Fed warns of large denomination bills

Northwestern Financial Review, Aug 15-Aug 31, 2003

U.S. banks should be on the lookout for fake banknotes, the Federal Reserve said in a letter warning of currency fraud schemes. The Fed says it has noticed growing use of phony Federal Reserve notes during the last year, as part of bogus investment schemes. The letter says the notes often have face amounts of $1 billion, $100 million or some other "astronomically large amount." The Fed reminded banks that real Federal Reserve notes only come in small, standard denominations: $1, $2, $5, $10, $20, $50 and $100.

There aren't any "special" notes, nor are there any hidden reserves of big-denomination U.S. currency, the Fed said.