Walk into any advanced currency auction and you will notice something curious: $100 bills from the 1860s or 1880s, worn and faded, sometimes sell for less than a bright, crisp Series 1966A $100 United States Note in top grade. That counterintuitive reality is a testament to just how few of these red-seal Legal Tender notes were printed, and how dramatically the collecting world has come to recognize their importance. The Series 1966A is not just the rarest of the final Legal Tender issues. For many specialists, it is the single most challenging 20th-century large-print-run note to locate in genuinely high grade.
The Legal Tender Note in Its Final Chapter
To appreciate the 1966A, you need to understand the long and winding story of United States Notes. Authorized by the Legal Tender Act of February 25, 1862, these obligations of the U.S. Treasury, distinguished by their red Treasury seals and serial numbers, were the nation’s first true fiat paper currency. Unlike National Bank Notes or Gold Certificates, they carried no promise redeemable in specie after 1933. They were, in the bluntest sense, money because the government said so.
For over a century, United States Notes circulated in denominations ranging from $1 to $1,000. By the mid-20th century, however, the Federal Reserve Note had conquered daily commerce entirely. Congress still required a minimum of $346 million in United States Notes to remain in circulation, a statutory holdover that kept the presses running even as the practical need evaporated. By the 1960s, production had slowed to a trickle, confined largely to $100 denominations to meet that legislative floor without flooding the market.
Series 1966 vs. Series 1966A: Understanding the Distinction
Two series of $100 United States Notes were produced in this final era. The Series 1966, carrying the signatures of Treasurer Kathryn O’Hay Granahan and Secretary of the Treasury Henry H. Fowler, had a meaningful print run of approximately 768,000 notes across several print orders between 1966 and 1968. Scarce by modern Federal Reserve Note standards, the 1966 is nonetheless collectible at most grade levels without extraordinary difficulty.
The 1966A is an entirely different matter. When Joseph W. Barr replaced Fowler as Treasury Secretary on December 21, 1968, for a brief 28-day tenure, new notes bearing the Granahan-Barr signature combination were ordered. The $100 United States Note was among them. The resulting print run, executed in early 1969, totaled only about 120,000 notes, making it one of the smallest production runs of any 20th-century U.S. currency issue at the $100 denomination.
Do not confuse the Granahan-Barr signature combination on the 1966A $100 United States Note with the famous Series 1963B $1 Federal Reserve Notes, which also bear Granahan-Barr signatures. The $1 FRN had enormous print runs and is common. The $100 Legal Tender with the same signatures is a completely different story in terms of rarity and value.
Physical Characteristics and Identification
Authenticating a 1966A begins with knowing precisely what you are looking at. The obverse displays the portrait of Benjamin Franklin, identical in placement and style to contemporary Federal Reserve Notes of the era. The critical visual distinctions are the bold red Treasury seal at the right of the portrait, the red serial numbers, and the absence of any Federal Reserve district designation or Federal Reserve Bank seal. The obligation printed on the note reads: “This note is a legal tender at its face value for all debts, public and private.”
The series date “1966A” appears on the lower right of the obverse. Signatures of Treasurer Granahan appear on the left, with Secretary Barr’s signature on the right. Serial numbers on the 1966A run within the block A00000001A through A00120000A, though documentation of the precise upper limit has varied slightly among researchers. The reverse features Independence Hall, the same design used on $100 Federal Reserve Notes of the period.
The paper itself is the standard 75 percent cotton, 25 percent linen blend with embedded red and blue security fibers. Notes should exhibit the characteristic crispness of Bureau of Engraving and Printing (BEP) intaglio printing, with sharply raised ink detectable by touch even on circulated examples.
Why So Few Survive in High Grade
A print run of 120,000 sounds small, but the survival rate in collectible grades is smaller still. Many of these notes entered circulation through normal Federal Reserve channels, where $100 bills of the late 1960s genuinely changed hands in commerce. Unlike some low-mintage collector curiosities that were immediately set aside, the 1966A had no advance publicity warning the public that this was a significant rarity. By the time collectors understood what they had, enormous numbers had been spent, worn, and ultimately destroyed.
The BEP did not produce a special collector set or sellsheet for this issue. There was no equivalent of a mint proof set to signal importance. Notes that happened to land in the hands of observant bank tellers, numismatists who recognized the unusual signature combination, or lucky individuals who simply preferred to save a crisp $100 bill were the survivors. PCGS Currency and PMG combined have certified relatively few examples above the 64 grade level, and gem 65 or better notes are genuinely rare events at auction.
When examining a 1966A for grade, pay particular attention to the upper-left and lower-right corners, which are the first areas to show handling wear on large folded notes. Also inspect the red seal for ink consistency, as any fading or spotting can suppress the grade significantly on notes of this caliber. Third-party certification by PMG or PCGS Currency is strongly recommended before any significant purchase.
The Barr Note Connection
Joseph Barr’s 28-day tenure as Treasury Secretary from December 21, 1968, to January 20, 1969, created a cultural moment in American numismatics. When word spread that his signature appeared on Federal Reserve Notes, a minor panic-hoarding of $1 bills ensued in early 1969. Ironically, those $1 FRNs with Barr signatures are among the most common notes in 20th-century collecting precisely because so many were saved. An estimated 458,880,000 Series 1963B $1 FRNs carry the Granahan-Barr combination.
The $100 United States Note with those same signatures is the polar opposite: saved by almost no one initially, produced in tiny quantities, and now a genuine prize. Collectors who focus on Barr-related currency as a thematic specialty almost inevitably find the 1966A $100 United States Note to be the capstone piece of any such collection.
Market Values and What to Expect
Pricing on the 1966A $100 United States Note reflects its rarity. In circulated grades, even Fine to Very Fine examples routinely bring $175 to $300, well above face value and significantly above comparably graded common Federal Reserve Notes. Extremely Fine and About Uncirculated examples range from approximately $400 to $800 depending on eye appeal and specific grade. Certified Uncirculated notes graded 63 or 64 by PMG or PCGS have sold in the $900 to $1,500 range at major auction houses including Heritage Auctions and Stack’s Bowers.
Gem Uncirculated examples graded 65 or better are where the note’s true rarity becomes expensive. Auction records for PMG 65 EPQ (Exceptional Paper Quality) or PCGS 65 PPQ examples have approached and occasionally exceeded $3,500 to $5,000 when strong bidding competition drives results. A PMG 66 EPQ example sold at Heritage in 2019 for over $4,200, and market observers expect continued appreciation as the note’s importance becomes more widely understood among advanced collectors.
If budget is a concern, a well-centered, original-paper Very Fine example of the 1966A $100 United States Note offers excellent value. Many collectors make the mistake of chasing lower-grade examples of ultra-rare notes for bargain prices, but for a note of this caliber, the jump from Fine to Very Fine or Extremely Fine represents a meaningful improvement in long-term desirability and is often worth the incremental cost.
Where the 1966A Fits in Your Collection
The Series 1966A $100 United States Note occupies a unique intersection in American currency collecting. It is simultaneously the final chapter of a 107-year Legal Tender Note tradition dating to 1862, one of the smallest print runs of any modern $100 U.S. currency issue, and a piece of Treasury Department history marking the briefest Cabinet tenure of the 20th century. For collectors building a type set of United States Notes, the 1966A is the mandatory final piece. For those pursuing a complete set of $100 Legal Tender Notes across all series, it is the key date. For Barr note specialists, it is the crown jewel.
The series was officially discontinued after 1971 when the statutory requirement for outstanding United States Notes was quietly absorbed and the practical justification for continued production ended. No new Legal Tender Notes have been printed since, making every surviving example of the 1966A a piece of a closed chapter in American monetary history.
| Series | Signatures | Est. Print Run | Rarity |
|---|---|---|---|
| 1966 | Granahan / Fowler | 768,000 | Scarce |
| 1966A | Granahan / Barr | ~120,000 | Key Date |
| 1966 (Star Note) | Granahan / Fowler | ~48,000 | Rare |
| 1966A (Star Note) | Granahan / Barr | Unconfirmed / Extremely Low | Key Date |
| 1928 (Fr. 1500) | Woods / Mellon | ~1,680,000 | Scarce |
| 1928A (Fr. 1501) | Woods / Mills | ~2,460,000 | Common |
| 1928B (Fr. 1502) | Julian / Morgenthau | ~1,320,000 | Scarce |
| 1934 (Fr. 1530) | Julian / Morgenthau | ~3,460,000 | Common |
A Closing Thought for Collectors at Every Level
Not every important note in American numismatics requires a five-figure budget or decades of specialized knowledge to pursue. The Series 1966A $100 United States Note is available, in circulated grades, to determined collectors willing to monitor auction archives, visit major currency shows, and deal with reputable specialists. It rewards patience. Heritage Auctions, Stack’s Bowers, and Lyn Knight Currency Auctions all handle examples with some regularity, and the Newman Numismatic Portal and PMG’s online census tool are invaluable for tracking recent sales and population data.
What the 1966A demands above all is informed buying. Know the serial number range. Insist on third-party certification for any note above the circulated grades. Understand that centering and paper quality vary more than the grade alone reflects. And appreciate what you are acquiring: the last of its kind, a red-sealed artifact from the twilight of a monetary tradition that once helped finance the Civil War and defined what American money could be. There is no finer capstone to a Legal Tender collection, and few more satisfying finds in all of 20th-century United States currency.
