As a coin collector and paper money expert, I‘ve long been fascinated by the $100 bill. No other denomination has captured the public imagination quite like the mighty C-note. From its associations with wealth and status to its stunning artistry and anti-counterfeiting features, the $100 bill stands as a true icon of American currency.
In this comprehensive guide, we‘ll embark on a deep dive into the world of collectible $100 bills. You‘ll gain insights into the history and design evolution of the bill, learn how to evaluate condition and determine value, and discover some of the most remarkable (and valuable) examples ever sold. Whether you‘re a seasoned collector or simply curious about these monetary masterpieces, this article will give you a newfound appreciation for the art and allure of the $100 bill. Let‘s jump in!
A Benjamin by Any Other Name: The History of the $100 Bill
The story of the $100 bill is a fascinating journey through American history. The denomination was first authorized by the Mint Act of 1792, but it wasn‘t until the Legal Tender Act of 1862, enacted during the Civil War, that the first $100 United States Notes were issued. These early bills, featuring a bald eagle and shield vignette, are extremely rare and valuable today, with only a handful known to exist.
In 1869, a new $100 United States Note was introduced, this time bearing a portrait of Abraham Lincoln, the 16th U.S. president. Lincoln‘s likeness made the $100 bill the first U.S. currency to feature a president‘s portrait, a tradition that continues to this day.
The modern era of the $100 bill began in 1914 with the introduction of the Federal Reserve Note. This new series featured a portrait of Founding Father Benjamin Franklin, which has graced the bill ever since. The reverse side of the bill has seen more variation over the years, with different vignettes including Independence Hall, ornate scrollwork, and the current depiction of Independence Hall from the rear.
Large vs Small: The Importance of Size in $100 Bill Collecting
One important distinction for collectors of vintage $100 bills is the size of the notes. Prior to 1928, all U.S. currency was printed in a larger format, measuring approximately 7.4 by 3.1 inches. These "large-size" notes are scarcer and generally more valuable than their modern counterparts.
Starting in 1928, the Bureau of Engraving and Printing began issuing "small-size" currency in the contemporary dimensions of 6.1 by 2.6 inches. This change was made to reduce manufacturing costs and make the bills easier to handle. Today, both large and small-size $100 bills are highly sought after by collectors, with the large-size notes often commanding a premium due to their age and rarity.
Grading: The Key to Determining Value
As with any collectible, the condition of a $100 bill plays a major role in determining its value. Currency grading is both an art and a science, with professionals evaluating a host of factors like ink quality, paper crispness, and the presence of folds or blemishes.
Most grading is done on the Sheldon scale, a 70-point system originally developed for coins but now applied to paper money as well. The higher the grade, the more valuable the bill. Here‘s a quick breakdown of the most common grades:
| Grade | Description |
|---|---|
| Poor (P-1) | Heavily worn, with significant damage or missing pieces |
| Fair (F-2) | Strong signs of wear, but still mostly intact |
| About Good (AG-3) | Worn, with folds, creases, and rounded corners |
| Good (G-4) | Heavily used, with numerous folds and creases |
| Very Good (VG-8) | Moderate wear, but all design elements are clear |
| Fine (F-12) | Light wear, with a few folds and creases |
| Very Fine (VF-20) | Relatively crisp, with minor folds and creases |
| Extremely Fine (EF-40) | Lightly circulated, with sharp details and bright colors |
| About Uncirculated (AU-50) | Minimal wear, with slight rounding of corners |
| Uncirculated (UNC-60) | No signs of circulation, but may have minor handling marks |
| Gem Uncirculated (GEM-65) | Virtually perfect, with exceptional color, centering, and margins |
Getting a bill professionally graded by a reputable company like PMG (Paper Money Guaranty) can add substantial value, as it provides an expert third-party assessment and encapsulates the bill in a protective holder.
Star Notes and Other Coveted Varieties
In addition to standard issue $100 bills, collectors also prize certain varieties and error notes. One of the most popular is the "star note." When a damaged or misprinted bill is replaced during the production process, it is reprinted with a star symbol at the end of the serial number. These star notes are much scarcer than regular issue bills and can carry a significant premium.
Other varieties that command collector attention include:
- Binary serial numbers (e.g. 01010101)
- Birthdate serial numbers (e.g. 12251950)
- Repeater serial numbers (e.g. 12341234)
- Solid serial numbers (e.g. 22222222)
- Radar serial numbers (palindromes like 59611695)
- Low serial numbers (00000001 to 00000100)
- Mismatched serial numbers
- Alignment errors
- Insufficient inking
- Miscut or folded-over edges
- Missing or misplaced security features
The value of these varieties depends on the specific issue and the severity of the error. Some printing mistakes are common and add only a small premium, while major errors like a completely missing design element can be worth many times the face value of the bill.
Noteworthy Collections and Record Breakers
Some of the most impressive collections of $100 bills have been assembled by wealthy individuals and institutions over the years. Here are a few notable examples:
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The Binion Hoard – Casino owner Ted Binion famously amassed a stash of 100,000 mint-condition $100 bills, which were later displayed in a glass case at his Binion‘s Horseshoe casino in Las Vegas.
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The Greensboro Collection – This stunning assortment of large-size type notes included several ultra-rare $100 bills, such as an 1891 $100 Silver Certificate (one of only two known) that sold for $199,750 in 2013.
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The Joel R. Anderson Collection – Widely regarded as the most complete collection of U.S. paper money ever assembled, the Anderson Collection included such treasures as an 1869 $100 "Rainbow" Legal Tender Note graded PCGS AU-58 that realized $396,000 in 2019.
As for individual bills, some of the most valuable $100 notes ever sold at public auction include:
- 1863 $100 Legal Tender Note – Friedberg 167a (PCGS VF-35) – Sold for $2,115,000 in 2013
- 1891 $100 Silver Certificate – Friedberg 344 (PCGS VF-25) – Sold for $900,000 in 2013
- 1869 $100 Legal Tender Note – Friedberg 168 (PCGS AU-58) – Sold for $396,000 in 2019
- 1878 $100 Silver Certificate – Friedberg 337b (PCGS VF-35) – Sold for $384,000 in 2019
These stratospheric prices underscore the enduring allure and value of rare $100 bills to top collectors.
Tips for Collectors and Investors
Whether you‘re a seasoned collector or just starting out, here are some tips to keep in mind when buying, selling, or holding collectible $100 bills:
- Educate yourself on the different series and varieties of notes, focusing on rarity and condition.
- Buy from reputable dealers who offer a money-back guarantee of authenticity.
- Consider joining collector organizations like the American Numismatic Association (ANA) and the Society of Paper Money Collectors (SPMC) for access to resources, events, and expert advice.
- Have valuable notes professionally graded by PMG or PCGS to maximize their value and marketability.
- Be aware of counterfeit notes, which are unfortunately common in the collectible currency market. Familiarize yourself with the security features of genuine bills.
- Store notes properly in acid-free holders or albums, away from light, moisture, and extreme temperatures.
- Insure your collection against theft, loss, or damage.
- Consider rare currency as a long-term investment, as values can fluctuate based on market conditions and collector demand.
The Future of the Franklin
With the latest $100 bill design released in 2013, it may be some time before we see another major overhaul of America‘s most iconic currency. However, the note is likely to continue evolving to stay ahead of counterfeiters, with new security features and production methods.
One thing is certain – the $100 bill will maintain its place in the hearts and minds of collectors for generations to come. As the highest denomination currently in circulation, it represents the pinnacle of American paper money and a tangible link to our nation‘s financial history.
Whether you‘re lucky enough to own a rare 19th-century specimen or simply appreciate the artistry of the modern Benjamin, the $100 bill is a true numismatic treasure. By understanding its rich past and enduring value, you can become a more knowledgeable and passionate collector of these remarkable slices of Americana. Happy hunting!
