The currency restrictions are, to the best of my knowledge, on the FACE value of the currency or monetary instrument. If I'm bringing a 1969-S Lincoln Cent With a Doubled Die Obverse (value, about $35,000) in or out of the country, I believe it's only considered 1 cent.
From CPB.gov
You may bring into or take out of the country, including by mail, as much money as you wish. However, if it is more than $10,000, you will need to report it to CBP. Ask the CBP officer for the Currency Reporting Form (FinCen 105). The penalties for non-compliance can be severe.
“Money” means monetary instruments and includes U.S. or foreign coins currently in circulation, currency, travelers’ checks in any form, money orders, and negotiable instruments or investment securities in bearer form.