As per the expectations of the people, the largely sized dollar 500 bill is known to be scarce in the modern world.
The reason behind this fact is that 99 percent of the people of that age wasn’t in the position to handle this overly priced bill, due to which a low quantity of these bills was printed by the government, which made it really impossible for the people to save this 500 dollar bill for the sake of the curiosity factor.
Many of these bills were redeemed and destroyed, hence these dollar bills are none to be found anywhere in the modern era. But just in case if you’re lucky enough to get your hands on one of these overly sized bills, then the information provided below can prove to be worthy and fruitful for you.
Have you ever wondered how much an old 500 dollar bill is worthy of? Not sure about the answer to this question? Then read the article below and be prepared to be surprised!
The history of Dollar 500 Bill
The first bill of 500 dollars came into being in May 1780 and was issued by the province of North Carolina. Later that year, Virginia also came up with its own dollar 500 bills of its own. During the war of 1812 and during the civil war, these high-denomination notes were issued as a confederate currency. Moving on, Congress authorized the issuance of these 500 dollar bills during the Federal banknote period back in 1861.
Having said that, the last 500 dollar bill features the picture of President William McKinley on the front and was issued by Federal reserve note back in 1934. The production All of the high-denomination bills, including these 500 dollar notes were out of circulation and hence, officially discontinued by the Federal Reserve system, back in 1969.
Though these bills just vanished from the surface of the earth within no time, still many people are found with the hold of this overly sized dollar bill. As these bills still prove to be legal tender, considering the value of it a collector’s item, it’s preferred to sell this bill to a collector rather than using it for a purchase.
What a $500 bill is worth today?
As with the rest of the items of a collector, the worth of your 500 dollar bill is dependent upon a list of factors, which also included the condition and rarity of the bill.
As stated above, the most common 500 dollar bill is considered to be the one that features McKinley on it and was issued by Federal Reserve note. However, it’s believed that around 900,000 of these bills were issued, from which a rough estimation of 75000 bills are still present in the circulation, and therefore can easily be found lying down in the bucket of the collector.
The worth of this 500 dollar bill is considered to be varied in between 600 dollars to 1500 dollars apiece, moreover, a 40 percent premium is provided as per the condition of the face of McKinley on the bill.
But this isn’t it, some of the bills can even be worth more than that. What is considered to be the most valuable 500 dollar bill is the one that was issued back in 1928 and comprises a star symbol at the bottom end, under the serial number of the bill. This specific note can come in handy with a worth of around ten thousand dollars, due to its rarity. This star symbol also increases the value of the 1938 bill to 1500 dollars apiece.
Though the United States has stopped issuing this overly sized not from a decade ago, this bill still lies within a legal tender. Having said that, it’s suggested not to waste this opportunity to use this bill to buy off your groceries.
Moreover, get your 500 dollar bill appraised by multiple collectors, and then sell it to the one that offers you with a reasonable price. By proceeding forward with this pro tip, selling your 500 dollar bill will be worth much more than you ever expected!