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- A rare find today, $500 dollar bills are still genuine U.S. Last printed in 1945, the government stopped the distribution of this denomination by 1969. Initially, $500 dollar bills were used for transactions between banks and large private exchanges, such as a down payment on a house.
Does a $500 dollar bill really exist?
The US currency system has gone through many changes over the years especially paper money. These changes in the paper money were made due to many reasons. One of those reasons is to overcome the sophistication of thieves.
The other reasons include the lack of demands and the rising costs. Due to these changes, there were many denominations of the paper currency which also includes the 500 dollar bill.
The US treasury stopped printing this builds many years ago but the $500 bill did not lose it’s worth even today. What is not merely a piece of paper but holds a lot of value and worth.
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You’re right to be skeptical. A bill with that high of a denomination sounds crazy.
It’s almost inconceivable to picture carrying one piece of paper that can buy you 500 items from the dollar menu?
Contents
- 3 Who is on the $500 dollar bill?
Is there a $500 dollar bill?
Yes, there is a $500 dollar bill and it’s completely real.
Though the bill as been uncirculated since 1945, it’s still legal tender. If you had one, you could use it to buy your groceries. But I wouldn’t recommend it. The actual value of a $500 bill is much larger than the face value of the bill. Which is common when it comes to large bills since they are rare bills.
The first federal reserve note worth $500 was printed in 1918. The next series of bills were printed between 1928 and 1934.
The History of $500 Bill
The province of North Carolina issued the very first $500 note in May of 1780. After one year Virginia followed it by creating a $500 note of its own.
During the civil war and the war of 1812, these high denomination notes were issued as the confederate currency. Later the issuance of these 500 dollar notes was authorized by Congress.
This was the periodof the federal banknote which begin in 1860. The federal reserve note issued the last $500 bill in 1934. On the front of this $500 note, there was the picture of President William Mckinley.
The federal reserve system officially discontinued the high denomination bills which also includes the $500 bill in July of 1969. It was done because these bills got out of circulation.
However, these bills are still considered legal tender. As it is a collector’s item, so, if you have a 500 dollar bill then it is better for you to sell it to a collector then to make a purchase from these bills.
Who is on the $500 dollar bill?
William McKinley is the president of the $500 dollar bill.
But, as I mentioned, there are two series of five hundred dollar notes. John James Marshall, the fourth Chief Justice of the United States, is on the 1918 series of the $500 dollar bill. William McKinley is on the 1928-1934 series.
$500 Bill Series 1918 Blue Seal
The front of this series bill is adorned by the face of John James Marshall. He was the Chief Justice from 1801 to 1835. This makes him the longest-serving Chief Justice. Fun fact: he was also classmates with the future president James Monroe.
The backside of the bill depicts an image of de Soto discovering the Mississippi.
$500 Bill Series 1928-1934 Green Seal
This series of the bill actually depicts a president. The 25th president of the United States, William McKinley is on the $500 dollar bill.
The backside of the bill depicts “500 hundred dollars” as shown below:
Can I still get a five hundred dollar bill from the bank?
Though the $500 dollar bill is still considered legal tender, you won’t get one at the bank. Since 1969, the $500 bill has been officially discontinued according to the Federal Reserve high-denomination bills. This included the $500 dollar bill, the $1,000 dollar bill, the $5,000 dollar bill, and the $10,000 dollar bill.
Whenever a bank receives one of those bills, they’re instructed to send it in for destruction. Of course, if you bring a $500 dollar bill to the bank to deposit, they’ll honor the value but you’ll lose the bill.
Why did they stop making these bills?
Initially designed to ensure faster high-denomination transactions between banks and account holders, the Federal Government developed the $500 bill (along with other high denomination bills).
However, these have fallen out of circulation and are no longer printed due to low levels of use, and the ease of counterfeiting increasing with time.
What is a $500 dollar bill worth?
As the $500 bill is a collector’s item. The worth of any collector’s item is determined by the number of factors.
These factors include the condition of the item and its rarity. So, the worth of a $500 bill is determined by the same factors. The most commonly used $500 bill is that which was issued in 1934 having the picture of McKinley.
At that time over 900,000 of these notes were printed. Out of those 900,000, it is believed that 75,000 of those notes are still in circulation today and are available to the collectors.
These bills are worth between $600 to $1500. Their average worth can be 40% premium to the face of bill value.
However, they can be of much more worth. The $500 bill that was issued in 1928 has the most value and worth. This five hundred dollar bill has the star symbol at the end of the eight digits a serial number of the note.
This star symbol boost it’s worth. It has more worth just because of its rarity. It’s worth is more than $10,000.
You should not use it to buy your groceries or something like that, as the worth of this bill is far more than its face value.
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Because of the rarity of a $500 dollar bill, its real value is much greater than its face value.
The value of a collector’s item is really whatever a collector is willing to pay for it. A bill in good condition is worth more than one in bad condition.
The 1934 $500 dollar bill that depicts William McKinley is the most common series, which means it has the least value. Even still, these bills are worth between $600 and $1,500 depending on their condition.
The rarer, 1918 $500 dollar bill is worth considerably more – between $5000 and $10,000 depending on condition.
Where can I buy a $500 dollar bill?
Unfortunately, you won’t probably find a “$500 dollar bill for sale” sign at your local pawn shop.
If you’re looking to buy one of these five hundred dollar bills your best bet is to contact several online dealers to see if they have any for sale.
You can also try looking on eBay. However, it’s definitely riskier to buy a $500 dollar bill from eBay than a trusted and certified dealer.
In a Nutshell
While not as rare as higher-tier bills, the $500 bill is still 100% legal U.S. government tender.
If you’re able to locate a rare/older series of the $500 bill, its value may be 20x its actual denomination.
While these bills were made to create faster, more accurate transactions between banks and customers, they were rarely used and eventually fell out of circulation and production.
These aren’t the only high tier bills..
There’s a $1,000, $5,000, $10,000, and even a $100,000 bill—to know more about those, check out our other guides on quite literal old money.
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SACRAMENTO, Calif. (AP) — The first data from an experiment in a California city where needy people get $500 a month from the government shows they spend most of it on things such as food, clothing and utility bills.
The 18-month, privately funded program started in February and involves 125 people in Stockton. It is one of the few experiments testing the concept of “universal basic income,” an old idea getting new attention from Democrats seeking the 2020 presidential nomination.
Stockton Mayor Michael Tubbs has committed to publicly releasing data throughout the experiment to win over skeptics and, he hopes, convince state lawmakers to implement the program statewide.
“In this country we have an issue with associating people who are struggling economically and people of color with vices like drug use, alcohol use, gambling,” he said. “I thought it was important to illustrate folks aren’t using this money for things like that. They are using it for literal necessities.”
But critics say the experiment likely won’t provide useful information from a social science perspective given its limited size and duration.
Matt Zwolinski, director of the Center for Ethics, Economics and Public Policy at the University of San Diego, said people aren’t likely to change their behavior if they know the money they are getting will stop after a year and a half. That’s one reason why he says the experiment is “really more about story telling than it is about social science.”
Plus, he said previous studies have shown people don’t spend the money on frivolous things.
“What you get out of a program like this is some fairly compelling anecdotes from people,” he said. “That makes for good public relations if you are trying to drum up interest in a basic income program, but it doesn’t really tell you much about what a basic income program would do if implemented on a long-term and large-scale basis.”
The researchers overseeing the program, Stacia Martin-West at the University of Tennessee and Amy Castro Baker at the University of Pennsylvania, said their goal is not to see if people change their behavior, but to measure how the money impacts their physical and mental health. That data will be released later.
People in the program get $500 each month on a debit card, which helps researchers track their spending. But 40% of the money has been withdrawn as cash, making it harder for researchers to know how it was used. They fill in the gaps by asking people how they spent it.
Since February, when the program began, people receiving the money have on average spent nearly 40% of it on food. About 24% went to sales and merchandise, which include places like Walmart and discount dollar stores that also sell groceries. Just over 11% went to utility bills, while more than 9% went to auto repairs and fuel.
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The rest of the money went to services, medical expenses, insurance, self-care and recreation, transportation, education and donations.
Of the participants, 43% are working full or part time while 2% are unemployed and not looking for work. Another 8% are retired, while 20% are disabled and 10% stay home to care for children or an aging parent.
“People are using the money in ways that give them dignity or that gives their kids dignity,” Castro-Baker said, noting participants have reported spending the money to send their children to prom, pay for dental work and buy birthday cakes.
Zohna Everett, 48, and her husband are among the recipients. When the experiment started she was unemployed and her husband was making $110 a day as a truck driver. They were always late paying their bills, and the pressure caused problems with their marriage.
Once she got the money, Everett set it up to automatically pay bills for her electricity, car insurance and TV. She donates $50 a month to her church and still has some left over for an occasional date night with her husband. And the extra income was enough of a cushion to allow her husband to pay off her wedding ring with their other income.
She said she and her husband now both have jobs working at the Tesla plant in Fremont.
“I think people should have more of an open mind about what the program is about and shouldn’t be so critical about it,” she said. “A poor person knows how to budget.”
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This story has been updated to correct the spelling of Zohna Everett’s first name.