An elusive bill with a storied history, the intriguing $500 banknote carries a unique allure and is often traded at multiples of its face value.
Still legal tender, read on to find out why you'd probably want to hold on to a $500 bill should you be lucky enough to get one.
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Key takeaways
- The $500 bill is a discontinued denomination but still legal tender.
- The bill features a portrait of President William McKinley.
- The bill was discontinued primarily due to low usage and high production costs. With advancements in electronic transactions and decreasing demand for high-denomination bills, the need for $500 bills diminished over time.
- As a result of its discontinuation, the $500 bill has become quite rare and holds value among collectors. Obtaining a $500 bill can be done through various means, including banks, currency dealers, and auctions.
History
The $500 bill indeed has a fascinating history that extends over several years. The last series of $500 notes was introduced in 1934, which included two distinct designs.
The bill from the 1918 series had a picture of John Marshall on the front. He was the fourth Chief Justice of the United States Supreme Court. The back of the bill showed a fascinating scene of Hernando de Soto discovering Mississippi in 1541. Meanwhile, in the 1928 and 1934 series, the U.S. $500 bill featured a portrait of William McKinley, who served as the 25th President of the United States.
However, there was a widespread use of high-denomination notes in illegal activities. Thus, the government discontinued the production of $500 bills in 1969, along with other large-denomination notes.
How to identify a genuine $500 bill
When identifying a genuine $500 bill, it is important to pay attention to specific details and security features. Here are some key elements to look for:
- Design features. The front of a genuine $500 bill showcases a portrait of William McKinley. This design element is unique to the genuine $500 bill.
- High-quality paper. Genuine $500 bills are printed on high-quality paper that has a distinctive texture. This texture is difficult for counterfeiters to replicate accurately.
- Watermark. Genuine bills have a watermark embedded in the paper, typically depicting the portrait found on the front of the bill. This watermark becomes visible when illuminated from behind, adding an extra layer of security.
- Security thread. There is a security thread that runs vertically through the center of the bill. The thread is embedded within the paper and can be seen when held up to the light. It typically displays a repeated text denoting the bill's denomination or a specific pattern.
Who is the president on the $500 bill?
The $500 bill features a portrait of President William McKinley, who served as the 25th President of the United States. William McKinley was a prominent figure in American history, serving as President from 1897 to 1901. As a member of the Republican Party, McKinley played a significant role in shaping the nation during his time in office.
He is known for his role in the Spanish-American War, which helped establish the United States as a major world power. He also annexed Hawaii and Puerto Rico and signed the Gold Standard Act into law.
The portrait of William McKinley on the $500 bill pays tribute to his contributions as a statesman and his significant impact on American history.
How much is a $500 bill worth?
The face value of a $500 bill is still $500. This means that it can be used as legal tender to make purchases of goods and services equivalent to its denomination.
However, due to their scarcity and appeal to collectors, $500 bills can often have a higher value in the collector's market. You can find $500 bills for sale on marketplaces for 8 or 9 times face value.
The actual worth of a $500 bill beyond its face value will depend on various factors, such as its condition, rarity, and demand among collectors. Bills in excellent condition and with unique features or historical significance can command higher prices in the collector's market. The same can be said of other large-denominated bills, such as the $1,000 and $5,000 bills.
FAQs
Can you get a $500 bill from the bank?
Getting a $500 bill from a bank is possible, but it is uncommon. Banks generally keep a limited supply of bills no longer in circulation, and the $500 bill is not in high demand.
When was the last $500 bill printed?
The last $500 bill was printed in 1945 and was officially discontinued in 1969.
Are there any restrictions on owning a $500 bill?
No, there are no specific restrictions on owning a $500 bill. As legal tender, individuals are allowed to possess $500 bills without any limitations or legal restrictions. However, it's worth noting that due to their rarity and value to collectors, $500 bills are often held in private collections rather than being commonly found in circulation.
