Is There a $500 Bill? | Large Currency Bills | APMEX (2024)

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Is There a $500 Bill?

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Is There a $500 Bill? | Large Currency Bills | APMEX (3)

In the vast landscape of U.S. currency, you might have asked yourself: Is there a $500 bill? The answer is yes, but you will unlikely find one in your laundry. The $500 was officially discontinued by the U.S. Congress in 1969, although the Bureau of Engraving and Printing (BEP) has not printed one since 1945. While it is still a legal tender, a $500 bill could be worth much more than its face value. Today, they are mainly in the collections of numismatists or investors.

Birth and Progression of the $500 Bill

A $500 bill debuted in America in the late 18th century when North Carolina and Virginia first printed $500 notes. There were multiple designs throughout the 1800s, with numerous portraits used throughout the years. People such as John Quincy Adams, Joseph Mansfield, Charles Sumner, and Abraham Lincoln were featured on these early $500 notes.

One of the most famous designs on the $500 was printed in 1918. This “Blue Seal” note featured John Marshall on the front and the artwork “Hernando DeSoto Discovering the Mississippi in 1541” on the back.

The most common $500 bills found today were printed beginning in 1928 and feature President William McKinley. These $500 notes are worth many times more than the actual face value, with their overall worth dependent on their condition.

Why Is There a $500 Bill?

The $500 bill and its counterparts, like the $1,000, $5,000, and $10,000 bills, were designed for something other than everyday transactions. Instead, these high-denomination notes were primarily used for official transactions between Federal Reserve banks. During the early 20th century, when electronic transactions were not yet available, these bills facilitated the movement of significant sums of money between financial institutions.

These notes were essential tools for banks to settle balances with one another. They weren’t meant for the average citizen to carry in their wallets or use for daily purchases. The intricate designs and substantial denominations were a testament to their unique role in the financial system. While the $500 is considered the smallest “large denomination” bill, the largest one is a $100,000 gold certificate featuring the portrait of Woodrow Wilson.

The Demise of High-Denomination Currency

The era of high-denomination currency was relatively short-lived. In 1945, as World War II ended, the United States began reassessing its currency system. Concerns arose regarding the potential misuse of these high-value bills in illegal activities such as money laundering, tax evasion, and organized crime transactions. Therefore, the BEP stopped printing the larger denomination bills. The Federal Reserve System officially discontinued high-denomination bills such as the $500 note in 1969, citing a “lack of use.”

Are $500 Bills Legal Tender?

While the $500 bill is no longer in circulation, it is crucial to note that it remains a legal tender. This means that you could use a $500 bill to settle a debt or make a payment. However, the reality is that these bills are exceptionally rare and are worth much more than their face value.

Collectors are drawn to high-denomination bills for their monetary value, historical significance, and intricate designs. The portraits, engravings, and artistic elements on these bills tell a story of the time they were created.

Legacy of the $500 Bill

The $500 bill serves as a collectible item from a different era in American currency. Its story encompasses a time when large-size notes were integral to the functioning of the financial system. As the world transitioned and evolved with new technology, these high-denomination bills became obsolete. Large transactions no longer require paper money and can be performed easily in the digital era. Therefore, the legacy of the $500 bill lives on in the hands of collectors and enthusiasts.

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FAQs

Can you get a $500 bill from the bank? ›

American paper currency comes in seven denominations: $1, $2, $5, $10, $20, $50, and $100. The United States no longer issues bills in larger denominations, such as $500, $1,000, $5,000, and $10,000 bills.

How much is a $500 U.S. bill worth? ›

Current Value Of The 500 Dollar Bill

The current value of a 500 dollar bill is way more than its face value. This is why, despite the bills being legal tender, it is better to either invest in them or sell them at a premium. As of now, a 500 dollar bill's value can range from $1,500 to over $5,000.

How many $1000 dollar bills are there? ›

In 1969, the US government stopped printing anything larger than a $100 bill. The official US government's response to the discontinuation of $1,000 bills in 1969 was that they were discontinued due to a lack of interest. As a result, only a few thousand $1000 bills are in circulation today.

Are there $500 and $1000 bills? ›

On July 14, 1969, the Department of the Treasury and the Federal Reserve System announced that currency notes in denominations of $500, $1,000, $5,000, and $10,000 would be discontinued immediately due to lack of use. Although they were issued until 1969, they were last printed in 1945.

How much is a $1000 bill worth today? ›

Deciding the Value of a $1000 Bill Based on its Condition/Grade
$1000 Currency Note ConditionEstimate Collectible Value
Very Good Condition$1,500
Fine to Very Fine Condition$1,800 – 3,500
Uncirculated or Gem Uncirculated ConditionTens of thousands of dollars (as per rarity, serial number, demand, etc.)
May 4, 2024

Can I get a 5000 dollar bill? ›

Once upon a time, though, $500, $1,000, $5,000, $10,000 and $100,000 bills were in circulation. After the last printing of those denominations in 1945, the Treasury Department and the Federal Reserve discontinued them in 1969.

How many 500 dollar bills are still in circulation? ›

While the $500 bill is no longer in circulation, it is crucial to note that it remains a legal tender. This means that you could use a $500 bill to settle a debt or make a payment.

Are $500 bills collectible? ›

Key Takeaways. The $10,000 bill was the largest denomination ever to be printed for public circulation in the United States. A collector cannot legally hold a $100,000 bill. Today, a $500 or $1,000 bill may be worth more than its face value as a collector's item.

What is the world's largest currency note? ›

Measuring in at roughly the size of a sheet of legal paper, the world's largest single banknote is the 100,000-peso note created by the government of the Philippines in 1998.

How much is a $2 bill worth? ›

Most $2 bills in circulation are worth exactly that: $2. And even though you don't see a lot of $2 bills in everyday life, they are still being printed. The Treasury Department's Bureau of Engraving and Printing (BEP) planned to print up to 204 million $2 bills in 2022, CNN reported.

What President is on the $10,000 bill? ›

The front of the $10,000 bill has a portrait of Salmon P. Chase, the nation's Treasury secretary for President Abraham Lincoln. The words "The United States of America Ten Thousand Dollars" are in all caps on the back of the bill. Also known as Fr.

Are $2 dollar bills rare? ›

Uncommon but not rare

The Federal Reserve reported that in 2022, $2 bills in circulation amounted to $3 billion, a small fraction of the total $54.1 billion currency circulated that year. The note is considered uncommon but not rare.

Is it illegal to own a 500 dollar bill? ›

Some people think it is illegal to own or that it no longer exists. Neither of these is true. Owning a $500 bill is completely legal, and many of them are still out there in collectors' hands. Another myth is that these bills can't be used as money anymore.

What is the largest bill printed? ›

The $100,000 bill is the highest denomination ever issued by the U.S. Federal Government. Printed in 1934, it was not intended for general use, but instead was used as an accounting device between branches of the Federal Reserve. It is illegal for a private individual to own this banknote.

How much is a 1934 $100,000 bill worth? ›

United States one-hundred-thousand-dollar bill
(United States)
Estimated value$2,296,932 (1934 to 2023), $2,246,635 (1935 to 2023)
Obverse
DesignA vignette portrait of Woodrow Wilson
Design date1934
9 more rows

Do banks make $1000 bills? ›

So, let's sum up by saying yes, there is a 1000 dollar bill. While not commonly seen in circulation, the $1,000 bill was once issued by the United States government. Featuring a portrait of President Grover Cleveland, these bills were primarily used for large transactions between banks and are now prized collectibles.

How rare is a $500 dollar bill? ›

The most common $500 bill is the aforementioned 1934 Federal Reserve Note featuring McKinley. Over 900,000 of these bills were printed; however, less than 75,000 are believed to still be in circulation today and therefore available to collectors.

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