You probably haven’t seen one in person. Most people haven't. If you’re holding a crisp, purple-hued bill featuring a stern-looking man with deep-set eyes, you aren't looking at a Founding Father like Washington or Franklin. You’re looking at William McKinley. He’s the answer to who is on a 500 dollar bill, and his presence on that rare piece of paper tells a weird, winding story about how America used to handle massive amounts of money before the internet made digital transfers a thing.
It’s actually kinda wild.
McKinley was the 25th President of the United States. He led the country during the Spanish-American War and was eventually assassinated in 1901. While he isn't usually the first name people rattle off when listing "Greatest Presidents," the Treasury Department decided to stick his face on the $500 note during the 1928 series redesign. Why him? It’s basically a mix of political timing and the fact that he presided over a period of massive industrial growth. He represented "sound money."
Why William McKinley Ended Up on the $500 Note
The Treasury Department didn't just throw darts at a board to pick faces for currency. They wanted people who symbolized stability. William McKinley was a huge proponent of the gold standard. To the bankers and Treasury officials of the early 20th century, McKinley was the ultimate "business" president.
His portrait on the bill is actually based on a specific engraving. If you look closely at a 1928 or 1934 series $500 bill, you’ll notice the incredible detail in his cravat and the heavy brow. It feels weighty. Important. During his presidency, the U.S. moved into a new era of global power, and the $500 bill was meant to facilitate the kind of massive transactions that fueled that expansion.
Before the $500 bill we know today, there were actually other versions. If you go back to the mid-1800s, you might find a $500 bill featuring John Marshall, the famous Supreme Court Chief Justice. There was even a version with Alexander Hamilton—who eventually got demoted (or promoted, depending on how you see it) to the $10 bill. But the McKinley version is the one that stuck in the public consciousness, mostly because it was the last one ever printed.
Is the $500 Bill Still Real Money?
Yes. Honestly, it’s still legal tender. You could technically walk into a grocery store, buy a loaf of bread, and hand the cashier a William McKinley $500 bill.
But please, don't do that.
The cashier would probably have a heart attack, call the police thinking it's fake, and you’d be losing out on a ton of money. Because these bills were officially discontinued in 1969, they have become massive collector's items. A standard $500 bill in decent condition can easily fetch $1,500 to $2,000 at an auction. If it’s in "uncirculated" condition—meaning it looks like it just came off the press—you’re looking at $3,000 or more.
The Federal Reserve and the Treasury stopped printing them because nobody was using them. Well, that's the official reason. The real reason is a bit more interesting. By the late 1960s, the government realized that high-denomination bills like the $500, $1,000, and $5,000 notes were mostly being used by organized crime for money laundering. It’s a lot easier to carry a briefcase full of $500s than a mountain of $20s.
To kill off the ease of illicit transactions, the Fed stopped distributing them. They didn't "recall" them, though. They just instructed banks to stop putting them back into circulation. When a $500 bill hits a bank today, the bank sends it to the Federal Reserve to be shredded. It’s a slow, quiet extinction.
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How to Spot a Real McKinley $500 Bill
Counterfeiting is a huge concern with rare currency. If you stumble upon one of these in an old attic or at an estate sale, you need to look for specific markers.
First, check the seal. Most $500 bills you'll see are from the 1928 or 1934 series. These usually have a green seal. If you find one with a gold seal, you’ve hit the jackpot—those are Gold Certificates and are worth significantly more.
The paper itself is a giveaway. U.S. currency paper isn't actually paper; it’s a blend of 75% cotton and 25% linen. It should feel crisp and slightly abrasive, not smooth like a magazine page. Look for the tiny red and blue security fibers embedded in the paper. On fakes, these are often printed on the surface. On real bills, they are part of the material.
The engraving of William McKinley should be incredibly sharp. Look at the eyes. On a genuine bill, the eyes have a lifelike depth. On a counterfeit, the fine lines of the face often bleed together or look "flat."
Quick Specs for the 1934 Series $500 Note:
- Portrait: William McKinley.
- Reverse Side: Features the words "The United States of America" and "Five Hundred Dollars" in a very ornate, decorative font. It does not have a picture of a building like the $5, $10, or $20.
- Series Dates: Primarily 1928, 1934, 1934A, and 1934B.
- Signatures: These vary depending on who was the Treasurer of the United States at the time, such as W.A. Julian or Nellie Tayloe Ross.
The Mystery of the Missing Bills
According to the Federal Reserve, there are still hundreds of thousands of $500 bills "in the wild." They are sitting in safe deposit boxes, under floorboards, or tucked away in private collections.
Collectors call these "Small Size" notes. Even though we think of them as old, they are the same size as our current $1 bills. Before 1928, the U.S. used "Large Size" notes, often called "Horse Blankets" because they were so big. A Large Size $500 bill is a holy grail for currency nerds. Those can sell for tens of thousands of dollars.
It’s strange to think about, but the $500 bill actually lost its "value" over time because of inflation. In 1934, $500 had the purchasing power of about $11,000 today. It was a massive amount of wealth. Today, while $500 is still a decent chunk of change, it doesn't carry that same "prestige." We have credit cards for that.
What to Do If You Find One
If you actually find yourself holding a McKinley, your first instinct might be to go to the bank. Stop.
If you take it to a bank, they will give you $500 in 20s or 100s, and that bill will be sent to the government to be destroyed. You are essentially throwing away at least $1,000 in collector value.
Instead, you should take it to a reputable coin and currency dealer. Look for dealers who are members of the Professional Currency Dealers Association (PCDA). They can give you an appraisal. Better yet, get it graded by a service like PMG (Paper Money Guaranty). They put the bill in a plastic slab and give it a numeric grade. A high grade can double or triple the price.
There is a weird sense of history when you hold one of these. You're holding a relic from a time when people didn't trust digital ledgers. They wanted something physical, something heavy, and something that featured the face of the man who helped build the modern American economy.
Actionable Steps for Currency Owners
If you own or intend to buy a $500 bill, follow these steps to protect your investment:
- Never Clean the Bill: Just like with old coins, trying to "wash" or iron a $500 bill will destroy its numismatic value. Leave the dirt and folds exactly where they are.
- Store it Properly: Use a PVC-free plastic sleeve specifically designed for currency. Regular plastic can leach chemicals into the paper and turn it yellow or brittle.
- Check the Serial Number: Look for "fancy" serial numbers. If the serial number is low (e.g., 00000050) or a "radar" (reads the same forward and backward), the bill is worth significantly more than a standard one.
- Verify the Series: Check the small letter next to the year (like 1934A). These letters indicate different production runs and can sometimes signify a rarer variety.
- Seek Professional Grading: For any bill that looks like it's in good shape, paying the $40-$60 for professional grading is almost always worth the investment in the long run.
Ultimately, William McKinley might not be the most famous face in American history, but he holds one of the most prestigious spots in the history of the Treasury. He is the gatekeeper of the high-denomination era—a time when cash was king and the $500 bill was the ultimate symbol of success.