by Bradley Charles Trotter, Stack’s Bowers Currency Specialist & Lead Currency Cataloger…..
A common sight at least in a numismatic context, the $100 Legal Tender Notes issued under the Series of 1966 and Series of 1966A owe their existence to a long-standing legal technicality from the 1870s. Upon the resumption of specie payments in 1879, Legal Tender Notes circulated at par with gold. To accomplish this feat, the government contracted the supply of Legal Tender Notes beforehand, and $346,681,016 was set as the legal limit.
The Treasury Department was also required to maintain a certain dollar amount of Legal Tender Notes, and this provision was kept until the passage of the Riegle Act in 1994 when that requirement was made obsolete. Through the 1960s this requirement was met by $2 and $5 Legal Tender Notes like those often encountered at auction or in wider accumulations of numismatic material. These notes became rare in commerce in the 1960s and were supplanted by Federal Reserve Notes.
Yet with the long-standing requirements in place since the 1860s, the Treasury Department opted to live up to the provisions from the 1870s by issuing only $100 Legal Tender Notes. First issued under the Series of 1966, these notes saw limited circulation with the first three bricks (4,000 notes per brick) finding their way to Puerto Rico and New York.
Those that never made it to circulation languished in bank vaults until the 1990s when they were finally destroyed. Today these notes aren’t particularly rare for the most part, but there are numerous rarities that collectors can acquire.
Many of the low serial number notes were saved by a Washington-based dealer and make periodic appearances at auction, while high-grade specimens and Replacements command a substantial premium. Notes from the Series of 1966A are deceptively rare, despite what printing figures suggest, and are seldom seen compared to the Series of 1966.
Still these notes are popular with collectors owing to their distinctive nature and appearance. They may be encountered with a degree of regularity in our auctions from type pieces in our monthly CCO Auctions to exceptional specimens in our Showcase Auction events.
For more information about our auctions or to consign your numismatic items, please call 800-458-4646 or email [email protected].
