You probably have a $20, $50, or $100 bill in your pocket right now. But have you ever wondered about bills of larger denominations? is there a $500 bill? What about $1000? Are they still in circulation? And are they legal tender? Keep reading to learn all you need to know about the $500 bill.
Is There A $500 Bill?
Image source: Pinterest
Yes, $500 bills do exist. Although it’s no longer in circulation, a $500 bill continues to be in high demand. It is a sought-after currency among collectors.
Brief History of the $500 Bill
The Department of the Treasury’s Bureau of Engraving and Printing printed notes for large denominations such as $500, $1000, $5,000, and $10,000. Today, however, the $100 bill is considered the highest denomination.
In the 19th century, the first $500 bill was printed and continued to be issued into the 1960s. There were millions of $500 notes printed during this time.
Moving into the 20th century, the $500 bill was more commonly used by the wealthy and by banks to settle large payment transfers. With the evolution of banking technology, the high-denomination notes, including the $500 bill, slowly became outdated, with the last few $500 bills printed in 1945.
Finally, on July 14, 1969, the Federal Reserve discontinued the $500 and removed it from public circulation.
How Much Is A $500 Bill Worth Today?
Image source: Pinterest
If the $500 bill is in good condition, it can be worth a minimum of $650. But this value is variable as there are certain factors that can affect their monetary value today.
Here are some of the instances where a $500 can have a significantly higher value:
#1. The $500 gold certificate note printed in 1882 was common, but if it has a specific seal type and signature, it can result in the bill’s value going up to thousands of dollars.
#2. The $500 gold certificate note was printed by the United States Department of the Treasury’s Bureau of Engraving and Printing in 1922 and is deemed to be the last large-sized $500 note printed in the country. These bills have a ballpark value of $4,000 today, but if the note is in pristine condition, the value can go up to thousands of dollars.
#3. The gold notes printed in 1928 are also more valuable because they were published when gold certificates were being issued in the US for the last time. At this time, only 420,000 $500 bills were printed. Today, their value can range between $2,000 and $15,000.
With so many considerations, it is best to reach out to a qualified collector for appraisals.
Can You Get A $500 Bill From The Bank?
Despite the $500 still being legal tender, you won’t be able to get one from your bank. The bill is now classified as a collector’s item, so you’ll have more luck finding a $500 bill with private collectors.
How Many $500 Bills Are Left?
Millions of $500 bills were printed before the denomination was discontinued, but it is nearly impossible to determine how many of those $500 bills are still around.
The Federal Reserve banks are also mandated to destroy these notes as they are no longer in circulation.
Do They Still Print $500 Bills?
No, $500 bills are no longer printed.
Featured image source: Pinterest.com