” The real “high denomination” bills, the $500 and $1000, were removed from circulation a long time ago.”
They were used for transfers between banks. I don’t think they ever circulated among the public at large.
$5000 & $10000 bills were typically bank to bank transfer notes however were available for public use. $500 & $1000 bills were commonly in circulation until the late 60s, when in June 1969 they were removed under the guise of curtailing “illicit” activity (i.e. drug trafficking.) [s] How well did that work out?[/s]
while the 500 and 1000 were mostly for banks, they were still legal tender and did circulate.