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A $100,000 Bill? The Story Behind Large-Denomination Currency

Your local convenience store may not accept bills larger than $20, but once upon a time you could have paid for your gum with a nice fresh $10,000 bill. What's the story behind the large-denomination bills that the government used to issue?

What big bills has the U.S. issued?

In 1928, the federal government overhauled its system of printing banknotes. It shaved about an inch of length and just under a half of an inch in width off of the bills and issued the new smaller bills in the $1 to $100 denominations with which we're familiar. However, the Treasury also issued larger denominations. They featured William McKinley ($500), Grover Cleveland ($1,000), James Madison ($5,000), and Salmon P. Chase ($10,000).

Who the heck was Salmon P. Chase?

chase-10000

His name might not be as familiar as those of the Presidents featured on the other big bills, but once upon a time Chase was a big wheel in American politics. Chase, a mid-19th century politician, served as Chief Justice of the United States, spent stints as Ohio's governor and senator, and was Lincoln's first Secretary of the Treasury.

Nice resume, but how did Chase end up on the $10,000 bill?

He was in the right place at the right time. When the federal government started issuing greenback notes in 1861, Chase, as Secretary of the Treasury, was in charge of designing and popularizing the new currency. The politically ambitious Chase had to pick a portrait subject for the first $1 bill, and he chose"¦Salmon P. Chase.

Although putting his face in everyone's pocketbooks never propelled Chase to the presidency, when the Treasury started issuing the new $10,000 bills in 1928 they put Chase's portrait on the obverse to honor the man who helped introduce modern banknotes.

Even if you don't have a $10,000 bill Chase's name might still be in your wallet. Chase National Bank, the forerunner to Chase Manhattan Bank, was named in his honor.

Why on earth was the government printing such giant bills in the first place?

Believe it or not, it wasn't just to save space in fatcats' wallets. When the Treasury started printing these giant bills, their main purpose was making transfer payments between banks and other financial institutions. Before sophisticated wire transfer systems were fully developed, it was apparently easier and safer just to fork over a $5,000 bill to settle up with a fellow bank. Once transfer technology became safer and more secure, there really wasn't much need for the big bills anymore.

What's the largest denomination of currency the U.S. has printed?

wilson-100-grand

That would be the Series 1934 $100,000 gold certificate. The Bureau of Engraving and Printing only made these notes during a three-week stretch during December 1934 and January 1935. Even the few plutocrats who had that much cash during the Depression couldn't carry one of the $100K bills, though. They were only used for official transactions between Federal Reserve Banks, and the Treasurer of the United States only issued them to Fed banks that had an equal amount of gold in the Treasury. The note featured a picture of Woodrow Wilson.

Are any of these bills left in circulation?

There sure are, but don't expect to find a $500 bill the next time you make an ATM withdrawal. The Treasury announced on July 14, 1969, that it would quit issuing the $500, $1,000, $5,000, and $10,000 notes immediately, since the bills were so sparsely circulated. It's not like the Bureau of Engraving and Printing had to stop the presses, either; the bills hadn't seen an actual print run since 1945.

When the Treasury discontinued the bills, they rapidly fell out of circulation. However, a few are still lingering; as of May 2009, there were still 336 $10,000 bills at large. At the same time, Slate reported that there were also 342 $5,000 bills and 165,732 $1,000 bills still floating around.

If they're out of circulation, can you still spend them?

Although the Treasury is no longer issuing these bills, according to the Fed they're still legal tender. So yes, although it would probably raise some eyebrows, you could walk into Best Buy and plunk down a $1,000 bill to pay for a new plasma TV.

That wouldn't be the smartest move, though. Most of the high-denomination bills that are left in circulation are in collectors' safes, and at auction the bills tend to fetch prices that far exceed their face values. For instance, a pristine $10,000 bill can command a price as high as $140,000 on the open market.

What happens if you bring one of these big bills to a bank?

If you put it in your safety deposit box, your bill will be safe. Chase Bank actually acquired one of the $10,000 bills in its currency collection when a deceased customer's family found the bill in her deposit box and traded it for $10,000 in cash. Deposit the historical loot into your checking account, though, and it's bad news for the bill. You'll get the cash deposited in your account, but since the 1969 order to stop distributing these bills, Fed banks have been pulling the notes from circulation and destroying them whenever they are received.

Of course, there are other potential pitfalls to depositing a big bill, like blowing your cover when you're on the lam. Last February, three teenagers in Texas Township, Michigan, swiped one of their parents' safes and drove to Birmingham, Alabama, with their booty. Their downfall came when they tried to change an antique $1,000 bill from the safe at a bank. The police nabbed the thieves after a call from a suspicious teller.

So there was never a real $1 million bill?

million-dollar-billNope, but that doesn't mean that people haven't tried to make one. In 2004, a woman in Covington, Georgia, tried to pick up a $1,675 tab at a local Wal-Mart with a forged $1 million bill featuring a picture of the Statue of Liberty. Police quickly arrested her. It's hard to say what's more ludicrous: trying to pass off a million-dollar bill or thinking that Wal-Mart would just fork over $998,325 in change.

Someone gave me a fake $1 million bill as a joke"¦was that illegal?

As long as you don't try to spend it or deposit it, you're in the clear. Gag makers and some religious and political groups have printed novelty $1 million bills for decades. In 1982, these novelty bills came to the attention of the Secret Service, which ruled that since there wasn't a real $1 million bill, these joke versions weren't technically forgeries or violations of any laws.

What about the opposite of these bills: the elusive $2 bill?

two-dollar-billAlthough you don't see the $2 bill all that often, it's still a circulating denomination of American currency. According the U.S. Treasury, there are over $1.5 billion worth of $2 bills currently circulating around the world. However, since the bill changes hands less frequently than other denominations, it's not printed as often, either. The Treasury hasn't whipped up a batch of twofers since 2003 2006.

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Live Smarter
The Only Way to Answer ‘What Is Your Greatest Weakness?’ In a Job Interview
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Thanks in part to the influence of Silicon Valley and its focus on the psychological probing of job applicants, interview questions have been steadily getting more and more abstract. As part of the interview process, today's job seekers might be asked to describe a vending machine to someone who’s never seen one before, or plan a fantasy date with a famous historical figure.

Even if the company you’re approaching isn’t fully on board with prodding your brain, at some point you may still come up against one of the most common queries applicants face: "What is your greatest weakness?"

"Some 'experts' will tell you to try and turn a strength into a 'weakness,' to make yourself look good," writes Inc. contributor Justin Bariso. "That advice is garbage."

"Think about it," Bariso continues. "Interviewers are asking the same question to countless candidates. Just try and guess how many times they hear the answers 'being a perfectionist' or 'working too much.' (Hint: way too often.)"

While responding that you work too hard might seem like a reliable method of moving the conversation along, there’s a better way. And it involves being sincere.

"The fact is, it's not easy to identify one's own weaknesses," Bariso writes. "Doing so takes intense self-reflection, critical thinking, and the ability to accept negative feedback—qualities that have gone severely missing in a world that promotes instant gratification and demands quick (often thoughtless) replies to serious issues."

Bariso believes the question is an effective way to reveal an applicant’s self-awareness, which is why companies often use it in their vetting process. By being self-aware, people (and employees) can correct behavior that might be affecting job performance. So the key is to give this question some actual thought before it’s ever posed to you.

What is your actual greatest weakness? It could be that, in a desire to please everyone, you wind up making decisions based on the urge to avoid disappointing others. That’s a weakness that sounds authentic.

Pondering the question also has another benefit: It prompts you to think of areas in your life that could use some course-correcting. Even if you don’t land that job—or even if the question is never posed to you—you’ve still made time for self-reflection. The result could mean a more confident and capable presence for that next interview.

[h/t Inc.]

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Words
This Is the Most Commonly Misspelled Word on Job Resumes
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by Reader's Digest Editors

Your resume is your first chance to make a good impression with hiring managers. One misspelled word might not seem like a huge deal, but it can mean the difference between looking competent and appearing lazy. A 2014 Accountemps survey of 300 senior managers found that 63 percent of employers would reject a job candidate who had just one or two typos on their resume.

Most misspellings on resumes slip through the cracks because spellcheck doesn’t catch them. The most common misspelling on resumes is a shockingly simple word—or so you’d think.

Career coach and resume writer Jared Redick of Resume Studio in San Francisco tells Business Insider that the most common misspelling he sees by far is confusing “lead” with “led.” If you’re talking about how you run meetings at your current job, the correct spelling is “lead,” which is in the present tense. If the bullet point is from a former position, use lead’s past tense: led. Yes, “lead” as in the metal can also be pronounced “led,” but most people have no need to discuss chemical elements on their job resumes.

 
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Other spelling mistakes Redick has seen pop up over and over again on resumes is spelling “definitely” as “definately” (which spellcheck thankfully should catch) and adding an e in “judgment” (“judgement” is the British spelling, but “judgment” is preferred in American English).

To avoid the cringe factor of noticing little typos after sending out your application—especially if your misspelling actually is a real word that spellcheck recognizes—always proofread your resume before submitting. Slowly reading it out loud will take just a few minutes, but it could mean the difference between an interview and a rejection.

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