Who is on the million dollar bill? President Woodrow Wilson!

You may be surprised to learn that while the US Treasury has never issued legal tender currency in one million dollar denominations, collectors can purchase novelty bills styled after real money with this astronomical face value. The most common depicts President Woodrow Wilson, who appears on the rare $100,000 bill printed in 1934. Let‘s explore the history and highlights of both legitimate and fantasy ultra high value paper money.

Million Dollar Bills – More Common Than You Think

Novelty "million dollar bills" have been around for decades, used mainly as gags and conversation pieces versus actual attempts at fraud. Afterall, what cashier would possibly accept a Grover Cleveland or Woodrow Wilson emblazoned seven-figure note?

These facsimile bills are printed by private mints, not the Bureau of Engraving and Printing (BEP), and have no monetary value as legal tender currency. However, their familiar size, coloration, and style are designed to look impressively real on first glance. You can easily purchase them online for around $10-15 as unique gifts or collector‘s items.

According to the BEP, tens of thousands of fake million dollar bills and other outrageous denominations are produced each year, predominantly featuring Woodrow Wilson and Salmon P. Chase. Many incorporate copied elements from real banknotes like security ribbons, serial numbers, seals and signatures. But subtle differences in paper stock and printing quality separate them from authentic US currency.

The Secret Service cautions that attempting to spend, trade or improperly design these novelty bills still constitutes counterfeiting. So admire their craftsmanship, but don‘t try depositing a "W. Wilson" million into your bank account!

Legitimate Million Dollar Coins Do Exist

While paper million dollar bills are fantasy products, the US Mint has created two legal tender coins containing over one million dollars of precious metals:

• The Mint struck a platinum $1 million coin in 2015, containing one ton (over 2,000 pounds!) of .9995 pure platinum. Its face value was largely symbolic at the time, with the bullion value estimated around $1.5 million based on platinum prices.

• More recently in 2022, the Mint introduced a $2 million Double Eagle ultra high relief gold coin containing 15 pounds of .9999 fine gold. Its precious metal value well exceeds the face value at approximately $3.5 million.

These were produced as limited edition numismatic products for collectors, not general circulation. Only a few dozen exist between the two series and they trade hands for many millions more than the face value between investors and museums. Talk about rare currency!

The Highest Value US Paper Money

While far short of million dollar bills, the US Treasury has printed legal tender currency in extremely high denominations for certain uses throughout history. The highest value notes include:

• $10,000 bill – Featuring Salmon P. Chase, 42,000 of these banknotes were printed as Gold Certificates in 1934. Some were used sparingly for interbank transfers. None remain in circulation today but they continue attracting collector interest.

• $5,000 bill – With a portrait of James Madison, these banknotes circuited from the late 1800s until the 1920s as Gold Certificates. Only a few hundred legitimate examples are estimated to have survived into modern times.

• $1,000 bill – The final series printed in 1934 with a picture of Grover Cleveland totaled about 470,000. Most were retired by the late 1960s as they facilitated racketeering.

• $500 bill – William McKinley graced these banknotes last circulated in 1945. Fewer than 400 out of the 900,000 printed are thought to remain.

While no longer in public use, these ultra rare large denominations are highly coveted by currency collectors. Even in worn condition, a $500, $1,000 or $5,000 bill commands premium valuations at auction or private sale.

What About $100,000 Bills?

The Federal Reserve Bank also produced limited runs of $100,000 Gold Certificates in 1934 bearing Woodrow Wilson‘s portrait. But these were never circulated publicly, instead used only for internal transactions between reserve banks.

Of the 42,000 printed, most have been destroyed. Ownership of any surviving $100,000 bills is now prohibited for private collectors. However, two examples have surfaced over the years in institutional collections:

• A $100,000 bill was discovered in a Pennsylvania school district safe in 1991, prompting a multi-year court battle over ownership. It was eventually auctioned in 2013 for $3.29 million.

• The Smithsonian National Numismatic Collection contains a $100,000 bill from the Federal Reserve‘s vault inventory. No true sales records exist but Sotheby‘s auction house estimates its value around $4.5 million based on the sale above.

And the $500,000 Bill?

An even greater rarity, the $500,000 Gold Certificate depicted former president William McKinley just like the $500 bill that circulated publicly. While 42,000 of these banknotes were printed in 1934 along with $10,000 and $100,000 denominations, only 3 examples are confirmed to exist in institutional collections today.

This incredible rarity and novelty has translated to tremendous value at auction over the years:

• In 1933, a $500,000 bill was sold to a private collector from the estate of Joseph Saupé for $1,500.

• When the same example resurfaced at auction in 1949, it achieved a sale of $7,500

• If one were ever to appear for public sale in modern times, experts estimate it could realize $10-15 million or more.

For both ethical and legal reasons, private ownership of any $500,000 bills is impossible. But they remain important artifacts in the story of US currency that underpin the appeal of novelty fake million dollar bills today.

World Record Holder – Zimbabwe‘s $100 Trillion Note

Think denominations like million and billion are outlandish? During Zimbabwe‘s historic hyperinflation crisis from 2008-2009, the nation‘s central bank was forced to print ever higher banknotes as inflation exceeded 89.7 sextillion percent. By 2009, one loaf of bread cost 200 billion Zimbabwean dollars!

The largest banknote issued during this crisis was the $100 trillion dollar note featuring Benjamin Franklin‘s portrait. Despite the cartoonish scale, these banknotes were legal tender used in everyday transactions. Only a few hundred examples remain, with most notes destroyed once the old currency was abandoned.

Today, these notes trade hands between collectors for upwards of $40 each on eBay. Not a bad value increase for what was almost worthless paper currency a decade ago!

Key Takeaways

• No US "million dollar bills" exist, but novelty souvenirs printed by private mints depict Woodrow Wilson and other figures for entertainment.

• Ultra rare $100,000 and $500,000 denominations were printed but never circulated and remain illegal for private citizens to own.

• The highest value legitimate US banknotes issued for public use included $500, $1,000, $5,000 and $10,000 bills, all phased out by 1969.

• Zimbabwe‘s $100 trillion banknote, worth about 40 US cents in 2009, is the world‘s largest denominated bill ever produced.

So while you won‘t find a million dollar bill featuring Woodrow Wilson or any other president in circulation, their mythical existence underpins the appeal of these facsimile souvenirs to collectors and gift-givers with a sense of humor. And reality provides plenty of real high value rarities to fascinate currency enthusiasts!