A legislative push to create a $250 bill to honor President Donald Trump could provide an unintended windfall for transnational criminal organizations, according to policy experts and historical Treasury records. The bill, introduced by Rep. Joe Wilson (R-S.C.) and currently pending in the House Financial Services Committee, seeks to commemorate America’s 250th anniversary. However, law enforcement experts echo 1998 Treasury Department testimony which warned that high-denomination notes make bulk cash smuggling significantly easier. For instance, moving $1 million in $500 bills drops the physical payload from 22 pounds down to just 4.4 pounds, vastly simplifying covert transportation for drug cartels and tax cheats.
According to illicit finance expert Peter Reuter of the University of Maryland, a $250 bill would cut the physical weight of that cash down to about 9 pounds, a 60% drop from using $100 bills.
The United States halted the issuance of $500, $1,000, $5,000, and $10,000 bills in 1969. While Treasury and Federal Reserve officials blamed a drop in public demand, law enforcement agencies have consistently argued that these high-value notes primarily served as vital tools for organized crime, tax evasion, and money laundering.
A spokeperson confirmed Treasury Secretary Scott Bessent and President Trump have backed the legislation during “multiple occasions” speaking directly with the congressman. Officials say criminal syndicates historically paid a premium for €500 notes to minimize the physical volume of smuggled currency. The bill’s deep association with illicit activities earned it the nickname “Bin Laden” before the European Central Bank discontinued its issuance in 2019 over money laundering and terror financing vulnerabilities.
The bill has sat pending in the House Financial Services Committee since February 2025 despite carrying 15 cosponsors. As of Friday, the Congressional Budget Office had not yet released a cost estimate for the proposal.
