What is a G-Note?
In the gambling community, the term G-Note refers to the one thousand-dollar bill. It is thought that the inclusion of the letter ‘G’ in this terminology originates from the fact that a thousand dollars is also commonly referred to as a ‘grand’.
G-Notes have not been in circulation for around 50 years now, so whenever one is found, it is something of a big deal.
The term G-Note is used much less frequently than its close friend the C-Note – used to refer to the hundred-dollar bill – and it refers to a thousand-dollar bill. The ‘G’ at the beginning of the phrase is taken from the word grand, meaning a thousand dollars (or pounds).
In banking – and much less often in gambling – thousand-dollar bills are referred to as large. For example, the phrase ‘forty large’ in banking would be taken to mean $40,000 in thousand-dollar notes.
A thousand dollars, though not necessarily in note form, can also be described as ‘K’ (from the word “kilo”) and “a stack.” G-Notes began to become circulated around 1860, at around the same time as the beginning of the American Civil War. In 1928, their production rate increased dramatically.
The fact that their production began with the American Civil War is more than a coincidence; it is thought that they were initially designed so that expensive ammunition could be bought and exchanged rapidly. Following this, G-Notes were mainly used in real estate transactions or transfers between banks.
Despite the fact that they are no longer in circulation – and haven’t been since the 1960s – G-Notes featured the 22nd President of the United States, Grover Cleveland. He served as the country’s president from 1885 to 1889, then again between 1893 and 1897.
While having a thousand-dollar bill in common circulation throughout America might seem ludicrous nowadays, it’s not the highest-denomination bill that has ever been issued; the country has seen $5000, $10,000, and even $100,000 bills in circulation.
Some experts believe that the resurfacing of G-Notes is highly unlikely, given that having a large amount of high-denomination bills in circulation almost always leads to depreciation and/or inflation.