Friday, July 14, 2017

This Day in Pop Culture for July 14

Large bills were discontinued on July 13, 1969.

Where Did the Money Go?

It was on this day in 1969 that the United States officially withdrew $500, $1,000, $5,000 and $10,000 bills from circulation after an executive order by President Nixon. They were last printed on December 27, 1945 and are still considered legal tender. Larger bills were used by banks and the federal government  for large financial transactions, but since the electronic money system was introduced, the use of large bills was no longer necessary. However, $500 bills are still used in the game of Monopoly.