The $100 bill carries the portrait of Benjamin Franklin on its front side, a position he has held continuously since 1914. While many assume all high-value U.S. currency features past presidents, Franklin never held the office of president. Instead, his prominent place on America's highest circulating denomination honors his massive contributions as a Founding Father, scientist, inventor, and early champion of paper money.
Today, this note stands as the largest denomination of U.S. currency actively printed and distributed by the Federal Reserve. Larger bills like the $500, $1,000, $5,000, and $10,000 notes existed in the past, but they were officially discontinued in 1969 due to lack of everyday use. Understanding how the Benjamin Franklin note evolved from early civil war currency to modern high-tech paper reveals a fascinating corner of American financial history.
Early Roots of the $100 Denomination
The United States government didn't always issue standardized paper money. During the Civil War, Congress passed the Legal Tender Act of 1862, authorizing the production of United States Notes, commonly known as "greenbacks." These early notes were designed to help fund the war effort.
The first $100 notes looked drastically different from today's currency. Early series featured various historical figures and allegorical designs rather than a single fixed face. For instance, President Abraham Lincoln, general Winfield Scott, and various statesmen appeared on early iterations.
By 1914, the Federal Reserve Act restructured the monetary system, introducing the Federal Reserve Note. Secretary of the Treasury William G. McAdoo selected Benjamin Franklin to anchor the new $100 Federal Reserve Note. Franklin was chosen not for an executive title, but because of his pivotal role in colonial finance, printing early paper currency, and shaping American political identity.
Evolution of Design and Security
For decades, the physical appearance of the bill remained relatively stable. The classic design featured Franklin inside an oval frame on the front, paired with Independence Hall on the back. However, advances in offset printing and digital scanning forced the U.S. Treasury to completely rethink currency security.
- Series 1990: The Treasury introduced microprinting around the portrait and a thin metal security thread embedded in the paper to combat early copy machines.
- Series 1996: A major overhaul enlarged Franklin's portrait, shifted it slightly to create room for a watermark, and introduced color-shifting ink that changed from green to black when tilted.
- The 2013 Redesign: The modern note launched with advanced anti-counterfeiting features, including a 3D blue security ribbon containing micro-images of bells and the number 100, alongside a copper inkwell that reveals a shifting green-to-copper bell when tilted.
According to the U.S. Bureau of Engraving and Printing, these updates protect the global integrity of U.S. currency, ensuring that the notes remain trusted worldwide.
Why Benjamin Franklin?
People often wonder why George Washington graces the $1 bill while Benjamin Franklin occupies the $100 bill. The choice stems from the foundational status Franklin held among economic theorists of early America.
Franklin wrote extensively about the mechanics of money, value, and labor. His essay A Modest Inquiry into the Nature and Necessity of a Paper Currency (1729) helped convince colonial legislatures of the practical benefits of fiat paper money backed by public trust rather than hard gold alone. Putting him on the highest circulating note nods directly to his economic intellect.
You can explore comprehensive breakdowns of historical monetary policy via the Federal Reserve History portal.
Discontinued Higher Denominations
The $100 bill hasn't always been the largest note in American pockets. For decades, the federal government printed much larger bills for bank-to-bank transfers and high-net-worth transactions.
- $500 note: Featured President William McKinley.
- $1,000 note: Featured President Grover Cleveland.
- $5,000 note: Featured President James Madison.
- $10,000 note: Featured Treasury Secretary Salmon P. Chase.
- $100,000 note: A gold certificate featuring Woodrow Wilson, used exclusively inside Federal Reserve banks.
In 1969, facing the rise of electronic wire transfers and concerns over organized crime using large bills to evade taxes, President Richard Nixon officially halted the issuance of all denominations above $100. While older large-denomination bills remain legal tender, banks must surrender them to the government when deposited, making them rare collector items today.
Frequently Asked Questions
Are old $100 bills with small portraits still legal tender?
Yes. The U.S. government never demonetizes its currency. Any genuine Federal Reserve note issued since 1914 remains legal tender at its full face value, even though banks typically pull worn-out vintage bills from circulation when they see them.
Did Benjamin Franklin ever serve as President?
No. Despite his appearance on the $100 bill, Franklin never held the presidency. His official titles included printer, publisher, scientist, inventor, postmaster general, diplomat, and signer of both the Declaration of Independence and the Constitution.
Why does Independence Hall appear on the back?
Independence Hall in Philadelphia was chosen because of Franklin's deep ties to the city and the building's historical weight as the birthplace of both the Declaration of Independence and the U.S. Constitution.
How many $100 bills are currently in circulation?
The $100 bill accounts for the largest share of U.S. currency by total value, with a significant portion circulating internationally for savings and large-scale transactions. According to data tracked by the U.S. Department of the Treasury, billions of these notes circulate globally.
