging from economic oblivion, its neighbor to the north was financially cratering and debuting an even shorter-lived currency.

Once an inviting target for foreign investment, in the 1980s, Peru launched a program of increased public spending…without a plan for dealing with the resulting debt (United States, we’re looking at you). Counterintuitively, it was Peru’s societal and economic liberalization that sunk both its finances and two consecutive currencies, including the Inti’s scant six-year cameo.

The background: In 1980, Peru boasted its first democratically elected government in 12 years. The administration of President Fernando Belaúnde substantially liberalized the nation’s trade policies. While policies that lift restrictions on the flow of goods and services usually sharpen competition and encourage innovation, they can also spook foreign investors who value stability over a shifting landscape.

Investment dried up, and as inflation soared, Peru’s currency—the sol—was rebranded as the inti at an exchange rate of 1,000 to 1. But for Peru, it was different currency, same problems. By late 1990, inflation had reached 400% per month, and a 10,000,000 inti banknote was created to meet hyperinflated prices.

It didn’t work. Pardon my Spanish pun, but the sun rose again: In 1991, the inti was replaced by the nuevo sol, at a conversion rate of a staggering one million to one.^[3]

7 The U.S. Greenback

Wars cost money. So as the Civil War ramped up, the U.S. government issued a special emergency currency. Called greenbacks for a signature green print still familiar in modern American bills, the notes deviated from traditional currency insomuch as they were not backed by previous metal reserves.

The greenback has roots in the Panic of 1857, America’s first nationwide financial crisis. The fallout caused the administration of President James Buchanan to incur substantial debt. When the Southern states seceded four years later, the loss of federal tax revenue exacerbated the problem.

Initially, greenbacks called Demand Notes were backed by gold. However, as the war dragged on and expenses mounted, the U.S. issued $450 million in unbacked U.S. Bank Notes. The fiscal flood led to the currency’s steady decline against gold.

Greenbacks were a blessing and a curse: While they funded 15% of the war’s costs, their questionable value increased the cost of everyday goods. As a result, inflation was 14% in 1862 and 25% in 1863 and 1864. Still, the greenback rebounded after the war.

Ironically, the greenback’s eventual discontinuation is tied to its founding principle: Money needn’t be backed by precious metals. The last remnants of America’s gold standard were dismantled in the early 1970s because the economy was deemed strong enough to abandon it. Federal Reserve notes became the uniform standard, and a half-century later, America is a slightly unmanageable $30 TRILLION in debt—about $90,000 per citizen. Gold stocks, here I come.^[4]

6 The Confederate Dollar

The greenback’s Civil War counterpoint was the greyback, the nickname for the Confederate States of America’s dollar. The nation’s first and only president, Jefferson Davis, graced the $50 note. Vice president Alexander Stephens appeared on the $20, while rebel firebrand John C. Calhoun adorned the $100 alongside a depiction of black slaves. How chivalrous.

Like the greenback, the Confederate dollar was speculative, albeit with longer odds. A Confederate note merely represented a promise to pay the bearer after the war…should the South win independence. The result was a volatile currency that rose and fell along with the day’s news. For example, when word spread of the South’s defeat at Gettysburg in July 1863, the greyback dropped 20%, prompting the government to urge businesses to sell goods at lower prices to compensate for the depreciation.

In October 1863, Confederate Senator Louis Wigfall of Texas complained that a soldier’s monthly pay of $11 was, by that time, worth the same as one Confederate dollar at the war’s inception. Eventually, even that diminished purchasing power was extinguished, as many merchants stopped accepting the Confederate dollar at all, foreseeing the fledgling nation’s defeat.

As the Confederacy’s hopes dwindled further, its currency spiraled accordingly. By the end of 1864, the Confederate dollar’s worth had decreased so markedly that a turkey sold for $155, while a ham went for $300. In mid-1865, when Richmond fell and Lee surrendered, the currency lost all value.^[5]

5 Ex-Soviet Siblings: The Belarusian Ruble & Yugoslavian Dinar

Neither Belarus nor Yugoslavia handled the fall of the Soviet Union particularly well. Both Mother Russia orphans had their share of separation anxiety turned financial panic.

In Belarus, the government went from authoritarian to…well, authoritarian. In fact, its first president is its current president. Elected in 1994, Alexander Lukashenko is currently Europe’s longest-serving “president,” which in Eastern Europe increasingly means “dictator.” In the decade following independence from the USSR, Lukashenko oversaw a killer combination of feverish currency printing, price controls, and productivity stifling industry nationalization.

The Belarusian Ruble soon added three zeros to all bills—an accounting trick against runaway inflation. It recently hit an all-time low against the U.S. dollar, owed in part to its growing diplomatic isolation.

Meanwhile, from 1992 to 1995, the countries comprising the Social Federalist Republic of Yugoslavia ruined, introduced, and re-ruined various iterations of the fractured territory’s dinar. At the height of its hyperinflation, the rate of price increases was more than 100% PER DAY, and in just two years jumped by more than a QUADRILLION percent—that’s a 1 with 15 zeros after it.

Eventually each fledgling nation went its own fiscal way. For example, Serbia introduced its own dinar in 1997, while Montenegro used the German Deutsche Mark starting in 1995 before switching to the Euro in 2002.^[6]

4 The Weimar Papiermark

It’s one thing for a breakaway republic like the Confederacy to bet the house on a war’s outcome. It’s quite another for an established nation to do so.

To finance World War I, Germany abandoned its gold standard and funded the protracted conflict by borrowing. After a four-year stalemate that left millions dead while accomplishing very little, the Weimar Republic amassed a war debt in the hundreds of billions. Its infrastructure and economy were decimated…AND it owed reparations to similarly ravaged nations, especially France, to the tune of 132 billion marks—about U.S. $269 billion in today’s money.

The reparations’ terms were crushing. Germany’s first installment of 50 billion marks came due in mid-1921, but there was a catch: the money had to be backed by hard assets and could therefore not be paid in the rapidly depreciating mark. The haste to purchase foreign currency only worsened the mark’s devaluation.

The following year, Germany’s cost of living increased 17-fold in six months. Then, caught in a deadly cycle of printing increasingly worthless money to buy foreign assets to fund its war debt, Germany defaulted on a payment and promptly had its chief manufacturing region, the Ruhr Valley, occupied by France and Belgium.

All this is a great way to spark a populist uprising and another World War, which it eventually did. As for Germany’s WWI debt, that was eventually settled…after NINETY-TWO YEARS. The final payment of 70 million euros was made in 2010.^[7]

3 Dogecoin

OK, Dogecoin isn’t totally dead. But it’s on life support, and the vet is in the other room with a forever needle.

In 2013, the cryptocurrency Dogecoin was launched without much fanfare; in fact, it was among the first such cyber-currencies introduced largely in jest. Gracing the coin’s hypothetical face is Doge, a Shiba Inu dog whose cute, quizzical expression had become a popular Internet meme.

Dogecoin’s website had a tongue-in-cheek desire to “take over the world.” Soon, the joke was taken seriously, with folks saying “Oh, hi Doggy” faster than Tommy Wiseau. Dogecoin raised $8 in just two weeks and, by May 2021, had an impressive market capital of $85 billion. Two months later, it topped a collection of Memes That Changed History on a cankerous little site called Listorati.

Unfortunately, Dogecoin’s investors aren’t laughing so hard anymore. In late June 2021, Forbes highlighted a number of cryptocurrencies experiencing market freefall in an article creatively titled “Downward Facing Dogecoin.” About that time, the bottom began falling out of several other Bitcoin competitors.

In early January 2022, Dogecoin dropped to 8 cents, with investment experts warning it might completely collapse. Sometimes when a currency is launched as a joke, the punchline ends up landing on investors.^[8]

2 OneCoin

Another famously failed cryptocurrency collapsed…because it never existed.

In 2014, self-proclaimed “CryptoQueen” Ruja Ignatova launched OneCoin. Touting the new cryptocurrency as a “Bitcoin Killer,” she grabbed publicity and lured investors by hosting glamorous events around the world, including one in London’s Wembley Arena.

Ignatova claimed some 120 billion OneCoins were available through the always-suspect process of crypto mining. From there, they could be used like any other online currency through a dedicated OneCoin e-wallet.

Key to OneCoin’s initial fundraising was the sale of educational materials, including courses on cryptocurrencies, trading, and investing. The courses were part of a multi-level marketing effort—legalese for “pyramid scheme”—where buyers were offered rewards for bringing in more participants. Those who purchased these “course packages” were to receive tokens used to mine OneCoins.

OneCoin’s currency exchange engine was called xcoinx. However, only members who purchased more than the “beginner packaging” could access it. Soon, selling limits were placed on accounts based on the level of education package purchased. Finally, national governments began noticing the waving red flags; in 2016, both Norway and Hungary dubbed OneCoin a scam.

By the time OneCoin was shut down in 2017, millions of investors had been defrauded in what amounted to a $4 billion Ponzi scheme. As for Ignatova, she’s become a cyber Carmen Sandiego of sorts. On the lam since 2017, she’s never been apprehended despite being internationally wanted.^[9]

1 The Zimbabwe Dollar

This list’s award for most inflated currency goes to…Zimbabwe.

Left destitute by ceaseless racial conflict and an economically clueless government, Zimbabwe began overworking the currency printing presses in the 1990s. The banknote bonanza continued into the early 2000s, and in 2006, the East Africa nation made international headlines by reaching a foreboding milestone: its inflation rate had reached 1,000%.

Unfortunately, that was just the beginning. In a practice that’s been repeatedly attempted (and has repeatedly failed) throughout history, Zimbabwe issued ever-larger bills to compensate for skyrocketing prices. In mid-2008, the first notes with a value greater than one billion Zimbabwe dollars made their debut. Just a few months later, the inflation rate was approaching—and this is an actual number—500 QUINTILLION PERCENT. To understand the enormity of that figure, here’s what it looks like: 500,000,000,000,000,000,000.

Soon, the country passed a law removing ten zeros from all notes and prices. Crisis abated?

Not at all. The next year, Zimbabwe stopped printing its currency and temporarily allowed foreign currencies in their place. It switched completely to the U.S. dollar briefly in the mid-2010s before, in 2019, introducing a new iteration of the Zimbabwean dollar. How’s that going, you ask? In July 2020, inflation was approaching 750%, and this past October, the country’s most prominent business group warned of the Zimbabwe dollar’s possible collapse.^[10]