You probably haven’t seen one. Honestly, most bank tellers working today haven’t seen one either. We’re talking about the US 500 dollar note, a piece of currency that feels more like a myth or a movie prop than something you’d actually use to buy groceries. It exists. Or, more accurately, it existed in the wild until the federal government decided that carrying around that much value in a single slip of paper was probably a bad idea for everyone involved.
Money is weird. We've collectively agreed that a specific blend of cotton and linen holds value, but that value shifts based on rarity and history. If you happen to find a 500 dollar bill in your grandmother's attic, don't just take it to the bank and deposit it for face value. That would be a massive mistake. You’d basically be handing the government a gift. Because while that bill is still "legal tender," its value to collectors—the people who actually care about numismatics—is significantly higher than the number printed on the corners.
The man on the bill and the birth of a giant
When people think of high-denomination bills, they usually imagine Ben Franklin. But the US 500 dollar note features William McKinley. He was the 25th President of the United States. He isn't usually the first guy people remember from history class, but he’s the face of one of the most sought-after banknotes in American history.
There were actually different versions. Before McKinley, there were notes featuring John Marshall, the fourth Chief Justice of the Supreme Court. There were even "high-back" and "small-size" variations. The most common one you'll find today—if you find one at all—is the Series 1928 or 1934 Fed Note. These were the workhorses of the banking world. Back then, if a bank needed to move a large sum of cash to another branch, they didn't want to carry around thousands of singles. It was bulky. It was heavy. It was a logistical nightmare.
The 500 dollar bill solved that. It was efficient. It was elegant.
But it also had a dark side.
Why the government killed the 500 dollar bill
It wasn't because people didn't like them. People loved them. Specifically, people who didn't want the government to know what they were doing loved them.
Imagine you’re a high-stakes gambler or someone involved in "unregulated" business in the 1940s. It is incredibly easy to hide $50,000 if it only takes up 100 bills. You could fit a small fortune in a coat pocket. By the time the 1960s rolled around, the Department of the Treasury and the Federal Reserve noticed a pattern. These high-denomination notes—including the $1,000, $5,000, and the logic-defying $10,000 bill—were primarily being used for money laundering and organized crime.
They stopped printing them in 1945.
They didn't officially "recall" them in a way that made them illegal to own, but in 1969, the Fed started pulling them out of circulation. Basically, if a US 500 dollar note hit a bank counter, the bank was instructed to send it back to the Treasury to be shredded. They wanted them gone. They wanted to make it harder to move large piles of cash under the radar.
Today, the $100 bill is the largest denomination printed. There’s been talk for years about getting rid of the $100 for the same reasons they killed the 500, but so far, Ben Franklin is staying put.
What is a 500 dollar bill worth in 2026?
This is where things get interesting. If you take a crisp US 500 dollar note to a grocery store, they technically have to accept it as legal tender, though most 19-year-old cashiers will probably think it's fake and call the manager. But you’d be insane to do that.
Market value is everything.
Even a heavily circulated, folded, and slightly dirty 1934 McKinley note will usually fetch at least $600 to $800 on the open market. If it’s in "Uncirculated" condition—meaning it looks like it just came off the press—you’re looking at $1,500, $2,000, or even more depending on the specific Fed district it was issued from.
Collectors look at things like:
- The seal color (usually green for Federal Reserve Notes).
- The serial number (low numbers or repeating patterns add a huge premium).
- The "Series" year.
- Paper crispness and corner sharpness.
There is a real sense of "holding history" with these. They represent a pre-digital era where cash was truly king. Now, we just swipe a piece of plastic or tap a phone. There’s no soul in a digital transaction. But a 500 dollar bill? That has gravity.
Common misconceptions about high-value currency
A lot of people think that because the government stopped printing them, they are illegal to own. That is 100% false. You can own as many as you can afford. You can display them. You can sell them to a coin shop.
Another weird myth is that they are all worth millions. I’ve seen people get really disappointed when they realize their crumpled 500 dollar bill is "only" worth $700. Look, it's still a profit, but it's not a lottery ticket. The only way you’re hitting the stratosphere is if you have a rare "Star Note" or a specimen from a series that was almost entirely destroyed.
Also, don't confuse these with "Gold Certificates." Some 500 dollar notes were Gold Certificates, featuring a bright orange-gold back. Those are a completely different animal. They were once exchangeable for actual gold coin. Today, they are legal tender just like the others, but their collector value is generally much higher because they are visually stunning and rarer.
How to verify if yours is real
Counterfeiting was less sophisticated in the 30s, but it still happened. If you’re looking at a US 500 dollar note, check the paper. Real US currency is made of a specific blend of linen and cotton. It shouldn't feel like the paper in your printer. It should feel like cloth.
Look for the tiny red and blue security fibers embedded in the paper. On the older notes, these are often more visible than on modern hundreds. Use a magnifying glass. If the lines in McKinley's portrait look blurry or "muddy," it might be a fake. Real engraving is incredibly sharp. The eyes should look alive.
The future of the 500 dollar bill
Will the US ever bring it back?
Honestly? No. Probably never.
The world is moving toward a cashless society. Governments hate cash because it's hard to track and even harder to tax. If they won't even print a $200 bill to keep up with inflation, they certainly aren't going to bring back a note that makes it easy to hide wealth.
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In fact, there is more pressure to move in the opposite direction. Economic experts like Kenneth Rogoff have argued for years that we should eliminate the $100 bill entirely to curb tax evasion and crime. In that climate, the US 500 dollar note remains a relic of a different time—a time when the dollar had significantly more purchasing power and the government was a little less concerned about tracking every cent.
What you should do if you find one
If you happen to come into possession of one of these, follow these steps. Do not skip them.
- Do not clean it. Never, ever try to "wash" or "iron" a banknote. You will destroy the value. Collectors want original paper surfaces, even if they are a bit dirty.
- Get a PVC-free sleeve. Go to a hobby shop and buy a protective plastic sleeve. This prevents oils from your skin from further degrading the paper.
- Check the serial number. If it starts or ends with a star (*), you've hit a small jackpot. Those are replacement notes and are much rarer.
- Get it graded. If the bill looks like it's in great shape, send it to a service like PMG (Paper Money Guaranty). A certified grade can double the price you get when selling.
- Check the auction records. Don't just look at what people are asking for on eBay. Look at "Sold" listings. That is the only way to know the true market value.
The US 500 dollar note is a fascinating intersection of American history, economics, and art. It reminds us of a time when the economy was simpler, yet the money was much more substantial. Whether you're a collector or just someone who stumbled upon a piece of the past, hold onto it. It's not just money; it's a piece of a world that doesn't exist anymore.
Final steps for owners and enthusiasts
If you're serious about the value of your currency, your next move is to find a reputable dealer who belongs to the Professional Numismatists Guild (PNG). They follow a strict code of ethics. Avoid the "We Buy Gold and Silver" shops in strip malls; they'll likely offer you face value or just a tiny bit over.
Instead, look for dedicated currency auctions. Even if you aren't selling, watching these auctions will give you a "real-world" education in how much people are willing to pay for a piece of McKinley’s legacy. It's better than any textbook.
The reality of the US 500 dollar note is that it's worth exactly what someone else is willing to pay for it, and right now, the demand for "large size" and "high denom" US paper is at an all-time high. Keep it safe. Keep it dry. And for heaven's sake, don't spend it at a gas station.