$500 Note – If you’ve ever inherited old currency or stumbled across a mysterious $500 bill tucked away in a family album, it might be time to pay closer attention. These high-denomination notes—once used in large transactions and mostly retired from circulation in the 1960s—have become highly sought after by collectors. What looks like a forgotten piece of paper could actually be worth tens of thousands of dollars. One such note, originally issued by the U.S. Treasury, can fetch up to $75,000 or more, depending on its condition, rarity, series, and specific features. While the average person may not be familiar with the history behind $500 bills, understanding how to identify a valuable one could turn your forgotten stash into a life-changing discovery. Let’s explore how to spot an authentic $500 bill, why they’re so valuable, and which ones could be hiding in plain sight with five-figure price tags.
What Makes a $500 Bill So Valuable?
Many people don’t even realize that $500 bills ever existed. They were once issued primarily for bank-to-bank transactions but were officially discontinued in 1969. However, those that remain in circulation or private hands can be worth a small fortune.
Key Factors That Influence Value:
- Series Year – Older series, such as 1928 and 1934, are typically more valuable.
- Federal Reserve District – Some districts issued fewer $500 bills, making them rarer.
- Condition/Grade – Crisp, uncirculated notes fetch the highest prices.
- Star Notes – Notes with a star symbol in the serial number are much rarer.
- Unique Serial Numbers – Patterns like repeating numbers or palindromes increase value.
Types of $500 Bills That Fetch High Value
There are several variants of the $500 bill. While all are collectible, some are especially rare and command top dollar at auction.
| Series Year | Portrait | Federal Reserve Bank | Star Note Possible | Top Value (Approx.) |
|---|---|---|---|---|
| 1928 | William McKinley | New York, Chicago, etc. | Yes | $40,000+ |
| 1934 | William McKinley | Multiple Districts | Yes | $30,000+ |
| 1934A | William McKinley | Boston, Atlanta, etc. | Rare | $25,000+ |
| 1928 Star Note | William McKinley | Limited | Yes | $75,000+ |
| 1934 Error Notes | William McKinley | Rare Cases | No | $60,000+ |
How to Spot a Real $500 Bill
If you’ve got an old high-denomination bill, here are the key ways to verify if it’s the real deal and potentially worth thousands.
Visual and Paper Clues
- Portrait: All genuine $500 bills feature a portrait of President William McKinley.
- Seal: Look for a green or blue Treasury seal, depending on the series.
- Serial Number: Should be printed twice and clearly match.
- Paper Quality: Authentic notes are printed on distinct currency-grade paper that feels different from normal paper.
Security Features and Details
- Microprinting: Later issues have finer detail that’s hard to replicate.
- Star Symbol: Indicates a replacement note—rare and valuable.
- Watermark & Thread: While earlier $500 bills didn’t include modern watermarks, later ones may include small security enhancements.
- Federal Reserve Bank Code: This code appears as a letter and affects value depending on rarity.
How Much Is Your $500 Note Really Worth?
The value of a $500 bill varies widely, and it depends on condition and market demand. You can get a basic estimate yourself or have it professionally appraised.
| Condition | Collector Value |
|---|---|
| Poor (heavily worn) | $600–$1,000 |
| Fine (average use) | $1,500–$3,500 |
| Extremely Fine | $5,000–$12,000 |
| Uncirculated | $15,000–$40,000 |
| Rare Star Note | $50,000–$75,000 |
Where to Sell or Get Appraisal for Your Note
Thinking of cashing in? You have several reputable options.
Top Ways to Sell or Authenticate
- Currency Dealers: Certified dealers can appraise and offer direct sales.
- Auction Houses: Sotheby’s and Heritage Auctions often handle rare currency.
- Online Platforms: eBay or specialized currency forums.
- Local Coin Shops: A good starting point for initial evaluation.
- Professional Appraisal Services: Organizations like PCGS Currency or PMG.
It might be time to check that old envelope in your drawer or go through your grandparents’ belongings. A $500 bill may look ordinary at first glance, but with the right serial number or historical background, it could turn into a windfall.
Whether you’re a casual collector or just stumbled across one, understanding the factors that make these bills valuable can help you avoid missing out on thousands of dollars.
FAQs
Q1. Are $500 bills still legal tender?
Yes, $500 bills are still legal tender, but they are worth much more to collectors than face value.
Q2. How can I tell if my $500 bill is real?
Look for authentic features like President McKinley’s portrait, clear serial numbers, and proper paper quality. A currency dealer can help verify.
Q3. Why were $500 bills discontinued?
They were discontinued in 1969 due to lack of use and concerns about money laundering.
Q4. Are star notes really that rare?
Yes, star notes replace misprinted bills and were printed in small quantities—making them especially valuable.
Q5. What should I do if I find a $500 bill?
Don’t spend it—have it appraised by a professional or a certified currency dealer to determine its collector value.
