Which of these U.S. paper currencies (bills) is the most expensive to print?

Throughout history, most countries’ currencies were initially minted in rare metals. Over time, many countries, including the U.S., began holding their valuable metals in reserve and started issuing paper and coins as stand-ins for the real thing.

The United States ditched its gold standard (paper money backed by actual metal) in 1933. These days, U.S. dollars are considered to be "fiat" currency*. They are backed only by the U.S. government, not actual gold or silver. The face value of U.S. currency no longer has anything to do with the value of the material it is made of.

Today the U.S. government spends more (7.53¢) to coin a nickel worth 5¢, than it does to print a $1 bill. The $100 bill is especially costly to print. According to the Federal Reserve, it costs 14¢ to make a $100 bill; printing a $1 bill costs about 6.2¢.

The $100 bill costs more to print for security reasons. U.S. bills use various measures to make counterfeiting tough. The security gets tougher (and its price goes up) as the denomination of the bill does. The scale of production and price of raw materials may also increase costs.

The Federal Reserve Bank officially discontinued the $1,000 bill in 1969.

*Fiat money is defined as: A currency or medium of exchange which has been established as money, usually by government regulation. It has no intrinsic value, but is nevertheless considered valuable because a government maintains its value, or because parties engaging in exchange agree on its value.