Is there a $500 Bill? Detailed answer for 2023

The money system in the US has considerably evolved, and nowadays, cashless systems have taken over. However, despite the currency system’s strides, some people still carry cash around. The US paper currency is available in seven denominations, including $1, $2, $5, $10, $20, $50, and $100 bills. However, someone may wonder, “is there a $500 bill” or a larger bill? Unfortunately, yes. There are $500 bills, but they are no longer in circulation nowadays.

The US discontinued denominations more than the $100 bill as it sought to overcome the increasing erudition of thieves due to a lack of demand and rising costs. Although the Treasury discontinued printing the $500 bills years ago, it doesn’t mean it’s worthless. Most of the $500 bills are in the hands of collectors, and if you have one, its actual value might be more than its face value.

Is there a $500 bill?

Despite its rarity, a $500 bill is still legal tender in the US. However, you will not find a $500 bill in circulation today because collectors and dealers own most of these notes. In addition, the market value of a $500 note might exceed its face value because they are some of the most sought-after notes.

However, the true cost is substantially greater because it is valuable and collectible. Due to its scarcity, originality, and amazing design, it continues to be popular among collectors and fetches high prices at auction. Holders of $500 bills can buy and sell these notes on sites such as eBay or Antique Money, an organization with 20 locations in the US where people can trade paper currency.

History of the $500 bill

The Bureau of Engraving and Printing (BEP), the division of the Department of Treasury responsible for printing and circulating currency, had issued some hefty bills. BEP printed and circulated $500, $1,000, $5,000, and $10,000 bills. However, the BEP discontinued these large bills; nowadays, the largest ones in circulation are the one-hundred-dollar bills. Nowadays, the most significant note is the $100 bill, which implies that if you hold a $500 bill, you have something of substantial value.

North Carolina was the first to issue a $500 bill in 1780, followed by Virginia a year later. More high-denomination bills came into the fold during the American Civil War and the war of 1812 as Confederate currency. According to AntiqueMoney.com, millions of $500 bills were printed during the bill’s lifetime.

Additionally, during the Federal banknote era that started in 1861, Congress approved printing $500 bills. In 1934, the Fed issued the last series of the $500 bill featuring President William McKinley’s portrait.

According to the Treasury Department, the $500 bill, although found in high-net-worth individuals’ pockets, was a preserve for banks to use in completing large payments. With technological advancement, high denominations started becoming obsolete, and in 1945 BEP printed the last $500 bill.

In July 1969, the Federal Reserve System discontinued high denomination bills, including the $500, and started taking them out of circulation.

Who is on the face of the $500 bill?

Many prominent figures are featured in the US dollar bills. There are various versions of the $500 bill, and the portrait featured depends on the series of bills. The two most common versions are those released in 1918 and 1928-1934. The maiden $500 bill issued in 1862 portrayed Albert Gallatin, the longest-serving Department of Treasury Secretary.

The 1918 Blue Seal Series

The 1918 Blue Seal series of the bill featured John James Marshall’s portrait, the 4th US chief justice, on the front and on the backside it depicted Spanish explorer Hernando de Soto discovering the Mississippi River.

The 1928-1934 Green Seal series

According to BEP, the other common dollar bills were the 1928-1934 Green Seal series, and they featured the 25th President of the US, William McKinley’s portrait.

The other $500 bills featured prominent American people and presidents on the front, such as presidents John Quincy Adams and Abraham Lincoln. Alexander Hamilton is equally featured on the $500 bill.

Other notable figures that can be seen in some bills include William Learned Marcy, who was State Secretary in the Pierce administration and New York senator in the 19th Century DeWitt Clinton.

Do banks still have the $500 bill?

The Federal Reserve discontinued circulation of the $500 bill and other high denominations in 1969. Therefore your bank won’t issue this paper currency, nor will the ATM spit $500 bills nowadays. When banks receive these high denominations, they send them back for destruction.

The $500 bill is still legal tender, and if you have one and take it to the bank, they will honor the note’s value and deposit the amount to your account, and they will take the bill to be destroyed.

But why take them to the bank when they can earn more than their face value? Most of the remaining $500 bills are either in numismatic dealers’ or collectors’ safes; if you have your own, you could get more than the face value of the note.

How many are five hundred dollar bills left?

Is there a $500 bill in circulation today? There are still $500 bills, but you may not find them in circulation, just like regular $1000 bills. The BEP printed and circulated millions of $500 bills before discontinuing them. However, it is hard to determine how many are left today because most of these bills are in the hands of collectors.

Why were $500 bills taken out of circulation?

The $500 started being phased out of use with technological development because they could not be used anymore to facilitate large volume transactions between banks. With declining demand, the notes became popular for illicit transactions such as money laundering.

The use of $500 notes in transacting illegal activities necessitated the discontinuation through a US government order. Most of the notes were destroyed or redeemed, making them rare and most sought-after treasures by collectors.

What is the value of a $500 bill?

Is there a $500 bill worth more than its value? As indicated above, these bills are rare, and as a result, their actual value could be more than the face value. However, the worth of the $500 bill varies depending on different factors. The most critical factors determining the value of the $500 bill include its rarity and condition.

For instance, if the bill is in good condition and has not been worn or tattered, it can be worth around $650 to $800. Interestingly your $500 bill could fetch more if there is something special about it.

In 1922, the BEP produced a gold certificate of the $500 bill, the largest $500 bill ever printed in size in the US. The note can cost upwards of $4,000; if it is in perfect condition, it can cost up to tens of thousands.

Also, the standard 1882 gold certificate note had unique features like a signature and seal that can climb its value to hundreds of thousands of dollars.

Interestingly the 1928 gold certificate $500 bill is more valuable since it was issued during the year when gold certificates were issued in the US. It has a star symbol at the end of the serial number, which boosts its value. There were only around 420,000 of the bills printed, and each can be worth between $2,000 and $15,000.

Each $500 bill from the issued versions has its unique value. However, determining the value of your note can take time, considering various factors such as the state of the bill and its rarity.

The value of the $500 bill is whatever the collector wants to pay. If your bill is in good condition, then it will fetch more. The William McKinley 1934 dollar is the most common version of the $500 bill and is considered to have the least value of between $600 and $1500.

On the other hand, the 1918 Blue Seal series notes are the rarest and are considered worth more than $5000 to $10000, depending on their condition.

Why did the US government print the $500 bill and other bigger bills?

The introduction of the $500 bill and other large denominations was mainly to aid transactions between financial institutions and businesses. For an average person, the bills could be used to make large purchases depending on where the business person stayed and if merchants were okay with accepting such big money. The large denomination was popular between 1862 and 1945 before the evolution of the banking system.

The last $500 bill was issued in 1934, and during this period, the average American could not have a $500 bill in their pocket or account, considering this was the period of the Great Depression, the Stock Market Crash, and The Dust Bowl.

An average person during this period could hardly see a $50 or $100 bill, leave alone a $500. This added to the technological advancement of electronic fund transfers, making the notes unpopular and unneeded.

Before the introduction of wire transfers, banks and other financial institutions were using large dollar bills to settle transactions and payments. However, with the development of wire transfer which was secure and safer, people didn’t need the $500 bills leading to a drop in demand for their usage. With usage declining, it led to the BEP discontinuing its issuance.

What are the other large dollar bills ever produced?

Besides the $500 bills, the BEP printed the $1,000, $5,000, $10,000, and $100,000 bills. The 1934 gold certificate $100,000 bill was the biggest to have ever been printed. These notes were only a preserve of Federal Banks and the US Treasury for official transactions. Only federal banks with an equivalent amount of gold to the $100,000 bill received the notes. The bill featured the portrait of Woodrow Wilson.

Similar to the $500 bill, the $1,000, $5,000, and $10,000 bills were discontinued on July 14, 1969, since they were not in demand. Interestingly it is different from the Treasury stopped printing them; they hadn’t been in print since 1945. With the declaration to discontinue the bills, they fell out of circulation.

They became rare, but some are still in collectors’ hands. It is estimated that by 2009 there were around 336 $10,000 bills. Also, Skate indicated that $1,000 bills were around 165,732 while $5,000 were 342.

Is there any chance that the $500 bill will make a comeback?

It is also doubtful that these denominations of bills would ever enter regular use in the US due to the heightened risk of forgery and usage for criminal activities. Additionally, the money system has evolved into a safe and secure cashless system, so it is unlikely that we could ever see a $500 bill in circulation again.

“Is there a $500 bill” available for sale through banks?

The banks might have received the $500 bills, but most were returned to the Fed and destroyed. Therefore you cannot buy one from a bank. Additionally, buying one from your local pawn shop is not easy because of the bill’s rarity.

If you want to purchase a $500 bill, you can get one through Collectors Corner or eBay. However, risks are involved if you need to know the right features to look for. So always go for a certified and trusted dealer.

More About the $500 Bill?

Despite the $500 bill not being used, it is still legal tender. If you have a $500 bill, you can get it evaluated by different collectors to determine its true value before selling it. However, you can still get a value that is more than the face value of the bill by selling it to the collectors.

The evolution of the money system might have phased out these large dollar bills, and despite the US Treasury discontinuing their circulation, they are still highly valued.

If you know more about the $500 bill, let us know in the comments.

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