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The 1974 $100 Federal Reserve Note graded Gem Uncirculated 66EPQ by PMG represents one of the highest-quality surviving examples of a classic U.S. large-denomination banknote from the post-gold standard era. Issued at a time of economic turbulence and transformation, this note combines elegant, time-honored design with full originality and top-tier condition. With near-flawless centering, deep inking, and untouched paper surfaces, the 66EPQ grade places this note in the top percentile of its class, making it an ideal specimen for advanced collectors, type set builders, and those preserving historically significant examples of 20th-century American currency.
Printed during the mid-1970s, the Series 1974 $100 note bears the signature combination of Francine I. Neff as Treasurer of the United States and William E. Simon as Secretary of the Treasury. These officials served during President Gerald Ford’s administration, a time of high inflation, economic stagnation, and continued global transition following the final severance of the dollar from gold. By 1974, the U.S. had fully adopted a floating fiat monetary system, and this $100 note—while still honoring the traditions of pre-1970s currency—circulated as purely fiat legal tender. The note’s legal statement confirms this, reading: “This note is legal tender for all debts, public and private,” without mention of gold or silver redemption.
The obverse of the note features a boldly engraved portrait of Benjamin Franklin, the American polymath, diplomat, inventor, and statesman whose image has graced the $100 denomination since the small-size series began in 1928. Franklin is depicted facing right in a detailed, neoclassical oval frame surrounded by intricate scrollwork and a crisp, symmetrical layout. The black Federal Reserve Bank seal appears to the left of the portrait, while the green U.S. Treasury seal is placed on the right. Serial numbers printed in vivid green are found in the upper right and lower left quadrants. In this 66EPQ example, all print elements are bold, clear, and evenly aligned, with sharp impression lines and no signs of handling or deterioration.
The reverse of the note features Independence Hall in Philadelphia, the site of the signing of the Declaration of Independence and the drafting of the U.S. Constitution. The image captures the east façade of the building with high precision, surrounded by trees and open landscaping, all framed by a border inscribed with “THE UNITED STATES OF AMERICA” and “ONE HUNDRED DOLLARS.” The green engraving is deep and uniform, with sharp architectural detail and clear contrast, reflecting the traditional style of U.S. currency design prior to the major redesigns of the 1990s. In Gem Uncirculated condition, the reverse is visually perfect, with no ink smears, paper toning, or centering issues.
PMG’s Gem Uncirculated 66EPQ grade indicates that the note meets extremely high standards for centering, embossing, and overall paper integrity. The “66” score reflects perfect or nearly perfect margins, sharp corners, and superior eye appeal. The EPQ (Exceptional Paper Quality) designation confirms that the note is fully original, retaining its as-printed texture, brightness, and wave. The paper has not been altered, pressed, or chemically treated in any way. This combination of attributes makes it a top-level acquisition for collectors who prioritize both condition and authenticity in their currency holdings.
Though Series 1974 $100 notes were printed in large volumes to meet the demands of high-value banking and commercial transactions, few were preserved in uncirculated or gem condition. Most were quickly absorbed into daily commerce, often in institutional settings, where they experienced rapid wear or were destroyed as part of Federal Reserve currency cycling. Today, PMG-certified 66EPQ notes from this series are relatively scarce, especially in such pristine form. Their value and desirability continue to rise among collectors who understand the narrowing availability of truly high-end examples of older notes without modern security features.
This note holds significant historical value. Issued shortly after the U.S. fully ended the international convertibility of the dollar to gold, it circulated during a time of economic transition marked by stagflation, oil crises, and debates about monetary policy. The dollar had now become purely fiat, and this note, issued without any reference to metallic backing, represents the full adoption of a central bank-managed monetary system. It is a product of the same period that saw the rise of inflation-indexed instruments, growing skepticism about the dollar’s global dominance, and rising demand for monetary reform.
The $100 denomination is not only the highest still in general circulation today, but it also serves as a lasting symbol of financial trust and liquidity. Benjamin Franklin’s portrait and the image of Independence Hall together convey the ideals of American innovation, freedom, and institutional continuity. The balance, symmetry, and traditional engraving techniques used in this series offer a visual harmony that makes it one of the most admired classic notes by collectors. The 1974 issue, as the last before the design change to the Series 1990 and beyond, preserves the final chapter of this traditional aesthetic.
For serious collectors, a Gem Uncirculated 66EPQ note from the 1974 series offers a unique combination of quality, design integrity, and historical placement. It is ideal for inclusion in a complete Federal Reserve district set, a high-denomination type set, or a curated collection focused on U.S. economic transitions. The note’s high grade ensures long-term value retention and makes it a centerpiece-worthy addition, whether framed, stored in a professional holder, or cataloged among similarly high-end currency examples.
The Certified 1974 $100 Federal Reserve Note graded Gem Uncirculated 66EPQ by PMG stands at the intersection of condition excellence, historical significance, and design mastery. With sharp engraving, pristine originality, and flawless preservation, it is among the finest survivors of an era that shaped modern U.S. monetary policy. Whether acquired for investment, display, or a top-tier type set, this note delivers unmatched visual quality and lasting collector appeal.